Family Maintenance Policy
Definition of "Family maintenance policy"
Combination of whole life and level term that provides income to a beneficiary for a selected period of time (e.g., 20 years) if an insured dies during that period. At the end of the income-paying period the beneficiary also receives the entire face amount of the policy. If an insured dies after the end of the selected period, the beneficiary receives only the face value of the policy. The remainder of the benefits are the same as under the family income policy.
Popular Insurance Terms
Membership organization of individuals especially trained in the application of actuarial mathematics, including compound interest, annuities, life contingencies, measurement of mortality ...
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Authority to act on behalf of an individual that terminates upon its revocation or death of that individual. ...
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