Income And Principal Policy


Definition of "Income and principal policy"

Stacy Levie
  Property Shop

Policy that provides an income for life to the primary beneficiary upon the death of the insured. The face amount of the policy becomes payable to the secondary beneficiary upon the death of the primary beneficiary. Should the primary beneficiary die before the insured, the face amount of the policy is paid to the secondary beneficiary upon the death of the insured.



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