Income And Principal Policy
Definition of "Income and principal policy"
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.
Popular Insurance Terms
Medical malpractice that is the legal responsibility of a person or organization not in the medical profession or business. It is usually covered under a professional liability insurance ...
Sum of money paid on the principal amount of money invested or loaned. ...
Type of coverage of property owned by one person at several locations, including merchandise, materials, fixtures, furniture, specified machinery, betterments, and improvements made by ...
Loss of income resulting from the damage or destruction of a person's property or a business's property. For example, if a store is damaged by fire and is unable to sell its inventory to ...
Time frame during which an annuitant makes premium payments to an insurance company. The obligations of the company to the annuitant during this period depend on whether a pure annuity or ...
Rejection by an insurance company of an application for a policy. ...
Legislation that provided temporary rules for implementing the employee retirement income security act of 1974 (erisa). ...
Coverage for small groups that cannot meet the underwriting standards of true group insurance. Even though the franchise insurance covers an entire group, individual policies are written on ...
HEALTH MAINTENANCE ORGANIZATION that restricts to a relatively small amount the number of medical providers from which an HMO member may seek services. Usually, HMO members may select the ...
Have a question or comment?
We're here to help.