Income And Principal Policy

Definition of "Income and principal policy"

John A Keller real estate agent

Written by

John A Kellerelite badge icon

Sand Dollar Realty Center Inc.

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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