each individual has an unlimited insurable interest in his or her own life, and therefore can select anyone as a beneficiary.
parent and child, husband and wife, brother and sister have an insurable interest in each other because of blood or marriage.
creditor-debtor relationships give rise to an insurable interest. The creditor can be the beneficiary for the amount of the outstanding loan, with the face value decreasing in proportion to the decline in the outstanding loan amount.
business relationships give rise to an insurable interest. An employee may insure the life of an employer, and an employer may insure the life of an employee.
Insurable interest must exist at the inception of the contract, not necessarily at the time of loss. For example, because a woman has an insurable interest in the life of her fiance, she purchases an insurance policy on his life. Even if the relationship is terminated, as long as she continues to pay the premiums she will be able to collect the death benefit under the policy.
Investment strategy that advocates the transfer of amounts from one category of investment to another category according to a perception of how each of these categories of investments will ...
Attachment of decreasing term life insurance to an ordinary life policy to provide monthly income to a beneficiary if death occurs during a specified period. If the insured dies after the ...
Form of cash refund annuity used by contributory pension or employee benefit plans. When employee participants die before receiving all of their contributions in the form of retirement ...
Facility used to gain access to the reinsurance markets by the captive insurance companies for their large property exposures. The facility re-insures a relatively small percentage of its ...
Federal tax imposed on the estate of a decedent according to the value of that estate. The first step in the computation of the federal estate tax owed is to determine the value of the ...
One of four SEC divisions that enforces the federal securities laws in federal courts and before SEC's administrative law judges by bringing actions for violations. ...
You might think, \"Why do I need insurance, I\'m renting?\" Well, even though your landlord probably has an insurance policy on your building, you\'ll need to protect your personal ...
Every person has a different idea of what financial security means. If so, should happen to you, how much money would you family need? You should consider:
- Your current debt.
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Health insurance also known as .disability insurance. is insurance of human beings against bodily injury, disablement, or death by accident or accidental means. ...
You need separate coverage for the variety of risks you face when storing, launching, hauling or running your seaworthy vessel. Boats, and other watercrafts can be large investments, and ...
First of all, you need to understand the different types of life insurance and what each type of life insurance covers. Life insurance is very important and purchasing one is in both yours ...
You\'ve identified some financial goals and begun to look at potential investments. You\'re on the path to investment success! Putting some plans into motion is an essential step, but it\'s ...
An HMO provides comprehensive health services to its members for a prepaid fixed fee, equivalent to an insurance premium. A PPO differs from an HMO in that the PPO has no separate physical ...
Liability Coverage: In case you're sued as a result of an auto accident. Collision Coverage: Helps cover physical damage to your vehicle due to collision or upset. Comprehensive Coverage: ...
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