Life Income Policy
Definition of "Life income policy"
Policy that has many similar characteristics to that of the survivor-ship annuity in that the annuitant receives a predetermined monthly income benefit for life upon the death of the insured. The annuitant's life expectancy as well as the insured's life expectancy must be taken into consideration when determining the premium; thus, the annuitant cannot be changed after having been selected. The essential difference between this policy and the survivor-ship annuity is that under this policy a minimum number of payments are guaranteed to be paid after the insured's death, regardless of whether or not the annuitant is alive to receive them. If the annuitant does not survive the guarantee period (period certain), a contingent annuitant will receive the remaining guaranteed monthly income payments.
Popular Insurance Terms
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Same as term Coinsurance: ...
Separate legal entity formed by one or more physicians and one or more hospitals whose objective it is to negotiate contracts with payer organizations. The PHO provides financial, ...
Death without a will having been drawn. Under this circumstance, the court follows state law in deciding how the estate of the deceased is to be distributed. ...
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