Right of a policyholder in life insurance with cash value to elect a smaller, fully paid-up policy, without any further premiums to pay. The amount of the paid-up policy is determined by the insured's age and the cash surrender value.
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Comments for Nonforfeiture Reduced Paid-up Benefit
Merrill Peterson said:
Am trying to determine if there is taxation involved when a whole life contract is changed to reduced paid-up insurance ?
Nov 27, 2018 12:56:50
Since we specialize in real estate, not insurance, we would recommend for you to get in touch with your insurance broker and discuss this issue with them for the most accurate advice.
Coverage for works of art, antiques, and similar articles of value on all risks basis, subject to exclusion of wear and tear, war, breakage, repairing, infidelity of the insured's ...
Coverage on an all risks basis for physical damage loss. Coverage applies to property damage to the insured boat or damage caused by the insured boat to a third party boat. Excluded perils ...
Effort to keep life insurance policies from lapsing. Many life insurance companies have conservation officers who contact lapsing policy owners explaining the benefits of keeping their ...
Professional designation earned after the successful completion of six national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as business ...
Those claims that arise when two or more property and casualty insurance companies have coverage on a loss. Which company then owes which portion of the claim must be determined. ...
Retirement plan under which contributions are fixed in advance by formula, and benefits vary. These plans are often used by organizations that must know what the cost of employee benefits ...
Same as term Contingent Business Income Coverage Form: coverage for loss in the net earnings of a business if a supplier business, subcontractor, key customer, or manufacturer doing ...
There comes a time when every zealous homeowner asks himself – usually at a very inconvenient hour, like 3 am: Do I need Flood Insurance?
The answer is: probably.
Here’s why: ...
Insurance will cover any homemade or custom-built system, but you will need to have proof of ownership of each of the individual parts within the computer to file a claim. ...
Whole life insurance insurance provides the coverage amount to your beneficiary in the of your death, as well as cash value savings you can use during your lifetime. ...
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 ...
Universal life insurance provides death benefits and income taxe-deferred savings to help you meet your financial goals while you are living. It has many flexible features and benefits that ...
A principle of insurance which provides that when a loss occurs, the insured should be restored to the approximate financial condition occupied before the loss occurred, no better no worse. ...
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Comments for Nonforfeiture Reduced Paid-up Benefit
Am trying to determine if there is taxation involved when a whole life contract is changed to reduced paid-up insurance ?
Nov 27, 2018 12:56:50Since we specialize in real estate, not insurance, we would recommend for you to get in touch with your insurance broker and discuss this issue with them for the most accurate advice.
Jan 09, 2019 09:59:43