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What is the term for periodic payment to keep insurance policy in force?
premium
The amount of money paid to keep an insurance policy is force is the?
basic premium
What is paid up contract in Insurance?
A paid-up policy is a whole life insurance policy for which no additional premium / payments are required to keep it in force.
If you have found an old whole life insurance policy and you?
don't know what to do with it, you should phone the insurance company and ask if the policy is still in force and if so, if it has any cash value. You might either want to cash it out, or to keep it as life insurance. It's up to you. If it has lapsed and has no cash value, then it is irrelevant.
Can you keep life insurance on your ex husband?
You cannot. In case of any claim after your divorce and the policy bond is in your possession, the claim will be summarily rejected by the insurance company. It's advisable to surrender the policy on your ex husband to the insurance company against official receipt.
Can you borrow against a paid-up insurance policy?
Virtually no insurance company offers a loan against a paid up policy - they thoughts are if you cant keep premiums up then you wont be able to keep loan payments up.
What if amount of damage exceeds the amount of the coverages will the mortgage insurance cover it if its a lender-placed policy?
No. A lender placed or forced place policy is only to protect the bank or finance company and you pay the premiums. The policy does not cover the contents or anything except the amount that is owed to the bank or finance company. In these cases the policy was force placed because the homeowner did not keep the insurance that was required by the contract so the mortgagee placed the coverage to cover themselves.
How can an insurance company cancel your insurance due to a family member not on any of your policy's having their license suspended?
The family member needs be excluded to keep your insurance in effect.
Does a flexible universal life insurance policy expire at a certain age?
A flexible UL policy CAN expire unless you add more premiums to keep it in force.
Is there an insurance policy in my name?
There could be, call the insurance company to find out. The best way to determine if there is a policy in your name is to check the mail for your insurance bill. Most policies require premium which is paid to keep the policy going. Chances are slim, but if haven't seen a bill for a policy, you may not have one.
How can you find out if you are the beneficiary on a policy?
You need to contact the insurance company to find out. Unfortunately, there is no easy way to find out what insurance company, if any, the person was using. But here are a few hints: If you have access to the person's records, look through the files for a copy of the policy or cancelled checks to an insurance company. If the person had auto or home insurance, contact that company. Many people keep all their insurance policies with one company. Ask relatives of the person who died, if they know of a life insurance policy and if so, with what company. Contact their state Office of Unclaimed Property, they would have a record of the insurance payments.
Does an life insurance company has the right to keep raiseing it rates on the eldely?
It depends on the type of insurance. If you have a whole life or guaranteed universal life policy, the rates are set when you take out the policy and the company cannot increase the rate, ever. If you have a renewable term insurance policy, the rate will increase each time you renew the term. The agent that sold you the policy should have fully explained rate increases and how they worked and if your policy was subject to them.
