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Beneficiary Of A Life Insurance Policy |
The beneficiary of a life insurance policy is the person(s) or entity named by the owner of the life insurance policy to receive the life insurance proceeds (death benefit) upon the death of the named insured in the policy.
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Life Insurance Cash Value |
The cash value of a permanent life insurance policy is the amount available in cash for policy loans and/or withdrawals. Withdrawals from the cash value inside a life insurance policy may be subject to surrender charges and could possibly have a permanent effect on the policy's cash value. Loans from a life insurance policy reduce the cash value and the death benefit by the amount of the outstanding loan, including interest.
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Life Insurance Policy-Face Amount |
Simply put, the Face Amount of a life insurance policy is the amount stated in the policy that will be paid at death. The face amount does not include additional riders on the policy, like accidental death benefit and it does not include any paid-up life insurance which may have been purchased with policy dividends.
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Insurability For Life Insurance |
The purchase of life insurance in TN is not an automatic process, everyone must "qualify". Insurability is the process of being acceptable to an insurance company to issue a life insurance policy.
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The insured is the person on whose life the life insurance policy is purchased.
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Life Insurance Policy Loan |
A policy loan is an amount of money that the life insurance policyowner has borrowed from the cash value of the policy at the insurance company's declared interest rate. Loans, if not re-paid, will reduce the insurance policy's death benefit by the amount of the loan, plus interest.
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A paid-up life insurance policy is one that will remain in force without any additional premium payments being made.
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Life Insurance-Policyowner |
The policyowner has total ownership and control of the life insurance policy. The policyowner may be the named insured, a relative or business partner of the named insured, a trust, or a business entity.
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| *All answers to Frequently Asked Questions and all basic life insurance information contained in this web site are for informational purposes only. You should first consult with your own professional insurance advisor prior to making a decision regarding the suitability of topics discussed which may or may not be applicable to your particular needs. |
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AUTO-HOME-LIFE-HEALTH-BUSINESS INSURANCE
IN TN CITIES |
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