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The face value of property, casualty or health insurance policies is the maximum amount payable, as stated on the policy's face or declarations page. Face value can be used to refer to the apparent value of something other than a financial instrument, such as a concept or plan.
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person (often the policyholder). Depending on the contract, other events such as terminal ...
Whole life insurance. Whole life insurance, or whole of life assurance (in the Commonwealth of Nations ), sometimes called "straight life" or "ordinary life", is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date. [ 1]
Your life insurance agent will need to know your age, gender, lifestyle, the type of life insurance you need and your medical status, which may require a physical examination from a medical doctor ...
A life insurance premium is the rate you pay for life insurance coverage. Life insurance premiums are determined using factors such as age, health, policy type and coverage limits. Insurers use ...
A juvenile life insurance policy typically requires a minimum of $700 of annual premium, which provides approximately $100,000 of face value. The policy owner may utilize the gift tax exclusion amount (up to $15,000 per person per year per child, in 2018) to help pay the annual premium and avoid gift tax liability. Face amounts for juvenile ...
In insurance, depreciation refers to the loss of value in an item over time. Generally, you will hear the term recoverable depreciation if you have a home insurance policy with replacement cost ...
Variable universal life is a type of permanent life insurance, because the death benefit will be paid if the insured dies at any time as long as there is sufficient cash value to pay the costs of insurance in the policy. With most if not all VULs, unlike whole life, there is no endowment age (the age at which the cash value equals the death ...