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How does a term life insurance policy work?
Asked by unknown
1 Answers
Term life insurance is known as pure life insurance, because it will pay out the death benefit if the named person dies within the defined term (anywhere from one to 30 years), but if the named person does not die, no portion of the premiums will be returned to the policyholder.
What is the definition of a whole life insurance policy?
Asked by unknown
1 Answers
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.
What is the cash surrender value of a life insurance policy?
Asked by unknown
1 Answers
The cash surrender value is the sum of money an insurance company will pay to the policy holder or annuity holder in the event his or her policy is voluntarily terminated before its maturity or the insured event occurs.