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Key takeaways. If your life insurance beneficiary dies before you, the payout may go to a contingent beneficiary or your estate, depending on how you set up the policy.
A contingent beneficiary, often called a secondary beneficiary, is a backup to your primary beneficiary in your life insurance policy. The contingent beneficiary comes into play only when the ...
The death proceeds from life insurance policies can have multiple uses, such as paying funeral costs, paying off debt, completing mortgage payments and more. This is where contingent beneficiaries ...
A contingent beneficiary is someone who benefits from a ... In the context of an insurance policy, the condition is generally the death of the insurance contract ...
If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. A mandatory out-of-pocket expense required by an insurance policy before an insurer will pay a claim is called a deductible (or if required by a health insurance policy, a ...
The actuarial present value (APV) is the expected value of the present value of a contingent cash flow stream (i.e. a series of payments which may or may not be made). Actuarial present values are typically calculated for the benefit-payment or series of payments associated with life insurance and life annuities. The probability of a future ...
You will keep the insurance you have purchased for the length of its policy. However, there is a benefit to having an AOL plan so that you can continue to take advantage of the exclusive special group rates on auto insurance. If you change or cancel your AOL plan, your insurance rates may increase.
When you name a beneficiary on your life insurance policy, you designate who will receive the payout upon your death. But when you choose an irrevocable beneficiary, you make a firm decision.
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