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  2. Uniform Simultaneous Death Act - Wikipedia

    en.wikipedia.org/wiki/Uniform_Simultaneous_Death_Act

    The Act may also help to resolve a life insurance case where the insured and beneficiary die in a common disaster. Different rules apply for insurance. For example, Carol has a life insurance policy through her employer. Her husband Dave is its beneficiary. They are both killed in a car crash, dying at or near the same time.

  3. Life insurance - Wikipedia

    en.wikipedia.org/wiki/Life_insurance

    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.

  4. Simultaneous death - Wikipedia

    en.wikipedia.org/wiki/Simultaneous_death

    The common law provision that, without evidence, there can be no presumption as to which of the commorientes died first, was superseded by the passage of the Law of Property Act 1925, Section 184. Under this statute, where the order of death of two persons is uncertain, the elder of the two is deemed to have died first. [ 1 ]

  5. Insurable interest - Wikipedia

    en.wikipedia.org/wiki/Insurable_interest

    The principle of insurable interest on life insurance is that a person or organization can obtain an insurance policy on the life of another person if the person or organization obtaining the insurance values the life of the insured more than the amount of the policy. In this way, insurance can compensate for loss.

  6. Accidental death and dismemberment insurance - Wikipedia

    en.wikipedia.org/wiki/Accidental_death_and...

    There are four common types of group AD&D plans offered in the United States: Group Life Supplement – the AD&D benefit is included as part of a group life insurance contract, and the benefit amount is usually the same as that of the group life benefit. Voluntary – the AD&D benefit is offered to members of a group.

  7. Probable maximum loss - Wikipedia

    en.wikipedia.org/wiki/Probable_maximum_loss

    Although the definition is not consistent across the insurance industry. [1] It is generally defined as the value of the largest loss that could result from a disaster, assuming the normal functioning of passive protective features (e.g. firewalls , nonflammable materials, flood defences etc.) and proper functioning of most (perhaps not all ...

  8. What does life insurance cover? - AOL

    www.aol.com/finance/does-life-insurance-cover...

    Suicide clause: Life insurance policies generally cover death by suicide, but not while the suicide clause is in effect, which is typically the first two years of the policy. After this period ...

  9. Insurance - Wikipedia

    en.wikipedia.org/wiki/Insurance

    This leads to widespread use of life insurance as a tax-efficient method of saving as well as protection in the event of early death. In the United States, the tax on interest income on life insurance policies and annuities is generally deferred. However, in some cases the benefit derived from tax deferral may be offset by a low return. This ...