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Graded death benefit: Often found in final expense and guaranteed issue policies, a graded death benefit has a waiting period before the full benefit is available. For example, if the insured ...
Definition of material misrepresentation. ... Perhaps the most important detail to understand is the graded death benefit clause, a safeguard that many insurance companies have adopted. During the ...
Graded death benefit period: For guaranteed issue policies, the full death benefit may only be available if the policyholder dies after a specific period, known as the graded death benefit period ...
Another feature of flexible death benefit is the ability to choose option A or option B death benefits and to change those options over the course of the life of the insured. Option A is often referred to as a "level death benefit"; death benefits remain level for the life of the insured, and premiums are lower than policies with Option B death ...
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]
For example, with Transamerica’s Graded FE Express Solution, if the policyholder passes away from non-accidental causes within the first two years, the death benefit is limited to 110 percent of ...
Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions.
One common reduction is called a graded death benefit, which lowers the benefit if the policyholder dies just a short time after taking out the policy. The specific length of time depends on state ...