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The South African law of succession prescribes the rules which determine the devolution of a person's estate after his death, and all matters incidental thereto. It identifies the beneficiaries who are entitled to succeed to the deceased's estate, and the extent of the benefits they are to receive, and determines the different rights and duties that persons (for example, beneficiaries and ...
A beneficiary fund is defined as a pension fund organization in the Pension Funds Act No.24 of 1956 of South Africa, as amended in 2008. [1] A beneficiary fund is a uniquely South African entity designed to accept and administer lump sum death benefits allocated in their discretion by retirement fund trustees to the minor dependants of deceased retirement fund members, as set out in section ...
The policy’s death benefit will be paid out upon the insured’s death, provided that the policy is active and premiums paid, there is no evidence of fraud or criminal activity, and the death ...
Testate succession exists under the law of succession in South Africa.. Testamentary succession takes place by virtue of either a will or a codicil: A will or testament is a declaration, in proper form, by a person known as the "testator" or "testatrix," as to how and to whom his or her property is to go after his or her death.
Life insurance is designed to provide a death benefit to your loved ones after you pass away. Certain policies can also accumulate cash value that you can tap into during your lifetime. There are ...
Survivorship life insurance, also called second-to-die insurance, may be attractive for married couples with a high net worth. When the second policyholder passes away, the policy pays out a death ...
A person has an insurable interest in restricting increases in liabilities. For example, directors of a company may take out indemnity insurance in respect of the negligent decisions they may make. A person has an unlimited interest in his own life and bodily integrity. An insurer may take out insurance on the life of a spouse for an unlimited ...
A life insurance death benefit claim can sometimes be denied based on specific exclusions written into the policy. One common example is an aviation exclusion, which could prevent a payout if the ...