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In life insurance, insurable interest refers to what level of loss you’d experience should a specific person become incapacitated or die. It’s important because it helps prevent insurance fraud.
Stranger-originated life insurance ("STOLI") generally means any act, practice, or arrangement, at or prior to policy issuance, to initiate or facilitate the issuance of a life insurance policy for the intended benefit of a person who, at the time of policy origination, does not have an insurable interest in the life of the insured under the laws of the applicable state. [1]
Insurable interest refers to the right of property to be insured. [4] It may also mean the interest of a beneficiary of a life insurance policy to prove need for the proceeds, called the "insurable interest doctrine". [5] Insurable interest is no longer strictly an element of life insurance contracts under modern law.
Insurable interest: Key to securing life insurance for those who matter most. Skip to main content. 24/7 Help. For premium support please call: 800-290-4726 more ways to reach ...
University Hall stood from 1871 until 1938 and was replaced by Gregory Hall and the Illini Union.Pieces were used in the erection of Hallene Gateway. [21]The University of Illinois, originally named "Illinois Industrial University", was one of the 37 universities created under the first Morrill Land-Grant Act, which provided public land for the creation of agricultural and industrial colleges ...
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The Illinois MakerLab is the world's first business school 3D printing lab located on the third floor of the Business Instructional Facility. After opening in spring of 2013, the MakerLab has provided printing, custom designing and prototyping, educational, and other related services for both the Urbana-Champaign and University of Illinois ...
Universal life insurance (often shortened to UL) is a type of cash value [1] life insurance, sold primarily in the United States.Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy, which is credited each month with interest.