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The Death Benefit promised by the contract is a fixed obligation calculated to be payable at the end of life expectancy, which may be 50 years or more in the future. (see non-forfeiture values) Most of the visible and apparent wealth of Life Insurance companies is due to the enormous assets (reserves) they hold to stand behind future liabilities.
Non-tax qualified (NTQ) was formerly called traditional long-term care insurance. It often includes a "trigger" called a " medical necessity " trigger. This means that the patient's own doctor, or that doctor in conjunction with someone from the insurance company, can state that the patient needs care for any medical reason and the policy will pay.
The term "reservation of rights" (particularly a "reservation of rights letter”) is often used in connection with insurance claims. The insurance company issues a reservation of rights letter stating that it may deny coverage for some or all of the claim even while the company is investigating the claim or beginning to treat the claim as if ...
Fines and forfeiture of property – These are considered a form of punishment. In February 2019, the Supreme Court ruled that civil asset forfeiture may constitute excess fines and therefore be unconstitutional, even when imposed by states. [3] Costs and fees – These may include court costs, fees for supervision, payments for legal ...
Shares of Option were down nearly 2% in extended trading. Option Care utilizes Change Healthcare's services to verify benefits for existing and prospective patients, submission of claims to health ...
In the modern US military, the term "half-pay" refers to the punishment of low-level offences by service members in the form of forfeiture of half of pay and entitlements. There is no specific punishment described as "half-pay" in the Uniform Code of Military Justice, but the term is used as a common shorthand for the forfeiture of pay. The ...
Term length. 15 to 30 years. 5 to 30 years. 5- to 10-year draw period + 20-year repayment period. Closing costs. 2% to 5% of loan amount. Low or no-cost options available. Low or no-cost options ...
A non-qualified deferred compensation plan or agreement simply defers the payment of a portion of the employee's compensation to a future date. The amounts are held back (deferred) while the employee is working for the company, and are paid out to the employee when he or she separates from service, becomes disabled, dies, etc.