Specific policies, upon the insured's death, will return to the owner or to the owner's beneficiary if the owner is deceased or to the owner's estate if there is no beneficiary, all or part of the premiums paid.
refund of any premium that you paid to cover any period after the date of you death or after the effective date of your cancellation of coverage. A - B C - E F - H I - M N - R S - Z
A rider that provides that if you die after being insured for a specified period or if you have paid premiums for a specified period, the insurance company will return premiums paid minus any benefits paid.
A provision included in certain policies which provides for a return of the customers' premium payments to them after a specified period of time (usually 10-15 years) in which they retained coverage. Some money-back provisions also include a requirement for the time period that the customer not receive claim payments which exceed a preset amount (usually 20% of the premiums paid).
A promise to pay premiums to the owner at a future date if certain conditions are met.
A rider on a Life Insurance policy providing that, in the event of the death of the insured within a specified period of time, the policy will pay, in addition to the face amount, an amount equal to the sum of all premiums paid to date. This is a form of Increasing Term Insurance and is used as a sales tool.
A rider or provision in a Health Insurance contract agreeing to pay a benefit equal to the sum of all the premiums paid, minus claims paid, if claims over a stated period of time do not exceed a fixed percentage of the premiums paid.