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Keywords:
Nonforfeiture,
Cancel,
Policyholder,
Payout,
Expiry
The voluntary cancellation of the legal liability of the company by the insured and beneficiary for a consideration (called the surrender value).
Where you cancel an investment policy including a life assurance policy with an investment or savings element. You may receive a payout, which can be less than paid in, due to the impact of charges. In some cases there will be no surrender value at all. back
Cessation of premium payments and recovery of any residual value of a life policy with investment content.
A method of withdrawing the cash value from your life insurance contract. With this method, the life insurance coverage is canceled and the capital gains that you have accumulated within the policy are exposed to taxes and, perhaps possible penalties.
is the voluntary termination of the policy contract by the policyholder before it matures into a claim. The insurer pays the policyholder a surrender value for his policy. This value is normally calculated as a percentage of the premium paid or as a percentage of the paid up value.
To cancel an insurance policy or optional benefits of that policy.
A voluntary termination of a policy where the cash surrender value is paid to the policy owner, and the insurer is no longer obligated to pay a death benefit.
To cancel an insurance policy before its maturity date.
You surrender a life insurance policy when you either let it lapse or tell the company that you want to drop it. If a policy has a cash surrender value, you can receive such value in cash minus any penalties if you return the policy to the company with a written request.
To cancel or turn in a life insurance policy before the actual maturity date.
In mortgage terms, this means to cash in an endowment policy early to raise funds.
To terminate or cancel a policy for its cash value or other nonforfeiture options before the maturity date.
The act of terminating a whole life policy. The policyowner exchanges future rights of coverage for the immediate cash value of a life insurance or annuity policy. Return to the top
Cancellation of a policy before its normal expiry by mutual consent of insured and insurer.
Termination of a certificate by the owner in exchange for its cash surrender value.
The termination of a life insurance policy by agreement of the insured and the insurance company.
To terminate or cancel a life insurance policy before its maturity date and receive the policy's cash surrender value. The policyholder may exercise one of the nonforfeiture options at the time of surrender.
Cancellation of the policy, which involves returning the contract to the issuing company.
The termination of a contract or policy at the option of the contract/policy owner. Return to Previous
The termination of an investment policy, usually before the end of its term, in order to convert the proceeds into cash.
The act of terminating a life insurance policy or annuity.
Where you cancel an investment or policy and usually receive a reduced payout, due to the impact of charges.
To give up a Whole Life policy. The insurer pays the insured the cash value which the policy has built up if it is surrendered.
To voluntarily cancel a policy, in exchange for it's cash value.
To terminate or cancel a life insurance policy before the maturity date. In the case of a cash value policy, the policyholder may exercise one of the nonforfeiture options at the time of surrender.
Canceling the policy before the death of the insured person.
The giving up of an insurance policy by the insured to the insurer before the insurance has run its full course.
This life insurance term is used when someone voluntarily cancels their policy for the cash value. Term Life Insurance A life insurance policy that provides coverage for a specified period of time.
This is when an insurance policy is cancelled and the insurance company pays an amount (called ‘the surrender value') to the policyholder.
Cancellation of a policy (before normal expiration) by mutual consent between the Insured and the Company.
The policy owner's right to terminate policy coverage in exchange for the policy's cash surrender value or other nonforfeiture values. To Top
Health, Life, Pension] termination of an insurance policy that has NONFORFEITURE VALUE; distinguished from LAPSE
The cancellation of a lease by mutual consent of the tenant and the landlord.
The process of cashing in an unwanted endowment policy with the insurer who sold it to you. Doing this often produces a poor return for the money invested to date in the policy's early years. You should seek independant financial advice before considering this.
To cancel an investment or policy. If you cancel an investment or policy, you will usually get less money back (the 'surrender value') than if you kept it until the end of the agreed term. This is because earlier in the term more of the money goes in charges.
See cash surrender value.
Where you cancel a policy and usually receive a reduced payout, due to the impact of charges that have been incurred.
With Cash Value Life Insurance, this refers to taking the Cash Value out of the policy and releasing the insurance company from its liability to pay a death benefit.
Termination of an insurance policy by the policyholder before the expiry of its term. No further cover is provided. In some cases a SURRENDER VALUE may be payable to the policyholder.
To voluntarily terminate or cancel a policy for its cash value or other non forfeiture options.
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