Charitable Gift Life Insurance
Definition of "Charitable gift life insurance"
Life insurance policy given by a donor to a charity; donor only relinquishes the cash value and the cost of the premiums previously paid. The receiving charity's future value of the life insurance policy is the death benefit. Since the charity is the owner of the policy, it can:
- borrow against the cash value;
- surrender the policy for its then cash value;
- utilize its conversion privileges..
Popular Insurance Terms
Written agreement that puts insurance coverage into effect. ...
Method of rating that compares property to be insured to a standard and adjusts the rate for deviations from the standard. A standard building is situated in a standard city of specific ...
Analysis of uncertainty of financial loss. This classification can be according to whether a risk is fundamental, particular, pure, speculative, dynamic, or static. In life insurance the ...
End of a defined time period that dividends become payable to the policyholder. ...
Coverage on an all risks basis for fur garments belonging to customers of a furrier. ...
Condition in which the occupancy or the purposes for which the premises are being used as described in the insurance policy change so as to result in an increased risk. The policy is void ...
Calculation of insurance premiums based on an age less than the current age of the insured. ...
Rate applied when two or more separate buildings are insured under one policy, and/or when two or more separate contents are insured under one policy. ...
Same as term Excess of Loss Reinsurance: method whereby an insurer pays the amount of each claim for each risk up to a limit determined in advance and the re-insurer pays the amount of the ...
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