Income And Principal Policy
Definition of "Income and principal policy"
Policy that provides an income for life to the primary beneficiary upon the death of the insured. The face amount of the policy becomes payable to the secondary beneficiary upon the death of the primary beneficiary. Should the primary beneficiary die before the insured, the face amount of the policy is paid to the secondary beneficiary upon the death of the insured.
Popular Insurance Terms
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Rejection by an insurance company of an application for a policy. ...
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