Survivor Purchase Option
Definition of "Survivor purchase option"
Provision applied as a rider attached to an ordinary life insurance policy for the purpose of meeting estate planning requirements. When the insured dies, the beneficiary is entitled to receive the death benefit in cash or to use the death benefit to purchase a new ordinary life insurance policy. This new policy is not subject to additional underwriting requirements and has, as the date of issue, the same time as the original policy. The initial premium due is automatically subtracted from the original policy's death benefit.
Popular Insurance Terms
Insurance record showing the amount of insurance coverage placed on any one location. ...
Employer sponsored retirement savings program named for the section of the Internal Revenue Code that permits it. These plans allow employees to invest pre-tax dollars that are often ...
Professional liability coverage for a practitioner in a given field of expertise. Coverage takes the form of defending the practitioner against liability suits whether or not with ...
Determination that policies entered into on or after June 21,1988, that fail the 7-pay test (aggregate premiums paid at any time during the first 7 years of the contract exceed the annual ...
Medical check of an applicant for life or health insurance by a medical professional who is not a physician. ...
Branch office of an insurance company's home office that markets, underwrites, and services the company's lines of business within a specified geographical area. ...
Provision applied as a rider attached to an ordinary life insurance policy for the purpose of meeting estate planning requirements. When the insured dies, the beneficiary is entitled to ...
Inland marine policy to cover liability for goods that belong to clients while in a mover's possession. ...
Loss of income resulting from the damage or destruction of a person's property or a business's property. For example, if a store is damaged by fire and is unable to sell its inventory to ...
Have a question or comment?
We're here to help.