Thursday, December 1, 2022

98% of our readers found this page helpful

3.8 / 5

Click a star to add your vote

a spendthrift clause in a life insurance policy quizlet

Load more...

People also ask:

What is a spendthrift clause in a life insurance policy?
The spendthrift clause gives the insurer the right to hold back the proceeds and protect the funds from creditors. 4 In this case, your insurer may prefer to pay the insurance money in installments to your son rather than as a lump sum.
Who does the spendthrift clause in a life insurance policy protect?
The spendthrift clause protects life insurance proceeds from creditors. The beneficiary's creditors are prohibited from claiming any of the policy's benefits before the beneficiary is paid.
Who does the spendthrift clause in a life insurance policy protect quizlet?
Spendthrift Clause: Prevents a beneficiary from recklessly spending benefits by requiring the benefits to be paid in fixed amounts or installments over a certain period of time. A spendthrift clause in a life insurance policy would have no effect if the beneficiary receives the proceeds as one lump sum payment.
Which of the following is true regarding the spendthrift clause in life insurance policies quizlet?
Which of the following is true regarding the spendthrift clause in life insurance policies? It can protect the policy proceeds from creditors of the beneficiary.