Back Dating to Buy-Sell Agreement
A B C D E F G H I J K L M N O P R S T U V W Y
B
- Back Dating
- Issuing the policy with an effective date that is earlier than the
issue date of the policy, but no more than six months earlier. This
is done to obtain a lower issue age thus a lower premium.
- Beneficiary / Beneficiaries
- The person or entity designated by the owner of the policy as the
recipient of funds under a life insurance policy at the time of the
insured's death.
- Benefits
- The monetary amount paid and/or services provided under the terms of
the insurance contract.
- Buy-Sell Agreement
- Used to ensure orderly transitions when an owner dies or is
disabled. It is a plan used by partnerships, corporations and sole
proprietorships whereby the deceased or disabled person's ownership
is sold to the remaining partners, proprietors or shareholders
according to a pre-arranged plan that is funded by the use of life
insurance or disability income insurance.
