Superintendent of Insurance is a former state executive position in the New York state government. On October 3, 2011, the duties of the Superintendent of Insurance were transferred to the newly created Commissioner of Financial Services.
Description
A modified endowment contract is a cash value life insurance contract in the United States where the premiums paid have exceeded the amount allowed to keep the full tax treatment of a cash value life insurance policyhttps://www.irmi.com/term/insurance-definitions/settlement-options
In life insurance, how proceeds are paid to the designated beneficiaries. Most life insurance policies provide for payment in a lump sum. The four most common alternative settlement approaches are: the interest option, under which the insurer holds the proceeds and pays interest to the beneficiary until such time as the beneficiary withdraws the principal; the fixed period option, under which the future value of the proceeds is calculated and paid in installments for a specified number of years; the fixed amount option, under which a fixed dollar amount is paid in periodic installments until such time as the principal and interest are exhausted; and the life income option, under which a stipulated amount is paid periodically to the beneficiary throughout his or her life.
A nonforfeiture clause is an insurance clause stipulating that an insured party can receive full or partial benefits or a partial refund of premiums after a lapse due to non-payment. Standard life insurance and long-term care insurance may have nonforfeitureclauses