What does EORS mean in BANKING
EorS stands for either or survivor, and is a term used to describe a type of annuity contract. In an EorS annuity, the payment is suspended if the insured dies, but will be paid out to either the named beneficiary or the surviving spouse, depending on certain conditions.
EorS meaning in Banking in Business
EorS mostly used in an acronym Banking in Category Business that means Either or Survivor
Shorthand: EorS,
Full Form: Either or Survivor
For more information of "Either or Survivor", see the section below.
Essential Questions and Answers on Either or Survivor in "BUSINESS»BANKING"
What is an EorS annuity?
An EorS annuity is a type of annuity contract in which the payment is suspended upon the death of the insured, and will be paid out to either the designated beneficiary or surviving spouse.
Who can receive payments from an EorS annuity?
Payments from an EorS annuity can go to either a named beneficiary or surviving spouse. It depends on certain conditions outlined in the policy.
What happens if there is no longer a living beneficiary?
If there are no living beneficiaries, then any remaining funds from an EorS annuity will typically be distributed as part of the estate according to applicable state laws.
How does an EorS annuity differ from other types of annuities?
An EorS annuity differs from other types ofannuities in that payments are only made if both parties are still alive at time of payment. If one or both parties have died, then there would be no payments made on that particular policy.
When do payments stop for an EorS annuity?
Payments for an EorS end when either party (the named beneficiary or surviving spouse) has passed away.
Final Words:
In summary, an EorS (either or survivor) annuity is a special type of contract where payments can go to either one individual (designated beneficiary) or another (surviving spouse), depending on certain conditions outlined in the policy. Upon death of either person involved, payments cease until there are no longer any living beneficiaries in which case remaining funds would go towards estate costs according to applicable state laws.
EorS also stands for: |
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| All stands for EORS |