About life insurance. About life insurance in Eglish

Life insurance
About life insurance in English
about life insurance

Life insurance / life insurance insurance is a contract between the policy holder and the insurer or assuranceor, where the insurer promises to pay a sum of money (benefits) to the named beneficiary in lieu of the premium, upon the death of the insured (often the policy holder).

Depending on the contract, other events such as terminal illness or critical illness may also start paying. The policyholder usually pays the premium, either regularly or as a lump sum.

Other expenses, such as funeral expenses, may also be included in benefits. Life policies are legal contracts and contract terms describe the boundaries of insured events. Payments can be stopped by citing various reasons to limit the liability of the insurer; Common examples are claims related to suicide, fraud, war, rioting, and civil inducements.

Life-based contracts fall into two major categories: ( Life-based contracts come in two major categories)

Protection Policies - Designed to provide benefits, usually lump sum payments, in the event of a specified event. A common form - more common in the last years of a security policy design, is the term insurance.

Investment Policies - The main objective of these policies is to facilitate the development of capital by regular or single premium. Common forms (in the U.S.) are Whole Life, Universal Life, and Variable Life Policies.

Does life insurance / life insurance payments
About Life Insurance in English

The person responsible for paying for the policy is the policy owner, while the insured is the person who has been insured and the sum assured will be paid after his / her death. The owner and the insured may or may not be the same person. For example, if someone buys a policy on their life, it is both the owner and the insured. But if he takes an insurance policy for his wife or children, then he will be the insurance owner and his wife / child for whom he has taken this policy is considered an insured person. The policy owner is the guarantor and will be the person to pay for the policy. The insured is a participant in the contract.

Who gets the benefit of life insurance

The beneficiary receives the policy income on the death of the insured. The owner designates the beneficiary, but is not a party to the beneficiary policy. The owner can change the beneficiary until the policy has an irrevocable beneficiary designation. If a policy has an irrevocable beneficiary, any beneficiary changes, policy assignments or borrowing of cash value will require the agreement of the original beneficiary.

The policy may apply special exclusions in these situations, such as the suicide clause, whereby the policy becomes null and void if the insured commits suicide within a certain time. Any misconceptions made by the insured on the application are also voidable. Can be the basis. 

The face amount of the policy is the initial amount that the policy will pay on the death of the insured or on completion of the term of the policy, although the actual death benefit may provide more or less than the face amount. The policy matures when the insured either dies or reaches a specified age (such as 100 years old).

Death presses of the insured

On the death of the insured, the insurer requires an acceptable proof of death before paying the claim. If the insured's death is doubtful and the policy amount is large, the insurer may examine the circumstances surrounding the death before deciding whether there is an obligation to pay the claim. The payment from the policy can be in the form of a lump sum or an annuity, which is paid in regular installments for a specified period or for the lifetime of the beneficiary.

Although some aspects of the application process (such as underwriting and insurable interest provisions) make it difficult, life insurance policies have been used to facilitate exploitation and fraud. In the case of life insurance, a possible purpose is to buy a life insurance policy, especially if the face value is sufficient, and then murder the insured. Generally, the larger the claim, and the more serious the incident, the larger and more intense the ensuing investigation, which involves police and insurer investigators.

Life insurance is the following type of life insurance

Term Plan - pure risk cover

Unit linked insurance plan (ULIP) - Insurance + Investment opportunity

Endowment Plan - Insurance + Savings

Money Back - Periodic returns with insurance cover

Whole Life Insurance - Life coverage to the life assured for whole life

Child's Plan - For fulfilling your child's life goals like education, marriage, etc.

Retirement Plan - Plan your retirement and retire gracefully

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