Insurance – Basics
Insurance is a promise of compensation for losses in the specific area of future changes in the payment of arrears. Insurance is designed to protect the financial health of a person, company or other entity in the event of unexpected losses.
All we know for sure, but we often ignore some basic characteristics of the insurance policy.
We will try to explain some of the words of his agent, often used to explain theInsurance policy. "
In explaining the more favorable terms, we want to familiarize yourself with your insurance policy.
(Also known as hedging) – Refers to the insured amount of compensation on a political death in the insurance plan. In the case of an endowment policy face amount may be paid at maturity together with the ballot and in the case of money back policies in a part of the sum insured is paid regularly and on time with regular bonus.onintervals. allocation policy is the amount of the guarantee must be paid at maturity, with or without bonus (depending on policy).
Premium – The owner usually pays a fixed amount for insurance premiums for the surety company for economic losses that this entails in the context of insurance.
Bonus – The amount added to the basic sum insured under a policy of insurance taken out with profit life.
The delivery of value – The amount payableby the insurer for the owner of an investment plan based on whether you choose to end the policy after three years (the period required), but before its expiration date. The surrender value is the premium paid to date less shipping costs and repayment of the loan.
Allocation of our policy – This plan pays the amount that the contractor, if it survives the end of life, even after the insurance contract or the beneficiary if the insured diesbefore the date of the lease term.
Term insurance – Term life insurance is a life insurance plan in which the person can get insurance with low premiums, less daunting. This plan beneficiary will receive the amount of coverage in case of death of the insured under the policy. Unlike endowment insurance policy does not receive any amount if the life assured after the expiry of the policy. Must have at least one period of insurancepolicies. You can consult a financial adviser to ensure the best possible solution.
Whole life insurance – A life insurance policy whose benefits are paid to the beneficiary on the death of the insured, whenever that happens. Awards can be for a specified number of years or for life.
ULIP – stands for Unit Linked Insurance Policy. A ULIP is a life policy that offers a combination of coverageand investment. Part of the sum invested in ULIP is used to provide insurance coverage and the rest is invested in investment in shares and debt and is known as a unit.
Repayment Plan – A plan where part of the sum insured is returned to the insured at regular intervals and a portion of the sum insured is paid at maturity and bonds.
Rider – An add-on benefits chosen by the insured may change some features of a policyincrease performance or reduce.
Survivors' benefits – the amount payable to a holder under a plan based on investment, if it survives the term of the contract. In general, becomes the sum insured (guaranteed additions / bonus) earned.
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