Insurance is a system for lowering the financial loss to the risk of distributing the loss of someone or to other agencies. In the other explanation, Insurance business is an agreement between two or more parties, with which the insurer tie themselves to the Insured, with insurance premiums, to provide reimbursement to the Insured for loss, damage or loss of profits that are expected or legal responsibility to third parties that may be suffered Insured , arising from an incident that is not certain, or provide a payment that is based on dead or be someone who lives. An insurer is a company selling the insurance, and an insured is the person or entity buying the insurance.
From the explanation, we can conclude that Life Insurance is a contract betweenthe policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals or in lump sums. There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium. In the United States, the predominant form simply specifies a lump sum to be paid on the insured's demise.
From the explanation, we can conclude that Life Insurance is a contract betweenthe policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals or in lump sums. There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium. In the United States, the predominant form simply specifies a lump sum to be paid on the insured's demise.
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