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Life Insurance

Life Insurance

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Published by 1414646

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Published by: 1414646 on Jan 12, 2011
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10/19/2014

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 LIFE INSURANCE 
 
OBJECTIVS
After going through this unit you should be able to  
Develop an understanding of life insurance basics and itsimportance  
Understand various types of life insurance policies offered byinsurance companies  
Mention the suitability of various life insurance policies todifferent persons with variety of needs.  
Know various documents prepared by insurance company for a life insurance contract.  
Explain the procedure to handle death claims and maturityclaims    
Understand pricing objectives and elements of life insurance.  
Understand procedure of underwriting of new business
 
MEANING AND IMPORTANCE 
CONCEPT OF LIFE INSURANCE
Life insurance is a contract under which the insurer (Insurance Company) in consideration of a premium paid undertakesto pay a fixed sum of money on the death of the insured or on theexpiry of a specified period of time whichever is earlier.In case of life insurance, the payment for life insurance policy iscertain. The event insured against is sure to happen only the time of its happening is not known. So life insurance is known as ‘LifeAssurance’. The subject matter of insurance is life of human being.Life insurance provides risk coverage to the life of a person. On deathof the person insurance offers protection against loss of income andcompensate the titleholders of the policy.
BASIC PRINCIPLES OF LIFE INSURANCE CONTRACT
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1
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Insurable interest :
The insured must have insurable interest in the lifeassured. In absence of insurable interest, Contract of insurance isvoid. Insurable interest must be present at the time of entering intocontract with insurance company for life insurance. It is not necessarythat the assured should have insurable interest at the time of maturityalso.

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