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What if a third party buys life insurance on person dying?
A third party can't buy a life insurance policy as they have no insurable interest; such as grandparent's taking out a policy on their grandchildren. As to taking out a policy when they're dying, the policy plan would prohibit issuing the policy.
What is the main objectives of taking out a life insurance policy?
The main objective of taking a life insurance policy is to provide a benefit (lump sum of money) to a beneficiary (family, business, charity, trust) in the event of premature death of the insured.
What is the average cost for a typical life assurance policy?
The average cost of a typical life insurance policy can very based on the age and overall health of the person taking out the life insurance policy. For example, some insurance companies will give individuals who exercise regularly a discount on insurance.
Can a company cancel your life insurance?
Yes if you made a false statement to them when taking out the policy.
What is the definition of a preexisting condition?
The diseases which already existed at the time of taking the health insurance policy are attributed as preexisting condition. The Health Insurance Co. is at liberty to cancel your claim forthwith if it is proved that you contacted any such disease after taking the policy.
How can you find out who has an insurance policy on you without your consent?
I assume you mean a life insurance policy. First, no one can take out a life insurance policy without you personally answering the questions on the application then signing the application with a witness which usually has to be the licensed insurance agent. Secondly, the beneficiary has to have what is called an insurable interest. This means that they have to have a financial dependency on the insured person. This is where the person who would be the the beneficiary would have a financial loss if the insured happened to die like in a married couple situation. This prevents people from taking out insurance policies on anyone and basically betting they will die.
I have a question about auto insurance Would the policy holder get their money back be reimbursed if they added 1 person to their insurance policy and then took them off right away?
No, the person will not be reimbursed for taking someone off their insurance immediately.
Why is it so important to estimate cost and benefit of taking insurance policy?
You are to compare the total amount of premias you will be paying during the tenure of the policy and the projected returns as has been promised by the Insurance Company and to assess how much it would be profitable for you to take the particular insurance policy.
Who is the applicant on an insurance form?
The applicant is the person who is taking out the policy and who owns the property or premises being insured.
Does the person have to know if you are taking a life insurance policy out on them?
Yes, of course, and there is usually a medical exam they have to take.
Can you get insurance in the state of Arizona without taking Drivers Ed?
Yes
What are the insurance options available for learner drivers using their parents' car?
Insurance options for learner drivers using their parents' car typically include being added as a named driver on their parents' policy or taking out a separate learner driver insurance policy.
