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How insurance can protect against uncertainties in your life and what are the benefit of having insurance or purchase insurance?
Wiki User
∙ 12y ago
Insurance is merely the transfer of risk from one party to another. It works like a co-op in that the risk of one person to have an accident, die, become disabled, etc. cannot be determined. When you take a large number of people, the law of averages allows statistical data to be used and it can be calculated how many people will have something happen in any given year. By this method, premiums can be calculated to spread the risk over a large number of people paying a relatively small premium to cover those that have an incident and allow for claims to be paid.
Wiki User
∙ 12y ago
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Can burrow from your life insurance?
If your life insurance policy has cash value, you can borrow from the cash value inside. If you have a term policy with an accelerated death benefit rider then you may be able to borrow against the death benefit if you have a terminal illness.
Does homeowners insurance pay off your mortgage if one of the homeowners dies?
No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.
Life insurance means?
Life insurance is a contract between an individual and an insurance company that provides a sum of money to named beneficiaries upon the death of the insured. This financial protection is designed to provide financial security for loved ones in the event of the policyholder's death.
Can your employer require you to purchase life insurance?
If your employer require you to purchase life insurance and you are share a part of the total premia, please bear in mind that the ultimate purpose is the benefit of the employee. So the good intention has to be supported with equal contribution.
Can you use money from term life policy to purchase a home?
Yes, if you are the beneficiary, you can use the life insurance benefit for any purpose.
How does free auto insurance benefit people?
Unfortunately, there is no free car insurance. Although, one can purchase auto insurance at a cheap price. Auto insurance is used in case of an accident. It helps pay for the damage done to the vehicle and/or the person(s) in the vehicle.
What's the benefit of discount travel insurance?
The benefit of the discount variety of travel insurance is, as suggested by its name, the opportunity to save money. The benefit of travel insurance is for the safety of oneself and his or her possessions.
Can you borrow against your life insurance?
Some "permanent" insurance polices call for this. But term polices cannot. There are some policies that would allow you to benefit while you are alive if you have a terminal illness as well.
What factors cause persons to be uninsured?
workers do not have health insurance because they cannot afford it.employment by small firms that do not offer health insurance as a benefit,and a tendency to change employers every few years.cannot purchase private insurance at affordable rates.
When was Mutual Benefit Life Insurance Company created?
Mutual Benefit Life Insurance Company was created in 1845.
What is a unit of life insurance for pricing?
What is a unit?A unit of coverage corresponds to the life insurance benefit amount you can purchase, and it depends on age, gender and state. Please visit the Guaranteed Acceptance Life quote page to see benefit amounts and premiums available to you for up to 8 units of coverage.
What are the benefits of group health insurance?
One of the biggest benefits of group health insurance is that as a group, usually an employer, you can get insurance at a cheaper rate per person then you otherwise could purchase separately. It also allows for a better benefit package all around.
