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The rider In a whole life policy allows the company to forgo collecting the premium if the insured is disabled?
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Which term is defined as the payment an insured makes to the insurance company on a regular schedule?
premium
Which term is defined as the payment an insured makes to the insurance company on a regular schedual?
that is the insurance premium (can be monthly, quarterly, semi-annual or annual premium).
What is a Fully Insured?
In a traditional fully insured health plan, the company that you work for pays a premium. The premium rates are fixed annually and you pay a monthly premium rate depending on how many employees are enrolled in the plan. The monthly premium will only change during the year if the number of employees change. The insurance company collects the premiums from your employer and pays the claims based on the benefits in the policy that was purchased.
Can I cancel my policy and if yes will I get my premium back?
The foregoing answer applies to situations when the policy is first purchased. However, a policy can always be cancelled by the insured requesting cancellation or by failing to pay the next premium due. If cancellation is done by request of the insured, the policy language will dictate whether a pro-rata refund of premium (for the then-current coverage period) is available.
A fire insurance policy has an annual premium of 780 what is the regular refund if the policy si canceled by the insurance company after five months?
Premium = insured value / $100 * Rate
What is bonus in reduction of premium?
it is in practice of the insurance companies ,if a policy is renewed with same company , it grants a reduction in premium at the prescribed rate if the insured has not made any claim during the previous year . such reduction of premium in bonus
What is an insurance reinstatement?
When a insured person is not able to pay his/ her premium on time then his/her policy got surrendered by the insurance company. If after some time that insured person comes to company and ask to revive the policy then this revival/ reactivation is called reinstatement of the policy.
What best describes term life insuranceA The insured is covered during his or her entire lifetimeB The insured pays the premium until his or her death?
Which of the following best describes term life insurance?A. The insured is covered during his or her entire lifetime.B. The insured pays the premium until his or her death.C. The insured pays a premium for a specified number of years.D. The insured can borrow or collect the cash value of the policy.
What is no claim bonus in health insurance?
When you do not claim on your health insurance during a particular year, the insurance company provides you with a no claim bonus. This increases your sum insured at the same premium or reduces your premium while maintaining the same sum insured - depending on the no-claim bonus feature offered by the chosen insurer. Sometimes, this bonus also comes as a discount on your premium at renewal.
How often do you pay insurance?
The frequency with which insurance premiums are paid is initially determined at the inception of the policy; the insured usually has the choice of frequency. Options typically include monthly, quarterly, semi-annually, or annually. In some cases, premiums can be financed through a separate entity that is called a premium finance company. In those cases, the insured pays not only the premium, but a finance charge which is an interest rate calculated on and added to the total premium. The finance company usually pays the insurer in full up-front and the consumer pays periodic amounts to the finance company. If payment is not made, the premium finance company will request the insurer to cancel coverage.
A person who is insured is called?
The "insured" refers to a person or persons who are listed on the insurance policy for whom a premium is being collected.
Can an insurance company deny health benefits to a spouse if they are employed?
Typically, if a person is insured under a company's group insurance plan it is up to the company as to how much of the premium the company wants to pay toward the employee's insurance. If the employee has a spouse it is also the choice of the company as to how much, IF ANY, the company will pay toward the spouse's premium. The company is not required to pay anything toward the cost of the spouse or children. In many cases, the spouse and children. or more precisely, the employee him/herself. must pay the additional premium.
