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The person that buys the insurance policy is referred to as the policy owner. This person is the only one that can make changes to the policy or cancel it. However, there may be more than one policy owner for the same insurance policy.
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What does the contribution principle determine in life insurance?
The concept has primary application to property insurance rather than to life insurance. In the context of property insurance, assume that the property owner or other person having an insurable interest in a building buys 2 policies from different insurers for, say $2million each. If a loss occurs and the insured makes a claim against one of the insurers, and it is paid, the paying insurer would have a right to recover half of its payment from the other insurer. In the context of life insurance, an insured can have multiple policies. As long as there is full disclosure to each of the insurers of the existence of the other(s), and each insurer is willing to underwrite the risk despite the existence of the other policy, each policy stands alone and pays upon the death of the insured. Naturally, the terms, conditions, and exclusions of the policy control whether or not payment is actually made.
A person who buys and sells goods to make money?
A person who buys and sells goods to make money is an entrepreneur. They have created a business that will hopefully generate profits.
What is it called when a country sells more than it buys?
I think that it is called Mercantilism
Who is a person that buys things hoping the price will rise and that he or she profit?
A speculator
What is a person that buys things in hopes that the prices will rise and they will make a profit?
A speculator .
What is it called when someone buys life insurance on someone else?
On whose life, policy is purchased, he/she is called 'Life Assured', whereas the former is called the 'Proposer' in a life insurance policy.
What type of life insurance sale does not include an agent?
When a person buys a policy online from an insurance company,there is no role of an agent in the whole process.
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 a key person life insurance policy?
A key person life insurance policy is not a special kind of policy. The use of the policy is what makes it a key person policy. Key person life insurance is an arrangement by which a business buys a life insurance policy on the life of a key employee.Companies realize that when they lose key employees, the business itself can suffer a loss of that person's expertise and/or revenue that he brings to the firm. If the employee dies, the business receives policy proceeds. Theoretically, the death benefit equals the losses that the business suffered as a result of his/her death.
Sondra buys an insurance policy that cost 743 for every 2500 of insurnceif she buys apolicy worth 30000 of insurance how much does it cost her?
88.08
What is the meaning of proposal or owner in insurance terminology?
Proposal is the terms of the contract. with the premiums and benefits defined. The owner is the person who buys the policy. The owner could also be the insured, but does not have to be.
How do you get insurance if a parent who has no license buys your car?
Progressive Insurance can write a policy for you and your parent, but the parent is excluded as a driver because they do not have a license.
What is the difference between broker and underwriter?
Answer A person who buys and sells things for other people is called 'Broker'. A person or organization underwrites insurance policies, especially for ships is called 'Underwriter'
Who is a person who buys things?
a oerson that buys goods are called a consumer
Can you explain life insurance in very simple terms?
Very basically, insurance is a contract (called an insurance policy) between one party (the insurance company) and another (the insured). In the case of life insurance, it is a life that is being insured. In return for the periodic payment of money (called a premium) to the insurance company, the insurance company agrees to pay a sum of money when the insured (whose life is insured) dies. The money is generally paid to the person (or sometimes an entity, such as a charity) that is designated in the insurance policy as the beneficiary. The beneficiary is designated by the insured when the insured buys the insurance but can usually be changed up until the time of death.
What do you call the person who buys insurance policies?
people from all walks of life (the insured)
Who is a person who buy things called?
a oerson that buys goods are called a consumer
