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The principle reason people might get life insurance is so that survivors might be able to pay funeral costs. Many people that have children might also get life insurance so that the children will be provided for in the case of a sudden death of a parent.
Wiki User
∙ 9y ago
The principle of life insurance is to provide financial protection for the individuals named as beneficiaries in the policy in the event of the insured person's death. The insured pays regular premiums to the insurance company, and in return, the company promises to pay out a predetermined amount of money to the beneficiaries upon the insured's death. It is a way to ensure that loved ones are financially protected and taken care of after the insured's passing.
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Can a power of attorney be added to the life insurance check with the beneficiaries?
That would not be done by an insurance company. The power of attorney expires on the death of the principle.
How do you write a short essay about principle of insurance?
The fundamentals of the general insurance is a good topic for a short essay on the principle of insurance.
Insurance works on the principle?
insurance works on the principle of indemnity, law of large numbers, principles of utmost faith etc.
What is the principle of utmost good faith in relation to life insurance?
this is where you are required to disclose to disclose your previous health problems you may have had
Whether a son purchase the insurance policy for his father or not?
A son can not generally take life insurance policy on his father's life because of lack of insurable interest in the life of father. Life insurance works on the principle of insurable interest. A father generally has insurable interest in the life of his child due to emotional reasons. That is why life insurance companies design the products for the children which take care of their education and other expenses once they grow up.
Do you need a will for life insurance?
You do not need a will for life insurance. I don't have a will, but I have life insurance. ;)
What kind of cases do life insurance lawyers in Wichita, KS handle?
The following are the types of life insurance lawyers in wichita •Life Insurance for Smokers •Life Insurance for NonSmokers •Business Life Insurance •Universal Life Insurance
What products does AAA Life Insurance Company offer?
AAA Life Insurance offers three main types of life insurance policy these include Whole Life insurance, Term Life Insurance and Universal Life Insurance.
All insurance is based on a principle called what?
Division of Risk
All insurance is based on a principle called?
Division of risk.
What kind of insurance does Banner Life Insurance offer?
Banner Life Insurance offer life insurance services. They offer Term Life Insurance which covers a person for a specific time and Universal Life Insurance which covers one for life.
Is there a such life insurance company as federal life insurance company?
There is an insurance company called Federal Life Insurance Company.
