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Insurance policy holder is who has entered into a contract with the insurance company providing for payment of a sum of money to the person assured, or failing him, to the person entitled to receive the same, on the happening of certain event.
In the case of general insurance e.g. Medical insurance, on paying a prescribed premium, the insurance policy holder is protected against any disease/illness with its preconditions upto a pre determined sum insured amount, by the Insurance service provider.
What else can I help you with?
What is the dictionary definition of a policyholder?
A policyholder is an individual or entity that has an insurance policy in place with an insurance company. The policyholder pays premiums to the insurance company in exchange for coverage and protection against specified risks outlined in the policy.
A life insurance policy that pays whether the policyholder lives or dies is called?
A life insurance policy that pays whether the policyholder lives or dies is called a whole life insurance policy. This type of policy provides coverage for the policyholder's entire life and typically includes a cash value component that grows over time.
What happens at the end of a term life insurance policy?
At the end of a term life insurance policy, the coverage expires and the policyholder no longer has insurance protection.
Can you divulge who the beneficiary is on a life insurance policy?
If you're the policyholder, sure.You need to be the policy owner and there should be no problem.
What is the difference between a Proposer and a Policyholder?
A Proposer is an individual or entity that initiates the process of obtaining an insurance policy by submitting an application, while a Policyholder is the person or entity that actually owns the insurance policy after it has been issued. In some cases, the Proposer and Policyholder can be the same person, but they can also differ, especially when a third party is involved in the application process. Essentially, the Proposer is the applicant, and the Policyholder is the insured party responsible for the policy.
Is there a difference between lapsed and cancelled auto insurance?
Cancellation Termination of an insurance contract before its expiration date, by either the insurance company or the policyholder. Lapsed Insurance Policy When a policyholder fails to pay the due premiums, his or her insurance will get cancelled. These are referred to as a lapsed insurance policies.
What are the stipulations of an or definition of contractual plan completion insurance?
An insurance policy for persons who have agreed to buy mutual fund shares in a periodic payment plan. If the policyholder dies before he/she has finished buying shares on the periodic payment plan, the insurance policy will purchase the remainder of the shares the policyholder agreed to purchase
What are the key differences between a life insurance policy and an annuity?
The key difference between a life insurance policy and an annuity is their purpose: life insurance provides a death benefit to beneficiaries upon the policyholder's death, while an annuity provides a stream of income during the policyholder's lifetime or for a specified period.
What does Additionally Insured on a Vehicle Insurance Policy mean?
The person who took out the policy is the main or policyholder. Any persons added to the policy are considered additionally insured.
Does a auto insurance policy get canceled when the policy holder dies?
Generally, an auto insurance policy does not automatically cancel upon the policyholders death.The policy will typically continue to provide coverage to the executors of the policyholder's estate until the end of the policy term.
Who cancels an old auto insurance policy when you change to a new policy under a different company?
The policyholder should contact the insurance company and cancel the policy - you might get a partial refund if the premiums are paid up-to-date!
What is initial premium?
The initial premium is the first payment made by a policyholder when purchasing an insurance policy. This amount is typically required to activate the coverage and may vary based on factors such as the type of insurance, the coverage amount, and the policyholder's risk profile. Subsequent premiums are then paid at regular intervals to maintain the policy.
