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Which type of insurance coverage allows the insured to purchase more insurance after a specified period of time?
term insurance
Which type of insurance coverage allows the insured to purchase more insurance after specified period of time?
Insurance policy with top-up arrangement, will allow you to purchase more insurance coverage any time.
What is an action over indemnity buyback in insurance terms?
An action over indemnity buyback in insurance refers to a situation where an insurer has the right to recover costs from a third party after paying a claim to the insured. This process typically occurs when the insurer compensates the insured for a loss and then seeks to reclaim those costs from the party responsible for the loss. Essentially, it allows the insurer to "buy back" the liability from the insured, ensuring they are not financially burdened by the incident while retaining the right to pursue compensation. This mechanism helps maintain the financial integrity of the insurance system.
What is subrogation?
Subrogation is a legal process that allows an insurance company to pursue a third party that caused an insurance loss to recover the amount it paid to the insured. Essentially, after compensating the policyholder for their loss, the insurer gains the right to step into the shoes of the insured and seek reimbursement from the responsible party. This process helps insurers mitigate their losses and can lead to lower premiums for policyholders. Subrogation is commonly seen in auto, property, and health insurance claims.
Why would you buy second life?
The purchasing of a premium membership in Second Life has the following benefits: Allows a resident to own Linden Land and receive a Linden home. Allows access to premium goods and services not available to basic membership residents. Grants access to premium sandbox's. Provides extended customer support including live chat sessions. Provides a weekly stipend payment of Linden dollars.
What provision gives the insured the right to renew a disability income insurance policy at a premium that cannot be increased?
The provision that grants the insured the right to renew a disability income insurance policy at a premium that cannot be increased is known as the "guaranteed renewable" provision. This allows the policyholder to renew the policy at the end of each term without undergoing re-evaluation of their health status, ensuring that coverage continues. While the insurer cannot increase premiums based on the insured's health, they may adjust premiums for the entire class of policyholders. This feature provides financial stability and peace of mind for the insured.
How can two cars be insured under one policy?
Two cars can be insured under one policy by adding both vehicles to the same insurance policy. This allows the policyholder to have coverage for both cars with a single premium and set of terms and conditions.
Which type of insurance coverage allows the insured insurance to purchase more insurance after a specified period of time?
term insurance
Which type of insurance coverage allows the insured to purchase more insurance after a specified period of time?
term insurance
What type of insurance coverage allows the insured to purchase more insurance after a specific period of time?
The type of insurance coverage that allows the insured to purchase more insurance after a specific period of time is known as "guaranteed insurability" or "guaranteed purchase option" coverage. This provision is typically found in life insurance policies and some health insurance plans, enabling policyholders to increase their coverage without undergoing additional medical underwriting. This feature is beneficial for individuals who anticipate changes in their insurance needs due to life events such as marriage, the birth of a child, or increased financial responsibilities.
Which type of insurance coverage allows the insured to purchase more insurance after specified period of time?
Insurance policy with top-up arrangement, will allow you to purchase more insurance coverage any time.
What services does Close Premium Finance offer?
Close premium Finance offers a service that allows you to pay an insurance premium more easily. They lend you the money to pay the premium and you repay the loan over time.
How does insurance sector help industry and economy?
Among the ways that insurance positively affects the economy and the industries that comprise it is by its fundamental namture. That is, an insurance policy, by its nature, "assumes the risk" of loss of fortuitous events. Stated otherwise, an insurance contract serves to indemnify the insured from the economic consequences of foreseeable occurrences. In return for the payment of a premium, the insurer becomes financially responsible for the damages sustained by a third party (or by the insured itself in the case of first-party insurance) as a result of an occurrence that is within the ambit of policy coverage. Were it not for insurance, a business enterprise would ordinarily responsible, from its own assets, for all such financial losses. Therefore, the protection that insurance affords protects the insured from that risk and allows it to allocate assets to business expansion or for other purposes.
What is the provision that states the insured would not have to pay premium after a certain length of disability?
The provision that states the insured would not have to pay premiums after a certain length of disability is known as the "waiver of premium" clause. This provision allows policyholders to maintain their insurance coverage without having to pay premiums if they become totally disabled for a specified period, typically ranging from three to six months. This benefit is designed to alleviate the financial burden on individuals who are unable to work due to their disability.
What is insurance primium calculator?
Insurance premium calculator allows you to calculate how much insurance premiums you'll be paying when you take up a policy. It provide the benefit for the customer to calculate insurance premiums online.
The rider In a whole life policy allows the company to forgo collecting the premium if the insured is disabled?
The rider in a whole life policy that allows the insurance company to forgo collecting premiums in the event of the insured's disability is known as a "waiver of premium" rider. This provision ensures that if the policyholder becomes disabled and is unable to work, their life insurance coverage remains intact without the need to pay premiums during the disability period. This feature provides financial relief and peace of mind, ensuring that the policy remains active even during challenging times. However, specific terms and conditions may apply, so it's important to review the policy details.
What element of limited payment life insurance?
Limited payment life insurance is a type of permanent life insurance where the policyholder pays premiums for a specified period, after which coverage continues for the insured's lifetime without further payments. This structure allows individuals to secure lifelong insurance protection while avoiding premium payments in later years. It can be appealing to those who want to complete their premium payments before retirement or other financial commitments. However, the premiums are typically higher than those of traditional whole life policies due to the shorter payment period.
