Life of insurance

Update on gifts of life insurance policies to charities in British Columbia, Canada, Global law firm, Norton Rose Fulbright

British Columbia’s Financial Services Authority has clarified that the solicitation of donations of life insurance policies by charities is not generally prohibited by the Insurance Act. This clarification addresses concerns raised in our November 2019 publication describing communications from the BC Financial Services Authority (BCFSA) indicating that charities could not solicit or accept gifts of life insurance policies in British Columbia from BC residents as it constituted trafficking in insurance policies contrary to the Insurance Act of British Columbia. We are pleased to report that on May 1, the BCFSA published Bulletin INS-20-003 on its website that clarifies its position...

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Why Insurance

Why Insurance Insurance is one of the most important financial topics in today’s complex world. Failure to have sufficient insurance coverage is the quickest and easiest way to accrue mass debt. Nothing will make your business, car, house, family, or self more vulnerable or susceptible to financial strain than a lack of adequate insurance. However, paying too much for insurance can be a financial strain in itself. And paying for insurance that is not needed is just money down the drain. Many people have a preconceived notion that insurance is just a waste of money, something that is not necessary. This is not true. Almost everyone needs insurance. How do you know? If you own anything that...

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After GP’s death, Mumbai’s pvt doctors seek life insurance - mumbai news - Hindustan Times

After GP’s death, Mumbai’s pvt doctors seek life insurance mumbai Updated: Apr 28, 2020 16:52 IST Although it has been days since a 36-year-old general physician (GP) succumbed to Covid-19, which he may have contracted from the Covid-positive patients he had been treating, the state health department is yet to declare any compensation amount for the GP. The GP was a private practitioner. Private practitioners have demanded that the life insurance scheme announced by the Union health ministry should be extended to doctors with private practices who are treating Covid-19 patients. The doctor, who passed away on April 22, used to run a clinic in Shivaji Nagar, which is a hotspot for Covid-19...

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Federal Life Insurance Company Selects DXC Technology to Enhance Policy Buying Experience for Customers and Agents,

Federal Life Insurance Company Selects DXC Technology to Enhance Policy Buying Experience for Customers and Agents Federal Life Insurance Company, based in Riverwoods, IL just northwest of Chicago, has gone live with DXC Assure for Life and Wealth to enhance the policy buying experience for their customers and agents, streamline key processes, and drive business growth. DXC’s solution is built on a scalable, cloud-based architecture, implemented on Amazon Web Services (AWS), and provided to Federal Life on an “as-a-Service” basis. DXC Technology’s end-to-end insurance management solution streamlines new business acquisition for Federal Life by guiding producers through the data-gathering...

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Axis Bank to raise stake to 30% in Max Life Insurance for Rs 1,600 crore, gain up to 6.6%, Deccan Herald

Axis Bank has decided to raise its stake in Max Group promoted Max Life Insurance to 30 per cent, a development which values the insurer at over Rs 5,000 crore. With the deal going through, sources said, the bank is expected to pay Rs 1,600 crore to Max Financial Services (MFS), the holding company of Max Life. Axis Bank holds about 1 per cent stake in Max Life and is the biggest banking channel partner for distribution of its products. Products sold through the bank reportedly contribute for 54 per cent of Max Life's revenues. The boards of Axis Bank, MFS and Max Life approved the transaction late on April 27, a joint statement said on Tuesday. "This is an outcome of the inter-se...

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Does life insurance cover suicide? - Lowvelder

How do you know if your life cover will be processed and your payout to your beneficiaries granted in the event of suicide? Whether or not your beneficiaries will receive a payout after you have committed suicide will depend on your life insurance provider’s suicide exclusions, and whether or not you have contravened any rules they may have surrounding life insurance. Read the exclusions that come with your cover Craig Baker, CEO of MiWayLife, says “All insurers have a list of exclusions (or a set of rules) that come with their cover, which is why it is important to carefully read the terms and conditions of your cover. Making your beneficiaries aware of your cover and the exclusions that...

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Axis Bank, Max Financial sign JV pact for Max Life Insurance - The Hindu BusinessLine

Private sector bank to hold 30 per cent stake in insurer Axis Bank and Max Financial Services Limited (MFSL) on Tuesday announced the signing of definitive agreements to become joint venture partners in Max Life Insurance Company Limited (Max Life). The private sector bank will hold a 30 per cent stake in Max Life post the completion of the transaction, which is estimated to take six to nine months to be completed. “The board of directors, at its meeting held on April 27, has approved entering into an agreement with Max Financial Services Limited (MFSL) to acquire a 29 per cent stake in Max Life Insurance Company,”Axis Bank said in a regulatory filing, adding that this will amount to...

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Physicians to receive honorarium, life insurance for COVID-19 response EyeWitness News

NASSAU, BAHAMAS — Following outcry from the Trade Union Congress over the working condition of health care workers on the frontline of the coronavirus (COVID-19) outbreak, the Ministry of Health has confirmed its commitment for a $5,000 honorarium and $100,000 life insurance policy. TUC President Obie Ferguson, who represents junior doctors and nurses union, has claimed that health workers have been challenge with access to PPE equipment, do not have adequate healthcare insurance, have been forced to work “unfair” schedules, and has not been including in the decision making process. Ferguson has called for an immediate meeting with the prime minister to address these and other...

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NCLT orders insolvency proceedings against Aviva Life Insurance -

The National Company Law Tribunal has ordered to initiate insolvency proceedings against Aviva Life Insurance in a case filed by Apeejay Trust. A two-member bench of NCLT Delhi comprising Justice R D Khare and Sumita Purkayastha allowed the plea against Aviva Life Insurance and has also appointed an interim resolution professional to run day-to-day affairs of the company. Apeejay Trust, which had leased its Mumbai-based (Vashi) premise to Aviva Life Insurance, claimed a default of Rs 27.67 lakh as an operational creditor for not receiving payments towards service tax and license fee for the premise. According to the trust, Aviva -- a JV between Dabur Invest Corp (Dabur group) and Aviva...

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Press Release - September 24, 2019: Financial Services Superintendent Linda A. Lacewell Secures $1.15 Million for Consumers from Six Life Insurance Companies for Deferred to Immediate Annuity Replacement Violations, Department of Financial Services

FINANCIAL SERVICES SUPERINTENDENT LINDA A. LACEWELL SECURES $1.15 MILLION FOR CONSUMERS FROM SIX LIFE INSURANCE COMPANIES FOR DEFERRED TO IMMEDIATE ANNUITY REPLACEMENT VIOLATIONS Six Insurers to Pay $1,152,154 in Restitution Collectively to New York State Consumers, Plus $673,000 in Penalties DFS’s Ongoing Industry-Wide Investigation Continues to Protect Consumers NEW YORK – Financial Services Superintendent Linda A. Lacewell today announced that the Department of Financial Services (DFS) has entered into consent orders with six life insurance companies: Companion Life Insurance Co., The Guardian Insurance & Annuity Company, Inc., Northwestern Mutual Life Insurance Co., The Penn Mutual...

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