Life Insurance is protection for you and your family. You can buy a policy from a life insurance company which will pay a predetermined sum on your death within a specified time. It is designed to provide that additional financial support to those who need it after your death. It can also be combined with a savings or retirement plan which will pay a lump sum if you die within a specified period or if you survive to the end. Life insurance offers valuable financial protection in the event of your early death to family members dependent on your earnings. But it may also be a means of saving. This combination of protection and saving makes life insurance unlike any other financial product....
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The contract of insurance follows the principle of uberrima fides, meaning utmost faith. The chances of your claim getting rejected are high if you do not provide the relevant information correctly. Life insurance is a contract which assures of death benefits upon the death of the insured. There are two basic types of life insurance policy – traditional whole life and term life insurance. The premiums are the cheapest in case of a term life insurance plan as it provides pure life cover with no saving or profit component. A whole life policy covers your entire life. Hence, the maturity is not defined. A policyholder is required to pay regular premiums until the death, upon which the...
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From The State Corporation Commission: Since 2017, a free life insurance service has helped 2,127 Virginians recover more than $29.9 million pledged to them through life insurance policies and annuity contracts. The State Corporation Commission’s (SCC) Bureau of Insurance encourages any Virginian in search of lost or misplaced life insurance policies or annuity contracts to take advantage of the free Life Insurance Policy Locator, which is offered by the National Association of Insurance Commissioners (NAIC). “Using secure technology, the service enables consumers to obtain money that is rightfully theirs via life insurance and annuity contracts,” said Virginia Insurance Commissioner Scott...
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A.M. Best maintains stable outlook on Italy’s non-life insurance sector Global financial services ratings agency, A.M. Best, is maintaining its stable outlook for the Italian non-life insurance market, citing limited exposure to catastrophe losses and strong underwriting profitability. Overall, A.M. Best expects that price increases will keep pace with claims inflation, suggesting that solid underwriting profitability will be maintained across the sector. In addition, non-life players generally have little exposure to natural catastrophe losses, while solvency levels are viewed as sound and provide a buffer to absorb a certain level of financial market volatility. Furthermore, A.M....
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The Illness Insurance Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies. Critical illness insurance, otherwise known as critical illness cover or a dread disease policy, is an insurance product in which the insurer is contracted to typically make a lump sum cash payment if the...
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Valmark has capitalized on this challenging environment by creating a tool that makes the life insurance buying process simpler and faster for clients, and more efficient for financial professionals. By combining the accelerated programs currently offered by insurance companies and its existing Private Underwriting Risk Evaluation™ (PURE™) process with a new HIPPA-compliant application process called LIFT™, Valmark is taking the life insurance process to where the rest of society is – remote! "We have been refining our new business process for years," said Larry J. Rybka, Chairman & CEO of Valmark Financial Group. "Recently, we put in place some of the final pieces of technology and...
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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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Genworth Life Insurance Company has agreed to pay up to $24.5 million to end a class action lawsuit alleging the company withheld information about rate increases from long-term care policyholders. Class Members who can benefit from the settlement include those who purchased life insurance Genworth sold and then substantially increased premiums on starting approximately 2012. A list of policies included is available on the settlement website. A group of policyholders lodged the class action lawsuit against Genworth Life Insurance Company after allegedly experiencing such premium increases. They claimed that the disclosures of material information regarding life insurance Genworth sold to...
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Life insurance is a form of insurance that pays a beneficiary in the event of the death of the insured person. When a policy is purchased, a specific death benefit is chosen. Life insurance is a contract between the policy owner and the insurance company: the policy owner (or policy payer) agrees to pay a defined amount called a premium. the insurance company agrees to pay a sum of money upon the death of the insured person. the beneficiary – the person or persons named by the policy owner – will receive policy proceeds (benefit) upon the death of the insured person. Having young children is a common reason to purchase life insurance. Do you need Life Insurance? If you provide financial...
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COLORADO SPRINGS — We are working to help you rebound during this pandemic with important information to make ends meet in unexpected circumstances. That means knowing what do to if you, or your family's wage earner, were to suddenly pass away. It's easy to plan ahead, as long as you know which questions to ask so you can make sure your family is taken care of. Life insurance doesn't have to be a grim topic. In fact, a life insurance agent who spoke to News5 says most families who take a moment to go over their policies actually feel relieved and better prepared for unpredictable circumstances. That agent, Doug Brown with the Welton Financial Group, says he's been getting a lot of calls...
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