1. Policyholder: Also known as the policy owner, this is the person who owns the policy. The policyholder is the one who buys the insurance and pays regular premiums. 2. Life Assured: This refers to the person for whom the insurance is bought. This may or may not be the same as the policyholder. For example, if you buy insurance for yourself, you will be the policyholder and the life assured. But, if you buy insurance for a parent, and pay the monthly premiums for them, then you will be the policyholder while the life assured will be your parent. 3. Nominee: The nominee or the beneficiary is the person who inherits the sum assured in case the life assured passes away during the term of the...
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Life insurance has traditionally been designed to provide financial protection on the life of the breadwinner of the family. In today’s world, with the rise in the number of working couples, the significance of life insurance for both spouses has increased considerably. Accordingly, the best step forward, for both spouses, is to buy a term insurance plan. What is term insurance It is a low-cost, high-cover insurance plan that is primarily meant to provide life insurance coverage in the purest form. But, hold on! Should the husband and wife buy the term insurance plans separately or buy a joint life term insurance plan? Let us find out. In a term insurance plan, on the death of the insured...
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In accordance with the agreement, terms of the transaction are not being disclosed De Goudse to purchase Leidsche from Reinsurance Group of America. (Credit: Pete Linforth from Pixabay) Reinsurance Group of America, Incorporated (NYSE: RGA) (RGA) announced that it has agreed to sell its Dutch life insurance company, Leidsche Verzekering Maatschappij N.V. (Leidsche), to De Goudse N.V. (De Goudse). Leidsche has liabilities of approximately $0.5bn at year end 2019. “RGA remains highly committed to serving its clients in its reinsurance business in the Netherlands,” said Johan Tuijp, Managing Director, Netherlands and Nordics, RGA. “We believe the sale of Leidsche supports their long-term...
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The High Court in Johannesburg recently granted an order declaring the cancellation of policies by an insurer unlawful and of no force and effect. We look at the judgment in Hermione Nell and 74 others v Constantia Insurance Company Limited and others delivered by Judge Vally on 26 June 2020 and its significant effect on insurers. Between 2010 and 2018, Constantia Insurance Company Ltd sold two short term insurance products to over 5000 customers in the open market. These products were marketed through various media outlets and physical brochures. Beyond this marketing, potential customers were sold the policies telephonically. In 2017, the Short Term Insurance Act 53 of 1998 (STIA) and the...
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The MarketWatch News Department was not involved in the creation of this content. May 21, 2020 (The Expresswire) -- Global “ Term Life Insurance Market ” report 2020 is an overview of the market is provided with prime focus on factors boosting and debilitating market. This will help investors get a clear understanding on which aspects to focus on and how to economically support the market globally. The impact of prevailing regulatory scenario on both regional and worldwide Term Life Insurance market is provided detail in this report. COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by...
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Minnesota United and Allianz Life Insurance Company of North America (Allianz Life®) are partnering to donate $75,000 to the Neighbors United Funding Collaborative (NUFC) to support Midway and Union Park area residents, local businesses and organizations during the COVID-19 pandemic. “We are extremely proud of the relationships we have built with our community surrounding Allianz Field. One of the most important things we can do as a club during these times of stress and uncertainty is to support our neighbors in soccer,” said MNUFC CEO Chris Wright. “We are honored to work with an incredible partner like Allianz to offer essential funding to provide for the communities around Allianz Field...
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Understanding Life Insurance Plans « Back to Home Shopping around for life insurance can be time-consuming and challenging. Even with a good agent helping you, there may be terminology you don't understand if this is your first time shopping for life insurance. The more familiar you are with the following terms, the easier time you'll have choosing the policy that best fits your needs. Term Insurance: Term life insurance is one of the two most popular types of life insurance. You pay over a specified period of time, say every month for 10 years. If you pass away during those 10 years (the term) the policy pays out. Once the term is over, however, the policy won't do anything for you...
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Some insurers are reacting to the coronavirus pandemic by adding exclusions to their income protection policies. Others are no longer able to obtain the medical evidence required to underwrite policies. This could mean many advisers, especially those on limited panels, lose access to some of their main routes for arranging their clients’ insurance. ‘Signposting’ in financial services is a concept of guidance and direction. A wealth adviser or mortgage broker who doesn’t offer life insurance, critical illness or income protection will signpost their customers to a protection adviser, who arranges the insurance. The Protection Distributors Group has advocated...
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Term Insurance Claim Conditions The purpose of buying term insurance is that your nominee(s) or dependent(s) have enough money in hand that would make up for the loss of income in the event of your sudden death. This means that in addition to focusing on the amount of sum assured that you are paying for, it is important to choose a term insurance plan from a life insurance company with a high claim settlement ratio (CSR) or the one that boasts of the hassle-free claim settlement process. The Essentials of Making a Term Insurance Claim The first important step that you must take is to inform your loved ones about the term insurance cover you have bought as a measure of financial security....
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Why term insurance is important at every life stage? Term insurance is a good, affordable way to create financial security for you and your family. It ensures financial stability for your loved ones, in case of an unfortunate event and also gives you an option to cover yourself from critical illnesses like heart diseases, cancer etc. if they ever strike. Term insurance fits well at every life stage and here’s why you need it: 1. First job: If you are someone, who has recently graduated and started your career, getting a term plan fits right. You are young and in the prime of your health with limited liabilities. At this time, a sum adequate to cover your liabilities such as education loan...
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