Glossary Of Life Insurance Terms Agent - An insurance company representative licensed by the state who solicits and negotiates contracts of insurance, and provides service to the policyholder for the insurer. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies for one company only. Annuity - A contract that provides a periodic income at regular intervals, usually for life. Annuity Certain - A contract that provides an income for a specified number of years, regardless of life or death. Application - A statement of information made by a person applying for life insurance. It helps the life insurance company...
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NASHVILLE, Tenn. (WVLT) - Officials with the Tennessee Department of Commerce & Insurance announced life insurance benefits totaling $7,435,665 have been located for Tennesseans so far in 2020 through a life insurance claims tool. The Life Insurance Policy Locator Service has been available since 2016 and enables beneficiaries, executors or legal representatives of a deceased person to locate life insurance policies and annuity contracts of their late family members, clients or friends. “I am pleased to see that Tennesseans are using the Life Insurance Locator Service to find their loved ones' benefits during this year which has brought unprecedented hardships to Tennesseans,” said TDCI...
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Buying a life insurance or a health insurance has become a dominant need for Indian customers in the wake of COVID-19 pandemic, a survey has found. The survey by SBI Life Insurance in partnership with Nielsen showed that 80 percent (8 out of 10) Indians believe that buying life insurance is key. Similarly, 75 percent (7 out of 10) who don’t have a critical illness health plan are planning to buy it within the next three months. This is to help address the rising medical costs and financial burden on the family due to rise in ailments like COVID-19, amongst others. The survey was conducted among 2,435 people across the country. Ravi Krishnamurthy, president-zone 1, SBI Life Insurance said...
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Japanese life insurance sets example for managing low rates: Fitch Ratings With insurers in Japan having long been affected by ultra-low interest rates, Fitch Ratings sees its life insurance market as an opportunity for insight into the potential environment insurers worldwide will be operating in since the emergence of COVID-19. The Bank of Japan decreased interest rates significantly in response to the economic stagnation in the early 1990s, and rates have been low in Japan ever since. Fitch notes how the country’s life insurers have mitigated the effects of these low rates by adopting various product, investment and business strategies. As COVID-19 continues to unfold, policymakers...
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A practical handbook to support financial advisors in understanding the unique features of HNW life insurance and how it can help their customers' grow and protect their wealth HONG KONG, Aug. 18, 2020 /PRNewswire/ -- Transamerica Life ( Bermuda ) Ltd. (TLB), a leading High Net Worth (HNW) life insurer, in partnership with Hubbis (HK) Limited ("Hubbis"), announced the launch of the "Guide to HNW Life Insurance - a Practical Handbook for Financial Advisors" ("Guide"). Sponsored by TLB as part of its Mastering High Net Worth (MHNW) programme, and prepared by Hubbis, the Guide is designed to help financial advisors, brokers and wealth managers understand the key dimensions of HNW life...
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Question: Is it rue that I will just be wasting my money on life insurance because I know that death is something that I will face only much later in life? Asked at “Ask a Friend, Ask Efren” free service at www.personalfinance.ph, SMS, Viber, Twitter, LinkedIn, WhatsApp, Instagram and Facebook. Answer: The brain is most afraid of losing. This fear has been characteristic of humans since the time of the cavemen and is an intrinsic part of survival instincts. In fact, behavioral economists say that losses hurt more than gains please. Here is a demonstration. I often ask participants at personal finance seminars, now webinars, to imagine their reaction if they were to win P20. Hardly anyone...
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Policymakers in India are staring at a new problem vis-a-vis coronavirus -- only 4 per cent of patients admitted have health insurance, as shown in data submitted to the health and finance ministries. Only 8,500 of the total 2.17 lakh cases have claimed health insurance, the data showed. According to a report in the Economic Times, the data furnished by life insurance industry has also shown that only 100 death claims out of 6,088 deaths have been reported, which is a mere 2 per cent. IRDAI and life insurers now believe that life insurance in India could be under-penetrated as compared to health insurance. The daily states that policymakers are looking into whether public policy has to be...
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New business premium declines due to Covid-19 induced shortfall in March Bharti AXA Life Insurance, a private life insurer, has registered a 17 per cent growth in its renewal premium for the fiscal year 2019-20 at ₹1,359 crore, as against ₹1,164 crore registered in the previous financial year 2018-19. However, the Covid-19 induced lockdown impacted the performance in March — a crucial month for life insurance industry — bringing down the new business premium for 2019-20 to ₹829 crore from ₹911 crore in the previous fiscal. The total premium income grew 5 per cent in 2019-20 to ₹2,187 crore (₹2,076 crore). Parag Raja, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance...
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NEW DELHI: With many sections of the population unlikely to command enough economic heft to be able to invest in flexible life insurance policies during the pandemic, life insurer Max Life has launched its Group Saral Suraksha Plan—a Micro Insurance product for a group of people which offers flexibility of in terms of tenure and payment options. According to the company, the new plan is designed to provide financial protection to both members and borrowers of micro-finance institutions, cooperatives, small finance banks, and other affinity groups. The plan offers options to enhance the protection of the group members by providing cover against the risk of total and permanent...
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