What is the Meaning & Life insurance definition
Life insurance is a type of insurance that guarantees a person in the event of his own death an economic compensation to their relatives or failing those who choose himself as beneficiaries of the same. Mentioned compensation called is in the jargon as secured capital, while the means of payment to access the same may be from a financial income or paid for only once.
Then, the special mission that it is life insurance for who takes it is that you people are in charge of the insured, or those that the choose, arrived the moment of misfortune arise as in the case of his untimely death, immediately, they would be protected with a sum of money in compensation.
The relationship between insurance and contracting will be established through a document called policy and the scope of the agreement, such as the time of compensation, the form of payment, shall be specified in the who charged it, among other issues.
As well as the insurer undertakes through the policy to pay the agreed compensation, the policyholder must pay as compensation a quota which will guarantee coverage. If the payment is not regulated at the time occurred the death of the individual, the insured may not pay the agreed compensation.
There are various types of life depending on insurance: duration and these may be: term or whole life; by the type of raw material, we have premium level in which the payment is constant or but risk premium, in which the amount increases in relation to the age that the insured; and depending on the number of insured persons covered by the policy are the individual insurance, collective insurance, or those of several heads.
Note that in any of its forms, the policyholder may modify the beneficiaries even after formalization of the policy.
Then, the special mission that it is life insurance for who takes it is that you people are in charge of the insured, or those that the choose, arrived the moment of misfortune arise as in the case of his untimely death, immediately, they would be protected with a sum of money in compensation.
The relationship between insurance and contracting will be established through a document called policy and the scope of the agreement, such as the time of compensation, the form of payment, shall be specified in the who charged it, among other issues.
As well as the insurer undertakes through the policy to pay the agreed compensation, the policyholder must pay as compensation a quota which will guarantee coverage. If the payment is not regulated at the time occurred the death of the individual, the insured may not pay the agreed compensation.
There are various types of life depending on insurance: duration and these may be: term or whole life; by the type of raw material, we have premium level in which the payment is constant or but risk premium, in which the amount increases in relation to the age that the insured; and depending on the number of insured persons covered by the policy are the individual insurance, collective insurance, or those of several heads.
Note that in any of its forms, the policyholder may modify the beneficiaries even after formalization of the policy.