Kworld Trend / Insurance in America christian-dailynews.blogspot.com Life insurance in America is one of the most important types of insurance, as it covers the heirs of the insured with insurance coverage, and people’s insurance provides protection for people and those who support them financially from various risks that lead to a reduction Or the person’s inability to work and produce.
Insurance in America christian-dailynews.blogspot.com | Life insurance in America
Life insurance policies in America cover accidents of early age and also cover accidents of short life, and also cover accidents that happen to people in the field of their life such as marriage, entering university, reaching a certain age, wife’s death, husband’s death, or other life accidents.
Life insurance policies Defined value policies
All life insurance policies are fixed value policies. Therefore, the life insurance policy is not subject to the principle of compensation, and therefore the insurer or the group of insured persons pays the insurance amount “or amounts” to the beneficiary specified in the contract upon presentation of evidence of realization of the insured risk.
The majority of life insurance policies are long term
Term life insurance policies may be so long that they cover the lives of persons and as a result, the term life insurance is indefinite.
Life insurance policies contain a savings component
The insured pays the cost of insurance in equal periodic premiums. And these premiums are in exchange for increasing risks year after year. Therefore these premiums are greater than they should be in the first years of the contract. And less than they should be in the last years of the contract. So the excess parts are kept In the early years in the form of a clause called the sports allowance. Which used as a return on investment to meet the deficit in the later years of the contract.
The majority of life insurance policies have a liquidation value
Due to the long term of the insurance in most life insurance policies. The insured may not have an obligation to continue the insurance i.e. The insured may stop paying the periodic premiums. This does not cause the insurance to expire as is the case with most general insurance policies. Rather, we find that life insurance policies most often include a savings element. And in the event of stopping the payment of periodic installments. He has the right to liquidate the document and obtain the liquidation value.
Life insurance in America
Life insurance in which the insurance company pays the insurance amount to the heirs. In the event of the death of the insured. Also, this type of insurance is distinguished by the fact that it is not limited to a specific period, as it is the period of the life of the insured.
Where the insurance owner pays insurance premiums throughout his life. As the insurance premium starts once he contracts until the end of his life. This type is suitable, especially for people who have the ability to pay insurance premiums in their advanced lives.
The sum insured is obtained only after the death of the insured. Insurance companies tended to stop this type of insurance at a certain age, let it be at the age of eighty or ninety. Insurance in America christian-dailynews.blogspot.com
