Life insurance represents the contract between the owner of the policy and the insurer in which the insurer undertakes to pay appointed a sum of money of at deaths door insured person or death of insured or other events such as time illness or physical inability. In turn, the owner of the policy undertakes to […]
Life insurance represents the contract between the owner of the policy and the insurer in which the insurer undertakes to pay appointed a sum of money of at deaths door insured person or death of insured or other events such as time illness or physical inability. In turn, the owner of the policy undertakes to pay the stipulated sum through regular time intervals or one payment.
As well as in the majority of contracts of insurance life insurance represents the contract between the insurer (the insurance company) and the insured (the owner of the policy) where the insurance sum is paid if there is an insured event which is covered by the policy.
The insurance sum is defined for the insured instead of for insured event.
Insured events which can fall include:
Time illness
Physical inability
Death
The life policy of assurance is the legal contract describes treaty provisions and restrictions of insurance events. Concrete exceptions are frequently written down in the contract of restriction of risk, for example the requirements connected with suicide, swindle, wars, revolts and civil excitements.
Life insurance contracts, as a rule, are subdivided on two basic categories:
Brave life insurance – it is intended for maintenance of payments in case of certain event, as a rule, single payment.
Memory life insurance – where a main objective consists in assistance to growth of the capital by regular or one award.
The great variety of the big and small insurance companies has appeared in our life absolutely unexpectedly. Earlier there was only the system of insurance belonging to the state.
Till now supernumeraries mark paradox: people conclude the contract with the private insurance company and stay in firm confidence that they have insured themselves and the property in official body – State fear. To dispel their iridescent soaring is almost impossible, so they simply don’t want to hear about it. Frequently they even forget the company name from which have concluded the contract. For citizens of the states CIS the private insurance company also isn’t clear, as well as the private plane. They understand that it exists but possibility to apply it in the life is insignificant.
Because insurance companies becomes more and more, in a society there was a need in professional brokers. The insurance broker has specific function which differs radically from function of the insurance agent.
Simple example. At interview with the insurance agent services of the concrete insurance company will be offered the person only. All possibilities offered by competitive firms won’t appear in conversation.
And here the insurance broker isn’t interested in that the person has concluded the contract with the concrete insurance company. It can act as the official representative of the client. As a result the broker will try to penetrate into a reality situation of the client, will give out the detailed information on available services of the various insurance companies, will help to conclude the contract proved legally and so on. The broker can even offer reduced prices for insurance products as it has a portfolio in the insurance company and can run business simultaneously several clients.
One of advantages which offer broker firms is a conducting business at insured event occurrence. For example, there was a plane order but the transaction has broken on unforeseen circumstances. The person who has insured in advance himself from failure can obtain damage compensation. And the insurance broker can and prove insured event occurrence and prove the law necessary insurance payment.
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