Life insurance as a demand letter is a written document containing the
data of prospective customers who will buy an insurance product. A person who
intends to buy the product intends to enter into an agreement with the company,
must fill out and sign a form provided by the company. The form is provided for
the needs of prospective customers and send it to the company. This letter must
be filled with data that is complete and correct so that it becomes the basis
of a valid agreement. If later on, the information given by the prospective
customer that states are not the actual conditions that occur on the customer,
while the agreement is already running, then the agreement will not be legally
valid. Insurance agreement comes into force from the date of the policy issued
and the obligation to pay the first premium has been done by the customer. An
insurance company can not review the validity of the insurance contract after
running 3-year agreement. This is related to the recovery of the sum insured
under the policy and additions that will be submitted by the customer.
Life Insurance Policy Info
Life insurance premium is an annual premium and with the approval of
the insurance company can be paid in several ways, for example per semester,
per 3 months, and 1 month. In certain cases, premiums may be paid in a single
or one-time in the early entry to insurance. The premiums to be paid at the
beginning of your insurance follow in the office or place which is usually set
by the company. Premium payments must also be timely, do not pass the due date
will be charged interest for the premium paid by you. To pay further premiums,
will be given free time usually 30 days or 1 month. Free period is calculated
from the due date. If the insured or the policyholder dies during the free
period, all unpaid liabilities will be charged on the amount of insurance money
that will be given to the heirs of the insured. If the insured dies after free
period expires, the sum insured will not normally be given to the heirs of the
insured. So, you need to know right when you have to pay a premium so do not be
late paying. However, now there are auto debit facility, so you are unlikely to
forget to pay a premium.
For certain policy if premiums are paid continuously, then the policy
will have a cash value which is determined by the insurance company based on
the calculation set by the company. Usually the cash value will be included in
the policy that has been purchased by you. So you can see in detail the amount
of money to be received by you, if you make a claim. If you are experiencing
financial problems at the moment following the life insurance, so you can not
pay further premiums in the liberal period, while the amount of cash value does
not exist, then the insurance policy will automatically be canceled. If the
insurance policy is in a state of void, the policyholder is not entitled to
receive a refund of the premium or payment by the company. So you need to look
at a few things before you buy an insurance product. If you understand in
detail about the product, then you will not have trouble. Hope it is useful.
Let insured for a better life.
Life for giving.
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