Sunday, March 25, 2012

In terms of Life Insurance.

Heirs: Name of person listed in the policy to accept compensation in case of death of the insured.
Application: This form must be filled by the candidate and the candidate Insured Policyholder protection when applying for insurance to the underwriters.
Life Insurance: A system of protection in the form of risk transfer from one person (the insured) to the Insurer. Insurers agree to pay a benefit upon the insured risk if the Policyholder agrees to pay the premium amount is determined by the Insurer and has met all the requirements of the Insurer.
Lapse: Loss of the benefit / protection insurance policy premium payments ceased due to or exceed the period of payment flexibility.
Receipt: Proof of payment received by the policy holder premium payments have been made and evidence that payments have been recorded by Sequis Life.
Lapse Notification: Notification in writing of the Insurer to the policy holder that the policy has lapse.
Probation (Contestable Period): The period of two years in which the Insurer has the right to question or investigate the accuracy of the information / data provided the insured or policy holder in a letter of application to determine the subsequent decision on the policy contract.
Minor: A person who is under age, ie under 21 years old and unmarried.
Policyholders: What entered into an agreement with the Insurer. Policyholders should not always be insured.
Recovery: The return status of the lapse to inforce policyholders to recover the benefit / return guarantee of protection.
Insurer: Insurance company that provides insurance protection through agreements in insurance contracts.
Policy: A written document issued by the Insurer that the insurance agreement between the Insurer and the Policyholder and legally valid.
Orphan Policy: Policy is no longer active agent.
Active Policy / Inforce: Insurance Policy where premiums are paid on time or fully paid.
Automatic Premium Loan (APL): an automatic policy loans taken from the Cash Value Policy (as long as sufficient cash values) to pay off the unpaid premium until the end of their discretion (not applicable to Unit Link Insurance Policy).
Premium: A sum of money specified in the policy to be paid to the Insurer for a number of benefits listed in the insurance contract.
Premium Notice: A letter of notification from the Insurer to the Policyholder the amount of premium due soon.
The premium-free policy sum assured is reduced / Reduced Paid Up (RPU): Changes in the sum assured in accordance with the Cash Value is necessary so that the premium payments that will come in and kind of turned into Insurance Endowment insurance (endowment).
Regular premium policy: A policy that requires periodic premium payments (monthly,  Semi-Annual, Annual).
Rider (additional benefits): rider is an additional benefit that can be included in a basic insurance program. This benefit is designed to provide additional financial protection at lower cost.
Single premium policy: a policy that requires only one premium payment is made in advance.
Surrender: The sale of the policy to the Insurer of the Cash Value was formed at the time of the sale of the policy carried out.
Insured: The person that life / health insurance covered under the Contract.
The Beneficiary: A person or institution named in the policy as the party entitled to receive the sum insured if the insured died.
Top-up: the addition of investment funds.
Sum Insured (Face Amount): Sum Insured stated in the policy page that will be paid in the event of death or other conditions of the policy is paid at the coverage period ends in accordance with the kinds of insurance are taken. Does not include an additional amount to be paid to other special provisions.


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