Life Insurance Exclusions

Life insurance companies and agents often get a bad reputation because people feel the insurance company is looking for an out on the policy.

One life insurance exclusion is suicide within the first two years of the policy. If the insured commits suicide after two years  the life insurance policy will pay out. Of course, this assumes that the insured answered the application questions honestly and did not leave out any pertinent details.

Permanent Life Insurance

Permanent life insurance is a term sometimes used for life insurance, such as whole life or endowment, where the sum assured is due to be paid out at the end of the policy and the policy accrues a cash value.

 

Un Claimed Life Insurance Benefits

According to the Canadian Life and Health Insurance Association, 22 percent of the people who request a search for lost life insurance policies find one and in about 25 percent of those case  the policies had actually been surrendered for their cash value.

Mortgage Life Insurance

Mortgage Life Insurance is insurance that can be purchases from a lending institution.

Mortgage Life Insurance is very different from individuals life insurance because the coverage declines each year of declines as the mortgage declines. Some additional differences between Mortgage Life Insurance versus individual life insurance are the following: 

1. The bank is the beneficiary. On an individual life insurance policy the insured can choose their own beneficiary.

The Mechanics of Mortgage Insurance

If mortgage insurance were actually sold in a fair way, it would just be a bad deal. But mortgage insurance is sold with out qualifying the purchaser. After you claim, the insurance company steps into compensate you, so that you can compensate the bank. That is if you are lucky, often the bank does not  really take good care to sign you up properly and the insurer may back out of the deal claiming that you (the client) have lied on the initial application form.

Mortgage Insurance

Mortgage Insurance:

Mortgage insurance helps lenders by providing protection against the risk of a borrower defaulting on a mortgage loan. Generally mortgage  insurance covers a portion of the expanses and a loan is foreclosed. Responsible risk management with its risk-based  pricing model, which prices the mortgage insurance premium according to the unique risk of each loan. 

Life Insurance

Life Insurance:

Life Insurance Provides a monetary benefit to a decedent's family or other beneficiary and may specifically provide for income to an insured persons family, burial, funeral and other final expenses. Life Insurance Policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity. 

Accident, Sickness and Unemployment Insurance

 Disability insurance policies provide financial support in the event of the policyholder becoming unable to work because of disabling illness or injury. It provides monthly support to help pay such obligations as mortgage loans and credit cards. 

Health Insurance

Health Insurance:

Health insurance is Insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care and health system expanses among a targeted group an insurer can develop a routine finance structure such as a monthly premium or payroll tax to ensure that money is available to pay for the health care benefits specified in the insurance agreement. The benefit is

 administered by a central organization such as a government agency, private business or not for profit entity. According to the Health Insurance Association  of America , health Insurance is defined as "coverage that provides for the payments of benefits as a result of sickness or injury. Includes Insurance for loses from accident, medical expanses, disability, accidental death and dismemberment".

Gap Insurance

Gap insurance covers the excess amount on your auto loan in an instance where your insurance company does not cover the entire loan. Depending on the companies specific policies it might or not cover the deductible as well. This coverage is marketed for those

Car Insurance

Car insurance Protects the policy holder against financial loss in the event of an incident involving a car they  own, such as in a traffic collision.

coverage typically includes:

. Property coverage, for damage to or theft of the car

. Liability coverage, for the legal responsibility

Types of Insurance

Any risk that be quantified can potentially be insured. Specific kinds of risk that may give  rise to claims are known as perils. An insurance policy will set out in detail which perils are covered by  the policy and which are not. Below are non-exhaustive lists of the many different types of insurance   that exits. A single policy may cover risks in one more of the categories set out below. For example vehicle  insurance would typically cover both the property risk and 

the liability risk. A home insurance policy in the US typically includes coverage for damage to the home owners belongings certain legal claims against the owner and even a small amount of

Affordable Premium

If the likelihood of an insured event is so high or the cost of the event so large that the resulting premium  is large relative to the amount of protection offered then it is not likely that the insurance

 will be purchased even of an offer. Furthermore, as the accounting profession formally recognizes in financial accounting 

Large Loss

The size of the loss must be meaningful from the perspective of the insured. Insurance premiums need to cover both the expected cost of losses and supplying the capital needed to reasonable assure that

Accidential Loss

The event that constitutes the trigger of a claim should be fortuitous or at least outside the control of the beneficiary of the insurance.

 The loss should be pure in the sense that it results from the event for which where is only the opportunity for cost. Events that contain speculative elements such as ordinary business risks or even purchasing a lottery ticket are generally not considered insurable.

Difinite Loss

The loss takes place at a known time, in a known place, and from a known cause. The classic example is death of an insured person on a life insurance policy. Fire, automobile accidents and worker

 injuries may all easily meet this criterion. Other types of losses may only be definite in theory. 

Insurance

This article is about risk management. Insurance is the equitable transfer of the risk of a loos, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An insurance, or insurance carrier, is a company selling the insurance,

the insured, or policyholder, is the person  or entity buying the insurance policy. The amount of money to be charged for a certain amount of insurance coverage is called   the premium. Risk management, the practice of apprising and controlling risk,