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The paid value is an amount when the insurance policyholder stops paying the premiums after a specific duration but does not withdraw the amount. The policyholder gets the amount at the end of the term. In this case, the insurance company provides an assured amount but is reduced proportionally according to the time when the […]
The term Surrender Value specifies an amount the policyholder will get from the life insurance company if they decide to exit the policy before maturity. Eventually, it is a loss for the policyholders because they don’t fulfill the insurance company’s criteria. Some other names of surrender value are surrender cash value or, in the case […]
Following is the list of the most common types of Insurance:
Co-insurance specifies a policy usually offered by health insurance companies. In this policy, the policyholder has to share the coverage with the insurance policy in a percentage of the policy value after paying the deductible or co-payment. Usually, it is an 80% and 20% split where the policyholder has to pay 20% while the insurance […]
Travel insurance is one of the most important things you should buy if you travel with your family, especially abroad. It is important while traveling abroad because it covers several risks. For example, medical risks, travel risks, and also flight disruptions. The following list specifies the main reasons to buy travel insurance: Travel insurance covers […]
In Insurance, the term “Annuity” specifies a policy issued by the insurance company to promise the policyholder a fixed income for the lifetime. It is a fixed amount of money that the policyholder gets each year for the rest of their life. According to this contract between the policyholder and the insurance company, the insurance […]
In the context of insurance, the deductible is a decided amount that a policyholder has to pay from his pocket before the insurance company starts paying to the policyholder. In other words, we can say that an insurance company is liable to pay the claim amount only when it exceeds the deductible. Reasons behind adding […]
As the name suggests, the “Loss Payee” is a person or the bank that receives the insurance payment after losing the property or vehicle that the insurance policyholder owns. According to the laws, it is a clause in the insurance policy. It is used to cover the investment of other parties or banks from where […]
Following is a list of the different types of benefits or coverage normally provided under a personal accident policy:
A declaration page is an official document or copy that contains all the information of the policyholder like name, address, vehicle information, type of coverage, and loss payee information. It is updated when you make changes during your policy term. For example, if you add a new endorsement, your insurance provider company updates the declaration […]