life insurance fraud
Have you ever thought what will happen to their liabilities in the event of your untimely death? Does your survivors bear the burden?
Why not ensure your life? In short, life insurance is a contract between the insured and the insurer when the insurer agrees to pay a certain sum of money in case of death of the holder or any another event, such as terminal illness or serious illness.
How can you ensure the life? The policy holder agrees to pay a fixed amount known as the premium at regular intervals or in lump sums. In fact, one can also ensure the death to meet funeral expenses are included after in policy premium.
Life insurance policies can be security plans or investment plans. While the former offers benefits in case of occurrence of a specific event. The latter is designed to facilitate the growth capital of regular or single premiums. A common form of protection policy is long-term insurance while the investment policies are all life and universal life.
However, there is a difference between the insured and the policy owner (policy holder), but the owner and the insured, are more often, the same person.
If A buys a policy on his life, he is the owner and the insured. If the wife of A 'B' buy a policy life insurance for her husband, she is the owner and he is the insured. This simply means that the insured is a participant in the contract of sure, but not necessarily a part of it.
In case of an insurance policy life, the beneficiary receives the proceeds of policies in the case of death of the insured. In cases where the policy owner is the insured (also known qui vit as trustee or CVI), insurance companies try to limit policy purchases to those with an 'insurable interest "in the CVI.
The life insurance contracts are based on good faith. The individual for wanting to be insured and the insurer both accept that the other party is acting in good faith. Exclusions for policies are life insurance death in case of suicide, fraud, war, riot and civil commotion.
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Article Source: ArticlesBase.com – Life Insurance Basics
