The world we live in is full of uncertainties and risks. endobj endobj ( B��P B� � ( @P � R � P @P R H B� ! The information you are trying to access is no longer located at this address. endobj 17 0 obj No one knows what life will send your way, and life insurance is like a Swiss Army knife of financial protection. The Importance of Spousal Life Insurance What kind of life insurance plan is in place for your family? @ @ �S(� � R � All of this is a lot of information. Death benefits may be estate-tax free if the policy is owned properly. /XObject 21 0 R 21 0 obj @ � @��� Life Risk Cover. @ ! Importance of Insurance. 15 0 obj @ ��R �( � � H endobj <> @ � ( PB� �R @� ( ! Irrespective of what plan you buy, you could save taxes with insurance policies. @( P @( @ �R ( @ ( If at any time a profitable … @ �� �� ! 24 0 obj 3 0 obj %PDF-1.4 One of the most common ways of using life insurance in a wealth transfer plan is by using it in conjunction with In cases where a Life Insurance Agent collects the premium from the policyholder and remits it to the insurer’s office, he is acting as an agent of _____: a. IRDA b. the Insurance Company �! endobj Life insurance provides an infusion of cash for dealing with the adverse financial consequences of the insured’s death. Life insurance provides you with a high life risk cover that keeps you and your family … @ � R 1.5 lakh a year. As you can see, there are a lot of benefits to buying life insurance. 16 0 obj The concentration of income from customers purchasing life insurance policies, for example, provides capital that can be invested elsewhere in the economy by the company for greater returns. endobj The group life insurance premium is very low and very affordable. �P �P �P@ � �P � endobj What they all have in common is that they pay cash to your loved ones in the event that you pass away. The son has a car, with higher insurance premiums than his parents and grandparents due to the @ P � P P( @P � Drawbacks of group life insurance plans . In the event that you or your spouse pass away, will your family be financially protected? Insurance policies … @� ) R H @� R )@ � �� ) � ��P@( P � <> endobj 20 0 obj @)@� � Benefits of Insurance. ! Principal of utmost good faith: Under this insurance contract both the parties should have faith over … 6 Insurance Europe • They both own a car, and have reasonably low premiums due to their age and lack of claims. This assures your nearest and dearest remain on firm financial ground even though your earnings have stopped. The major documents in vogue in life insurance are premium receipt, insurance policy, endorsements etc. @�( �@�( � !H( �PB� Stay up to date on everything happening at The J! And while we set the cutoff at 75, it’s important to note some insurers are willing to sell term life policies to individuals over the age of 75, and that may increase with life expectancies. The children • They have a daughter aged 14 and a son aged 18. Life insurance (the many other kinds of insurance Here are a few reasons why you must insure yourself and your loved ones: B� ( B� R � /Contents 22 0 R � �@ RP M�G�;"Q�I��1\�h�\"Q�X��te�z-#��+�t�^�� ��V#���g�~Iђ�f�X�/R>GG��� 4��M>i1u0ze�/����K��F`4��� *����tK�,\��� �%� K��u�_�cD������ �%� (�L���Mr�Q ;���p�s�^����wӟ��O��8I�K���� It also highlights the special role of reinsurers in the insurance sector and discusses some of the key differences between insurers and banks from a fi nancial stability point of view. <> @ �P � � � �� P � � ! Listed below are some important differences between different types of life insurance policies and what they mean for you. © 2006-2015 Sandi Kruise Insurance Training, Sandi Kruise Inc, All rights reserved. Re-Insurance: Every insurer has a limit to the risk that he can undertake. � IC 02 – Practice of Life Insurance – Model Questions I. Peace of Mind. <> (� @� � P � P � P � � >> It can be an important tool in the following situations: 1. Life insurance can be used to maximize your wealth and pass it on to the people or causes that are important to you with less risk and the potential for greater tax eiciency. The Significance of Life Insurance WHEN a person buys insurance of any sort he is protecting himself or his family or his business from possible catastrophe. <> ( P � B�@ P � P ( Insurance plays a key role in mitigation of risks. This <> The basic … �( � ! 8�)�'J~��4�O�%�QV����\�"� z�ї�.��F_�/�pd z�B^P�2� yC�/(\ �: �RV��N��F_�3�|����5���#�%ዃ0u(�r�J �8�.��ȗ ۣ����3�@ ,)�K��%~��:"����P��Stiя��F ߠ��X�M�b ( *� z%����6� � �KOc����J��G��#U�� endobj ( �P The insurance company will take care of the investment of funds and the policyholder has the option to encash 1/3rd of this corpus fund on the vesting age / vesting date tax free. �@ Why Life Insurance Is Important. @ @ @ @ R P-��� � @ � 19 0 obj 2 COMPARISON OF POLICIES ..... 12 endobj endobj @ H) Life insurance enjoys favorable tax treatment unlike any other financial instrument. Importance of Life Insurance. These include risk of losses of life, health, assets, property, etc. endobj Importance Of CRM In Insurance Sector Many customers of Insurance companies are not aware of the policies and services to be rendered by the company. <> ( ) From the individual’s perspective, life insurance offers many advantages: − Life insurance guarantees to pay a stated sum to a family on the death of its income earner(s). endobj endobj Rasika published ROLE OF LIFE INSURANCE INDUSTRY | Find, read and cite all the research you need on ResearchGate endobj info@vosjcc.orgMain: 480.483.7121 Membership: 480.634.4909Preschool: 480.659.7769Youth: 480.634.4949Development: 480.481.1753. The process of insurance has evolved to safeguard the interests of people from uncertainty by providing certainty of payment at a given contingency. Dependents if people depend on an individual ’ s income, life insurance kind! A limit to the risk that he can undertake re not sure where to go,... 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