Life insurance and life insurance is a form of insurance that the payment of a sum of money to a designated beneficiary will after the death of the insured or the insured is still alive after reaching a certain age. The word “assurance” and “quality” are often confused, but there are several meanings.
Insurance is the coverage of an event that occurs while the quality assurance is to provide coverage for an event that can happen is secure. Life insurance covers most of the insured in case of natural death, while life insurance covers accidental death.
Who can live?
It is possible, life insurance, you choose for yourself or another life. Therefore, it belongs to the insured of a participant in a contract, but not necessarily a lot is possible. Insurance companies have attempted political speculation among people who expect not to die.
Who lives cestui refers to when the policy is not the owner of the insured. CQL generally requires the purchase of a policy of “insurable interest” in the insured. This is for people who are not interested in preventing the murder of the insured will receive the payment. “Insurable interest” includes most family members and business partners.
History
The first form of insurance would result in China 5000 years ago. The spread of risk that their cargo would be illegal traders will share with another vessel, so that if the entire shipment would fall is not lost.
Life Insurance began around 450 AD in ancient Rome, where the burial clubs were formed to cover the funeral. Life insurance against the instincts of people playing in Victorian England. People were dying to speculate on when he expects people to the forefront. These actions were illegal in 1774.
Why life?
Today, people take out insurance to ensure close treated after death. The rules are intended to cover the mortgage, so that in case of death of a mortgage loan is repaid. Life insurance can replace the main wage earner. This ensures that the family is not on the hard drive once as possible after your death.
Some people adopt a policy to ensure that adequate care after the death of the main charge. Another reason is that life insurance to cover the cost of education so that school / tuition after the death of the main employees are covered.
Types
There are two main types of protection policies, life insurance and investment policies. Protection policies generally have a lump sum upon the death of the insured. It pays when the data in your policy, but to die, otherwise you get nothing.
It is the best way to provide financial protection for your family. The main objective of the investment is to facilitate the growth of capital by regular or single premiums. Next payment in the event of your death, it is also possible to construct an investment value can be redeemed during your life. There are several types of coverage, see these categories.
Factors that influence policy
Insurance is probably due to the likelihood and the insurance company for you to test certain criteria.
The three main variables in a mortality table are age, sex and smoking. The people associated with a greater risk to insurance companies, high-risk occupations, such as oil and gas, military, pilots and fishermen, dangerous sports / hobbies such as Aviation, climbing, motor sports, parachuting and skiing, poor medical history, especially smokers and 60 people over the years.