Concept of life Insurance:
Concept of life Insurance Life insurance is a contract under which the insurer in consideration of a Premium paid, undertakes to pay a fix sum of money on the death of the insured or on the expiry of a specified period of time.
Importance of Life insurance:
Importance of Life insurance Protection against untimely death saving for old age promotion of saving credit worthiness Tax benefit social security
Need of life insurance:
Need of life insurance Individual need for life Insurance Donation Depth Mortgage protection Income replacement Education Taxes Gifts
Business need for life insurance:
Business need for life insurance Business continuations Business loan Employee benefit
Basic Principal of life insurance:
Basic Principal of life insurance Nature of general contract Insurable Interest Utmost good faith Not a contract of Indemnity warranties Proximate cause Assignment and Nomination
Types of life Insurance :
Types of life Insurance Duration of insurance:- whole life, term insurance, E ndowment Insurance . Method of premium Payment :- single premium police and level premium policy
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Profit sharing :- Without profit policy and with profit policy Number of life assured :- single life , multiple life and joint life policy. Method of payment of policy amount :- Lump-sum policy and installment or annuity policies. Types of life Insurance