It is based upon the policy itself. You probably don't want to renew a term policy after the initial period of time if you are healthy it will be better for you to get a new policy. New business rates will be much better than what is set up within the policy for renewal periods.
Mercantilism
anan
For some life insurance, age at inception determines the premium or acceptance. For other forms of insurance, the basis for insurance or premiums may have changed and might not extend to older existing policies. Some auto insurance policies have discounts based on continuous service period.
John Maynard Keynes
The premium cost will vary based upon your age, the industry of your employer, the length of the benefit period and elimination period you select, and whether you want on the job coverage. The best policy for a person under the age of 50 is about $10 per month per $100 of monthly coverage. For example, a policy with a $5,000 per month benefit will cost you about $500 per month. Your late will be lower if you work in a lower risk industry.
Target premium is the amount that the agent's commission is based off of. It is neither the planned premium or minimum premium to keep the policy in force. Sometimes called the "commissionable premium."
WHAT???? Updated: I think the asker meant what IS an adjustable target LI policy. An adjustable premium life insurance product is universal life. These terms are synonomous. The feature of this type of product is that the insured can pay more or less (not less than the minimum premium in the first five yrs of policy) and thereby increase the death benefit or the length of guarantee. The target premium is a amount based upon the calculations made at the time of the illustration. It takes into account the premiums, death benefit and product specs. Target premium is sometimes called the commissionable premium, because the agent's commissions for that policy are based off of it.
No. Why would an insurance company cancel your policy without any reason? Depending on the state that you live in and the regulations in your state will determine how and under what circumstances a company would cancel your insurance policy. Normally they have to give you a certain amount of notice before cancelling your policy. For instance, if you fail to pay your premium the notice would be 10 days from the date they mail you the notice. If you have excessive claims or fail to maintain the property, they would have to non-renew the policy meaning they could not cancel it until the next renewal date and must give you 60 days notice for the non-renewal. Dates and reason vary based on the State you live in and the regulations.
A standard insurance policy is one in which the insured (Person A) pays a regular premium to the insurer (Person B) In the event of the unfortunate demise of person A, person B is bound to pay the insured amount to A's family. The insurance amount would vary based on the premium A paid and his age.
A plant and plant based material is considered renewable.
This varies greatly by company. Generally commission percentages are 15-25% of the first year premium, but some companies (like Blue Cross/Blue Shield) pay lower amounts, and some pay a flat rate per policy instead of being based on premium.
Yes many Liability Policy are subject to audits which occur on policies after the term dates. The reason for this is that the original policy premium is generally based on estimates of of the exposure basis (i.e. payrolls, receipts, etc.) The insurance company is entitled to audit at the end of the policy term to adjust the premium to reflect the actual exposures.
Hi - this is some basic math $50,000.00 insurance policy at a rate of $30.00 per thousand # 50,000 divided by 1000 = 50 # 50 x $30.00 = $1500.00 premium charge
The insuring company provides us the insurance policy based on the premium amount we pay them on a regular basis. This can be monthly or quarterly or half yearly or even annual. A policy lapse means that the life insurance contract between the insurer and the insured (YOU) is terminated.
no
A personal health insurance policy, sometimes called an "individual" or "family" health insurance policy, covers you and your designated family members. You purchase a personal health policy through a licensed health insurance agent who is appointed to represent the insurance carriers in your state. Personal health policies are the fastest growing form of U.S. health insurance. The price of a personal health policy is based on your age and your health at the time of application-but once insured, your premium cannot be increased because you become ill. Once you obtain a personal health insurance policy, in virtually all states: You and your covered family members are guaranteed the right to renew your personal policy until age 65, independent of employment. Your renewal premium may not be substantially increased due to your claims experience-even if your carrier pays a claim for you of $1 million or more. Your renewal premium will increase when you enter a higher age band (typically every 5 years) or with general medical inflation-based on the claims of a very large group of people in your state who purchased similar personal policies. Some states set limits on annual increases regardless of medical inflation. Depending on your state, you should expect your premium to increase 5% to 15% each year from an initial price much lower than group coverage. See your local licensed agent for detailed information on your state. If you are healthy and don't like your proposed annual renewal premium, you can always shop around for a new policy just like you do with auto or homeowners insurance. Nationally, more than 300 different carriers, including 76 Blue Cross Blue Shield companies, offer personal polices. In contrast, with an employer group policy: You lose coverage if you retire before age 65 (Medicare), or become ill and cannot work, or are needed at home to take care of a sick child or spouse. If you have more than 50-100 employees, the group renewal premium is increased each year based on the claims of your group-your individual share of this group premium could double even if you never file a single claim. In some states, if your company has less than 100 employees, your entire group could become unaffordable, if just one person filed a major claim. Your employer selects your coverage, doctor network, and annual deductible and there are little or no financial incentives to reward having a healthy lifestyle.
Since it is a form of wood based cellulose acetate, it is a renewable resource.