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A life insurance contract that maintains protection after the premium period has ended is called a?
Wiki User
∙ 14y ago
The proper terminology would be "Paid-up".
Wiki User
∙ 14y ago
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Does a premium have to be paid to To obtain a contract of insurance against a risk?
Nothing is obtainable free in this world. So, obviously you are to pay premium for obtaining a contract of insurance against a risk
What is BWRP in insurance sector?
Bhima women regulatory protection
What is paid up contract in Insurance?
A paid-up policy is a whole life insurance policy for which no additional premium / payments are required to keep it in force.
How much does a medical insurance agent make?
It varies depending on the type of coverage, amounts of premium involved, and the contract the agent has with the particular insurance company.
Why is an insurance contract a unilateral contract?
a unilateral contract is one in which one party 's promise is exchanged with other party's act. insurance contract is unilateral because one party ie the insured pays premium regularly and the insured ie the other party promises to compensate for any loss caused to the insured. here the act of paying premium by insured is exchanged with the promise of insurer.
Just what exactly is auto insurance?
Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.
Which part of the life insurance policy sections states the amount and frequency of premium payments?
Usually the "face" or first page of the contract.
Will it be cheaper to get health insurance for individuals?
The final price on your health insurance will depend on the contract that your employee has with the insurance company. Often a business will cover the majority of the price of an individual but will charge a higher premium for a family.
What does insurance premium mean?
The premium is the cost that you must pay to have the insurance.
How long do you pay for mortgage insurance premium?
You have the option to get a mortgage insurance for the length of your mortgage contract, or you can choose 10 years, 15 years, 20 years, 40 years, etc.
What is the primary function of insurance?
The primary function of insurance company is to provide protection from adverse events. The insurance companies accept premium payments in exchange for companies in the eventthat certain specified but undesirable, event occure.
Is a contract of Insurance a wager Explain?
Yes, insurance is a form of a wager. In legal terms it is called an aleatory contract which means that the contract participants agree ahead of time to take certain action in response to a defined event. For example, if you take out a health insurance policy (the contract) You are betting that you WILL fall ill, while the insurance company is betting you WON'T fall ill. As long as you remain healthy they get to keep your premium. If you fall ill they have to pay your medical bills.
