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When the policy premium wasn't submitted with the application what should the agent obtain from the insured upon policy delivery?
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When an insured makes truthful statements on the application for insurance and pays the requires premium it is known as what?
This is known as the principle of utmost good faith, where both the insured and the insurer are expected to act honestly and fairly in their dealings. By providing truthful information and paying the premium, the insured is fulfilling their obligation to disclose all relevant details to the insurer.
What best describes term life insuranceA The insured is covered during his or her entire lifetimeB The insured pays the premium until his or her death?
Which of the following best describes term life insurance?A. The insured is covered during his or her entire lifetime.B. The insured pays the premium until his or her death.C. The insured pays a premium for a specified number of years.D. The insured can borrow or collect the cash value of the policy.
A person who is insured is called?
The "insured" refers to a person or persons who are listed on the insurance policy for whom a premium is being collected.
Automatic Reinstatement of Sum Insured Clause at additional pro-rata premium?
Type your answer here... In the event of a claim, the sum insured is reduced by the claim amount. The sum insured is therefore reinstated to its original value by the payment of a pororata premium commensurate with the amount of claim restored.
Does State Farm Auto Insurance give premium discounts for having multiple cars insured with them?
State Farm does provide premium discounts for having multiple cars insured with them. As long as both cars are owned in the same household and both insured with State Farms, great discounts can be obtained.
Which term is defined as the payment an insured makes to the insurance company on a regular schedule?
premium
What are equitable premiums?
A premium that is justified basis the amount of risk that an insured brings on to the insurer.
Which term is defined as the payment an insured makes to the insurance company on a regular schedual?
that is the insurance premium (can be monthly, quarterly, semi-annual or annual premium).
What is Medical Insurance Premiums?
The price one would pay for Health Insurance.
What happens when you want to stop paying premium on your item which you have insured?
If you don't pay the premium the policy will be cancelled.If you don't pay the premium the policy will be cancelled.If you don't pay the premium the policy will be cancelled.If you don't pay the premium the policy will be cancelled.
What is an additional driver on auto insurance forms?
The premium charged for auto insurance is determined by a number of factors. These include the identity, age, driving history, and other factors pertaining to the primary driver listed on the application. It is his/her operation of the vehicle that is principally covered by the policy. However, if it is the insured's expectation that another person will periodically operate the insured vehicle, that other person should be identified on the application, and be included in the scope of the policy issued as an "additional driver". Normally, an additional premium will be charged to account for the risk factors presented by that person's use of the vehicle.
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.
