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Automatic Reinstatement of Sum Insured Clause at additional pro-rata premium?

Anonymous

∙ 13y ago

Updated: 9/18/2023

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.

Wiki User

∙ 13y ago

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Related Questions

What is an insurance reinstatement?

When a insured person is not able to pay his/ her premium on time then his/her policy got surrendered by the insurance company. If after some time that insured person comes to company and ask to revive the policy then this revival/ reactivation is called reinstatement of the policy.

What is a waiver of premium with disability income?

Waiver of premium suspends the need to make premium payments during the time when you are disabled. A waiver of premium provision is not automatic with every policy. Instead, it is an option that one may be able to select in return for an additional premium. Frequently, the definition of "disability" for purposes of triggering the waiver of premium provision is different (often more strict) than the degree of disability needed to collect benefits under the policy. For example, one may be entitled to collect disability payments if he/she is unable to pursue his/her "own occupation" (meaning, some other type of job will not disqualify the insured), whereas the insured might have to be unable to perform "any occupation" in order for the waiver of premium to be triggered.

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.

What is false concerning Automatic Premium Loans?

an automatic premium loans is treated as all other loans

Will car insurance premium increase if you pay a premium renewal one day late?

Usually not. However, insurance companies can charge late or reinstatement fees if you pay late.

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.

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.

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.

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 schedule?

premium

What is a reinstatement option?

A reinstatement option is a clause in an insurance policy that allows the policyholder to reinstate their coverage after it has lapsed or been canceled due to non-payment of premiums or other reasons. Reinstatement options are typically offered within a specified period after the policy has lapsed, and the terms and conditions of reinstatement may vary depending on the insurance company and policy. To reinstate a policy, the policyholder usually needs to pay the outstanding premiums, interest, and any other charges that may apply. In some cases, the insurance company may require the policyholder to undergo a new underwriting process or provide additional information before reinstating the policy. Reinstatement options are beneficial for policyholders who may have missed premium payments due to financial difficulties or other reasons but still want to maintain their insurance coverage. It allows them to continue their policy without having to purchase a new one, which may be more expensive or require additional underwriting. However, it's important to note that not all insurance policies offer reinstatement options, and the availability and terms of reinstatement may vary depending on the type of insurance and the insurance provider. for more information message me

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).

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