Sentences with phrase «issue life insurance companies assume»
Guaranteed issue life insurance companies assume a larger risk because they have no way to assess the health of the applicants they are insuring.
https://www.jrcinsurancegroup.com/ Not exact matches
Assuming you aren't buying guaranteed issue life insurance, the final cost of your policy will only be determined once the company has examined your medical records.
As an example, if an applicant is a 30 - year - old with no health issues, doesn't participate in any risky hobbies, and has a steady job as a pre-school teacher, the life insurance company is going to assume that this person is far off from death.
The risk that health will decrease for some of it's policy holders is assumed by life insurance companies, and this is priced into the ratings at issue.
We could therefore assume that all life insurance premiums for a specific amount and type of policy at a given age should be the same regardless of the company issuing the policy.
Incontestable clause: In life insurance, a contract clause which provides that for certain reasons, such as misstatements on the application, the company may not contest payment of benefits (assuming premiums have been paid) and the policy has been in force during the lifetime of the insured for a certain period, usually two years after issue.
Whenever you apply for a life insurance policy, it is the company's job to investigate and analyze the risk factors, and then determine whether or not to issue a policy, and what amount to charge based on the assumed risk.