what is the "classic" classification of Life insur

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Posted: Sun Aug 16, 2009 9:20 pm Post subject: what is the "classic" classification of Life insur

CII exam P01 provides too many types without much explanation

ggeguchadze

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Posted: Fri Oct 16, 2009 4:15 am Post subject:

The following is courtesy of Wikipedia. Take it for what it's worth, but it's actually pretty good:

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Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount called a premium at regular intervals or in lump sums. There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium. In the United States, the predominant form simply specifies a lump sum to be paid on the insured's demise.

Hope this helps, and good luck with your exam!

InsTeacher Cool

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Posted: Fri Oct 16, 2009 5:51 am Post subject: UK still tax efficient savings systems for life assurance or

personal pensions are tax efficient savings system, though recently in 1984 and 2006 actually everything was taxed in the UK, so, is there anything left - probably long-term savings systems? :?: :?: _________________ Register Now to have your Insurance queries solved.