B Com Exam > B Com Videos > Principles of Insurance > Traditional Product (Part - 1) - Life insurance product, Principles of Insurance
Traditional Product (Part - 1) - Life insurance product, Principles of Insurance Video Lecture | Principles of Insurance - B Com
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FAQs on Traditional Product (Part - 1) - Life insurance product, Principles of Insurance Video Lecture - Principles of Insurance - B Com
| 1. What is a life insurance product? |  |
Ans. A life insurance product is a type of financial product that provides financial protection to individuals and their families in the event of the insured's death. It offers a payout, known as the death benefit, to the beneficiaries listed in the policy. This payout can be used to cover funeral expenses, outstanding debts, mortgage payments, or to provide financial support to dependents left behind.
| 2. How does a life insurance policy work? | |
Ans. A life insurance policy works by the insured paying regular premiums to the insurance company. In return, the insurance company agrees to provide a payout, the death benefit, to the beneficiaries named in the policy upon the insured's death. The policyholder can choose the amount of coverage they want and the duration of the policy. If the insured dies while the policy is in force, the beneficiaries receive the death benefit. If the insured survives the policy term, there is no payout.
| 3. What are the different types of life insurance products available? | |
Ans. There are several types of life insurance products available. The most common types include:
- Term life insurance: Provides coverage for a specific term, usually 10, 20, or 30 years. It offers a death benefit if the insured dies within the term but does not accumulate cash value.
- Whole life insurance: Offers coverage for the entire lifetime of the insured. It combines a death benefit with a cash value component that grows over time.
- Universal life insurance: Similar to whole life insurance but offers more flexibility in premium payments and death benefit amounts.
- Variable life insurance: Allows the policyholder to invest the cash value component in various investment options, such as stocks and bonds.
| 4. How is the premium amount determined for a life insurance policy? | |
Ans. The premium amount for a life insurance policy is determined based on several factors, including the insured's age, gender, health condition, occupation, lifestyle habits (such as smoking), and the desired coverage amount. Insurance companies use actuarial tables and underwriting guidelines to assess the risk associated with insuring an individual and calculate an appropriate premium. Generally, younger and healthier individuals pay lower premiums compared to older or less healthy individuals.
| 5. Can I modify my life insurance policy after purchasing it? | |
Ans. Yes, it is possible to modify a life insurance policy after purchasing it, depending on the terms and conditions of the policy and the insurance company's policies. Common modifications include increasing or decreasing the coverage amount, extending or shortening the policy term, or adding additional riders for enhanced coverage, such as critical illness or disability benefits. However, any modifications may be subject to underwriting review, and changes may result in adjustments to the premium amount. It is important to review the policy contract and consult with the insurance company or agent to understand the options and implications of modifying a life insurance policy.
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Nov 22, 2024 Last updated |
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