In an insurance contract, the insurer agrees to pay the insured a certain sum of money, in the case of a specified event. the policy-holder have to pay a specific amount to the insurer, in consideration of this promise. 'premium' is the name given to this consideration that the insured has to pay to ensure the provision of benefits by the insurance contract. can be considered an insurance policy prices. can be a time of default. not common. often has to be paid regularly over a period of time. a defect in apremium may endanger the continuity of policy. if that happens, the policy will be treated as "lapse" and expected benefits may not be available. the consequences of failure-condition specified in the policy, which will be discussed in a later chapter.
No comments:
Post a Comment