If, in the future, you couldn’t work for more than six months because of a serious illness or accident, waiver cover would continue to pay the contributions into your pension plan (certain conditions apply). You can apply for waiver cover up to age 58.

The guaranteed insurability (GI) rider is available on certain life insurance policies and allows you to purchase additional insurance at specific dates in the future (subject to minimums and maximums) without having to go through an exam or answer health questions.

A waiver of premium rider is an optional insurance policy clause that waives insurance premium payments if the policyholder becomes critically ill or disabled. To purchase a waiver of premium rider you may need to meet certain requirements for age and health.

A waiver is a legally binding provision where either party in a contract agrees to voluntarily forfeit a claim without the other party being liable. Waivers can either be in written form or some form of action.

Any life insurance policy worth having is also worth keeping if and when you become disabled — and this is where the waiver of premium rider comes in. In essence, it is disability insurance for your life insurance, but it is also peace of mind — and you can’t put a price tag on that.

All term life insurance policies have a grace period, with most of them lasting 30 days from the original due date. However, if you fail to make the premium payment within the grace period, your term life insurance policy will lapse, and you will need to have it reinstated.

Paid To Date: The date that indicates coverage of benefits up to and through the payment date. Paid-Up Policy: A type of life insurance policy where all the premiums have been paid and no further premiums are due. Premium Amount: The periodic payment required to keep a specific Policy/Certificate in force.

total payments to date . , in relation to any date, means the sum of all relevant payments made by the employer to the employee from the beginning of the tax year up to and including that date; Sample 1. ＋ New List. Remove Advertising.

You pay your car insurance in advance, not in arrears. The premium you pay is for a defined period of coverage. Depending on your policy, this period could be: a month. three months.

Types of Reinsurance: Reinsurance can be divided into two basic categories: treaty and facultative. Treaties are agreements that cover broad groups of policies such as all of a primary insurer’s auto business.

Reinsurance allows insurers to remain solvent by recovering all or part of a payout. Companies that seek reinsurance are called ceding companies. Types of reinsurance include facultative, proportional, and non-proportional.

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The process of underwriting determines your life insurance premium. In the underwriting process, various factors are taken into consideration like your age, gender, occupation (whether or not you are associated with a risky profession), lifestyle, policy tenure, any hereditary diseases in the family, and so on.

The premium for OD cover is calculated as a percentage of IDV as decided by the Indian Motor Tariff. Thus, formula to calculate OD premium amount is: Own Damage premium = IDV X [Premium Rate (decided by insurer)] + [Add-Ons (eg. bonus coverage)] – [Discount & benefits (no claim bonus, theft discount, etc.)]