What is an insurance offer in 2020

In order to take out insurance, the policyholder makes a written application to the insurer. Insurance is usually offered on the printed paper prescribed by the insuring company. Where Insurer’s Name, Father’s Name, Mother’s Name, Occupational Details, Date of Birth, Permanent Address, Current Address, List of Insurance and Term, Insurance Number, Amount of Premium, Premium
Payment Method, Income and Source of Income Nominee’s Name, Age, Relationship Signature, date of application, signature of signature etc. are recorded.
What information and documents does the insurer have to provide to make an insurance contract?
The information and documents that the insurance customer has to provide in order to enter into an insurance contract are: -The details of the name and address of the insurance customer have to be submitted.The details of the insurance customer’s profession are to be submitted to the field proof of the particular customer’s profession.The proof of income of the insurance customer is to submit the proof of special income in the field.The professional address of the insurance customer has to be submitted.
The insured has to submit proof of age.Passport size photograph of the insurance customer and nominee has to be submitted.Medical / non-medical report has to be submitted as proof of good health.Depending on the insurance / age of the large amount, different urine report, ECG report, X-ray report and blood test report have to be submitted.People working abroad have to submit attested photocopy of passport and sealed passport page of latest arrival in Bangladesh.
What are the things that the insurance customer has to check? the insurance customer usually has to verify the following: -Whether all the information in the proposal form has been recorded correctly and accurately.Whether the financial capacity of the insurance company is sufficient.Whether all the information has been properly recorded in the insurance deed.Whether the sales representative of the insurance company has proper appointment letter.
Why invest in premiums?Insurance companies invest the surplus money (if any) from their premium income in safe and profitable sectors after paying insurance claims, commissions, development officers’ salary-bonuses and management expenses:
A. Payment of insurance claim: Interest, bonus, etc. are added to the collected premium and the amount of insurance claim is much higher than the premium received due to natural causes. Therefore, there is no alternative to premium investment to bring the received premium to the level of potential demand by investing in a safe and profitable sector.
B. Filling the financial deficit: The premium received from the insurance customers is much less than the payable insurance claim. Premium investment is essential for timely payment of insurance claims so that there is no financial difficulty.
C. Assistance in National Economic Activities: Huge premiums collected by the insurance industry must be invested to strengthen national economic activities through government development activities, increase national production through development of domestic industries and export surplus production.
Premium investment is very important in insurance business. The success of an insurance company depends largely on the smooth and efficient management of investment activities.
What is an agent and what is the job of an agent?
Agent: A person who sells an insurance scheme / insurance policy to a customer on behalf of an insurance company is called an agent or insurance representative. The insurance representative acts as a bridge between the insured and the insurance company. Section 124 of the Insurance Act-2010 contains laws relating to insurance agents. The insurance agent receives commission from the insurance company as per the law by the authority.
The role of the agent: The role of the agent is very important in the life insurance business. An insurance representative does the following for the insurance company:
(1) Selling the insurance policy of the hired insurance company.
(2) To motivate the insured to pay the renewal premium on time.
(3) Connects the insured and the insurance company to settle the insurance claim.
Measures are taken to establish a relationship between the insurance company and the insured to perform the above functions. For this reason the activities of the agent are very important with the expansion of the life insurance business. If the agent’s activities are done faithfully, the insurance products will have great success in marketing.
What is a surveyor and what does it do?
The most difficult and important aspect of property or insurance is the correct and accurate application of the Principle of Indemnity. This policy says that in case of loss of property or property, the amount of damage should be compensated exactly as much. Neither more nor less. The policy further elaborates that in case of any loss of property or assets and that risk is taken in the insurance policy, the insurance company will compensate the affected person or organization to the extent that the person or organization was in financial condition at the time of the loss. Go back.
The problem is who will fix the real cost of the loss? Insurance company or insured. Both are interested parties. It is not uncommon for the insurance company to want to reduce the amount of the loss as much as possible and the insured to show the amount of the claim as high as possible. The only way to solve this problem is with a third party. Those who are honest, impartial and have experience in determining the actual loss of general insurance content and know all the technical aspects of it,
How does the insurer pay the insurance claim?
In case of any unforeseen possibility or accident as per the terms of the insurance contract, the claim is to be paid by the insurer in lieu of premium. The availability of the claim is the legal right of the insured. Life insurance claims are paid only to the legal entity. As per the terms of the insurance contract, the insured pays the sum insured in case of 02 (two) types.
A) As a result of death or accidental disability of the insured within the stipulated period of the insurance contract.
B) After the expiry of the prescribed period, the sum insured is paid in part or in full to the policyholder or nominee or to the lessee, according to the type of insurance plan.
Payment / Disposal of Death Insurance Claim: In case of death insurance claim, the legal claimant of the insured has to submit the following documents to the insurer:
1) Death certificate, janaza / cremation certificate, original insurance document, proof of age issued by the treating physician at the time of death of the insured.
2) Completion and submission of claim form, identity card, employer’s statement and doctor’s statement form provided by the insuring company.
After receiving the documents mentioned by the legitimate claimant / nominee of the insured, the insurer follows the process of settling his statutory posthumous claim and if necessary investigates the investigation report positively and sends the executive receipt along with the nominee of the policy with the approval of the appropriate authority. On return to the insurer, the payee check is sent to the bank account of the insured nominee.
Payment / Settlement of Post-Term Insurance Claims: The post-term claim is that the sum insured is payable if the prescribed time limit / term of the insurance has expired as per the life plan of the insured. In case of maturity insurance claim, the insured has to submit the following documents to the insurer:
1) Proof of age (if age has not been proved before)
2) Proof of ownership (if the right is imposed)
3) Original insurance documents.
In case of maturity insurance claim, the policyholder submits the specified documents to the insurer and the insurer sends the executive receipt along with the policyholder.
When does the insurer pay bonus to the customer along with the insurance claim?
If the insurance company has more funds than the actual liability of the insurance company, then the excess is called surplus. From the surplus received at the end of the valuation process conducted by the actuary, the insurance company distributes the insurance customers in the form of bonus along with the insurance claim. However, bonuses are paid only for profitable insurance plans. In addition the declared bonus is paid along with the price paid.

Author: Md akter

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