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Term Insurance 1233 views November 12, 2018
The underwriting process protects the customer against any unwarranted excess premium charges. There are two kinds of underwriting processes involved:-
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This underwriting process helps gauge the customers’ health conditions by taking into consideration details including:
Each of the considerations stated above is assigned a specific rating or score. The customer is required to undergo a medical test Based on the results of the medical examination report and the scores assigned to various health parameters, the insurer decides whether to accept the proposal or not.
A term insurance plan makes up for the loss of income in the event of a sudden death of the policyholder. To understand what the customer’s life is worth, it becomes important for the insurer to know the current income and gauge the earning capacity of the individual. The insurer accordingly arrives at the extent of life cover that the customer can avail to financially secure his or her nominee. Term insurance is not an investment product, which means that term insurance does not serve to benefit anyone from the death of a loved one, but rather replaces the earnings lost due to death.
The financial underwriting process ensures that the nominee(s) or dependent(s) do not avail financially more on the death of the policyholder than they would have during the policyholder’s survival.