Few queries on nomination?

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10-12-2010
saisrisri

Few queries on nomination?

1) Proposal has been submitted along with deposit (premium) but before underwriting done, insured dies. How insurance claim will be settled?
2) Insured dies after paying 5 years premium. No nomination exists. If death claim arise, how claim amount will be settled? More Info - Insured survived with brother, brother's wife and children.
3) If Insured is granted coverage with extra rating 225%. How premium will be calculated. what is 100% and how it is different from 225%. show an example with dummy values for 100% and 225%. If any additional riders like Disability Waiver Benefit or Child Term Rider or Accident benefit rider exists, how this rider is charged with premium under 100% and 225%?
10-12-2010
Rahul

Quote:

Originally Posted by saisrisri

1) Proposal has been submitted along with deposit (premium) but before underwriting done, insured dies. How insurance claim will be settled?

If the insurer accepted the proposal then the insurer will be liable to pay the claim.

Quote:

2) Insured dies after paying 5 years premium. No nomination exists. If death claim arise, how claim amount will be settled? More Info - Insured survived with brother, brother's wife and children.

Claim will be paid to legal heir if no nomination is found.

Quote:

3) If Insured is granted coverage with extra rating 225%. How premium will be calculated. what is 100% and how it is different from 225%. show an example with dummy values for 100% and 225%. If any additional riders like Disability Waiver Benefit or Child Term Rider or Accident benefit rider exists, how this rider is charged with premium under 100% and 225%?

Question is not clear. What is 225% and 100% here?
10-12-2010
Harish Rawat

Quote:

3) If Insured is granted coverage with extra rating 225%. How premium will be calculated. what is 100% and how it is different from 225%. show an example with dummy values for 100% and 225%. If any additional riders like Disability Waiver Benefit or Child Term Rider or Accident benefit rider exists, how this rider is charged with premium under 100% and 225%?

It means that the premium is charged with loading of 225% additional premium.
Premium for Normal person - 1000
Premium with 100% loading - 1000+(1000 * 100%) = 2000
Premium with 100% loading - 1000+(1000 * 225%) = 1000 + 2250 = 3250

P.S. - Anyway are you an insurance agent? (normal insured won't ask these questions)