life insurance

By | January 6, 2022

life insurance

Life insurance often emerged just like maritime insurance, because while the owners of ships on a commercial voyage were concerned about the possibility of a shipwreck, the lives of the captains of those ships were equally valuable. At the same time, when the union of artisans began to be formed and rules were established to calculate the average age limit with birth and death accounts, life insurance contracts also spread a lot.

But the terms of the insurance policies were very difficult at that time. Under the terms of the pre-American Civil War life insurance agreement, the letter of insurance has no surrender value. No loan can be obtained on insurance. There was no extra time to pay the insurance premium and the insurance was declared invalid in case of suicide, duel or sea voyage.

Life insurance is an agreement between two persons – the insurer and the insurer – according to which the insurer guarantees to receive a certain amount in return for timely payment for a certain period of time and in return the insurer at a certain time. Fixed payment. Promises to pay.The difference between other types of insurance contracts and life insurance contracts is that it deals only with human life and whatever the type or form of insurance contract, the basic condition is that if the insured dies during the term of the contract, the insured insurance policy Will pay the amount written on. The cause of death can terminate this agreement in only two cases. One, if the insurer himself has died as a result of an illegal act.

Two, if the insurer has died due to reasons stated in the letter of insurance. There is a slight difference between English law and Indian law on this subject. Attempting to commit suicide is a crime in India but suicide is not a crime, so committing suicide can result in termination of the same insurance contract, which has this condition written in the insurance. The subject of suicide falls into the first category in English law.

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