What is the meaning of Contingent Beneficiary?

A Contingent Beneficiary is someone as specified by the insurance policy who will receive the benefits of the same if the primary beneficiary is either deceased, cannot be located or simply refuses the inheritance when the proceeds of the insurance are to be paid. A Contingent beneficiary can be a person, organization, estates, charities, trusts ..

What is the meaning of Conditional Assignment?

Conditional Assignment refers to the way by which an assignor i.e. life insurance policyholder can transfer policy rights to the assignee as per the terms and conditions. As per conditional assignment, the assignor gets back the policy rights if he/she fulfils all the criteria under which the policy was initially transferred. On the contrary,  only ..

What is Annualized Premium Equivalent?

Annualized Premium Equivalent is a commonly used measure to determine the business sales in life insurance field. It is computed by the sum of regular annualised premium which came from new business and 10% of the first standalone premium over the same stated period. The premium so earned by the firms can be extended to ..

What is the meaning of ‘Accidental Death Benefit and Dismemberment’?

Accidental death benefit or dismemberment is the extra benefit which is being given to the policyholder in case of his death due to an accident. The benefit of dismemberment is even paid in case of death of the insured person or the latter loses his limbs or his sight during the accident. Furthermore, in case ..