Definition of Life Insurance Policies: The life insurance is the type of insurance that guarantees a person in case of his own demise monetary damages to their immediate families or failing to persons of his choice as beneficiaries of it.
Type of insurance that a person takes out in his name so that in the event of his death the beneficiaries receive a sum of money that guarantees economic support
In this way the person who hires this type of insurance ensures that if something serious happens to him as his death, his relatives, relatives or loved ones will not be left adrift in economic matters, and then they will receive a sum of money stipulated in the insurance contract, which obviously will have a series of conditions for payment.
Definition of Life Insurance Policies
Anyone can get a life insurance, a person who makes a profession or risky activity is the most normal and advisable, especially if it is the only family support, but this insurance is also common among people who have economic resources.
The aforementioned compensation is referred to in the jargon as the insured capital, while the payment method for accessing it may be from a financial income or a one-time payment of an agreed amount.
The mission to protect the relatives
Then, the special mission that covers the life insurance for those who take it is that the people who are in charge of the insured, or those he chooses, when the time comes to cause a misfortune as is the case of his untimely death, Immediately, they will be protected with a sum of money as compensation.
Conditions stipulated and subscribed in a contract called a policy
The relationship between the insurer and the contracting party will be established through a document known as a policy and will specify the scope of the agreement, such as the time of compensation, the form of collection, who will charge it, among other issues.
As the insurer commits itself through the policy to pay the agreed compensation, the policyholder will have to pay as a counterpart a fee that will guarantee the coverage.
It usually consists of a monthly fee and of course, the payment of the same must be up to date at the time of the death of the insured so that the policy can be collected effectively, any debt in this sense will make it expire.
If the payment is not regularized at the time of the death of the individual, the insured may not pay the agreed compensation.
Life insurance classes
There are different types of life insurance depending on: their duration and these may be: temporary or whole life ; for the type of premium, we find a level premium in which the payment is constant or risk premium, in which the amount increases in relation to the age of the insured; and depending on the number of policyholders covered by the policy are individual insurance, collective insurance or multi-head insurance .
It should be noted that in any of its modalities, the policyholder may modify the beneficiaries even after the formalization of the policy.
Fiction and reality: murders to collect insurance
The issue of life insurance has always been surrounded by a veil of darkness and cheating as a consequence that the collection of the policy money depends on the death of the insured.
This issue has been addressed in fiction stories, movies, novels, police genres, and suspense, usually, where the crime of someone who has this type of insurance occurs, and then it arises. a police investigation to determine if his death is linked to the collection thereof or not.
By case, the beneficiaries are always the main suspects.
And in most cases, these stories are solved just against the beneficiaries who kill for greed.
Wives who want to collect their husband’s insurance to go with their lover …
But as it is popularly it said that sometimes the truth is stranger than fiction, it is common to find such cases in real life and in the police pages of media communication.
People who perpetrate murders or hire an assassin to kill the one who has made them beneficiaries of life insurance, of course, all stories moved by a desire for greed and cruelty.
A policy is a denomination that receives that document in which the insurance contract is expressed, on the one hand, and on the other, the obligations and rights that correspond to both the insurer and the insured, which are the two intervening parties in this type of contract.
The document will describe the people, objects or instruments that are subject to insurance and compensation and guarantees will be established in the event of a loss that affects that property, person or object of our property.
There is a vast range of risks to ensure, for example, fires, crashes, in the case of a car, the death of a person, among others, then and due to this situation is that before taking a certain policy, the individual must advise yourself correctly and correctly about what is the best alternative that exists for the good or object to be secured and, obviously, take into account first and foremost the characteristics of what is safeguarded from hazards.
In this way, some issues or risks will be safeguarded and others excluded, but of course, there will be a final idea of what to take care of more, because it is not covered by the policy that was taken out.
The policy is composed of three fundamental parts: the general conditions, the particular conditions, and the special condition.
The general conditions include that set of clauses that the insurer establishes to regulate all insurance contracts that are issued within the same branch as extension and object of insurance, excluded risks, payment of indemnities and the form of liquidation of compensation.
For its part, the particular conditions are those specific aspects of each policy that will differentiate them from the rest. And the special condition refers to the set of clauses resulting from the application to each specific policy.