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Classification of life insurance

Contracts of life insurance can be grouped into three categories according to risk guaranteed depending on the length of human life.

On the one hand there is insurance in case of life concerning the possibility of survival of the insured and, secondly, insurance in case of death concerning the possibility of the death of the insured.

Finally, the so-called mixed insurance that combine in a single font, the two possibilities of death and survival of the insured.

1 - Life insurance in case of life

The purpose of this contract is essentially the creation of a capital or an annuity which the member shall be entitled to a specified date.

The future event is considered for the contract is the occurrence of a specified date or a specified age while the insured is still alive.

The insurer agrees, upon payment of a premium, to pay a sum of money in the contract if the insured is still alive at that time. Conversely, if the insured died on the date determined, the commitment of the insurer ceases.

There are several types of life insurance in case of life:

1.1-assurance endowment

In consideration of a single premium or regular, the insurer is required to pay the sum insured if the insured is still alive on a date or a specified age. Conversely, if predecease the insured, the insurer is finally released from any obligation to pay.

* The risk to the insurer is the survival of the insured.

* The risk for membership is the death of the insured before the end of the contract.

This formula allows the insured member to be a capital for him to be paid on a specific date.

1.2-deferred annuity insurance

Rather than engaging as in the previous formula to pay a capital if the insured is still alive at the end of the contract, the insurer agrees to pay an annuity.

If predecease the insured, the insurer is finally released from its payment obligations, unless the member has attached to the contract against an insurance.

1.3-insurance immediate annuity

In exchange for a paid-up capital in underwriting, the insurer agrees to provide an immediate annuity subject to periodic survival assured each maturity.

The insured and the beneficiary of the annuity may be two different people, but in practice it is most often a single person.

The 1.4-against-insurance

A contract of endowment insurance or deferred annuity may be stipulated with cons-insurance. The subscriber guarantees against the risk of death of the insured. If he dies before the scheduled date, the insurer will reimburse the member the total amount of premiums paid.

2 - Life insurance for death

This is a contingency contract for the establishment of a capital to benefit third parties appointed after the death of the insured.

This insurance covers the risk of death of the insured.

There are:

2.1-The term life insurance

The insurer shall pay a lump sum to the designated beneficiary if the insured dies before the term specified in the contract.

The insurer is definitely clear if the death occurs after the date agreed in the contract.

The purpose of this type of contract is to consolidate the financial position of a family on the death of one of its members. It can also ensure that a creditor of the repayment of money borrowed by the insured.

The 2.2-insurance-death "whole life"

In this type of contract the principal is paid regardless of the date of death of the insured.

Premiums paid by the subscriber can be:

- Annuities that is to say, spread over the life of the insured.

- Temporary is to say that payments are made for a certain period of the contract,

- Unique in this case the regulation is to be performed once.

2.3-assurance of survival

In this type of contract the insurer undertakes to pay the death of the insured capital or an annuity determined provided that the beneficiary is alive on that date.

If the beneficiary predeceases the insured, the insurer keeps all the premiums.

The member retains the option to make an against-insurance, forcing the insurer to pay the premiums previously paid.

2.4-Counter Insurance

Term life insurance, whole life insurance or insurance of survival can be set against with insurance. Indeed, in such a contract, the participant runs the risk of paying premiums to no avail. Against the insurance can then refund the premiums paid to the insured if it does not die during the guaranteed period or dies before the date of the deferred or if the beneficiary predeceases the insured.

3 - The endowment

It's an insurance policy that combines the benefits in the event of life and guarantees in case of death.

The insurer agrees, in exchange for a premium or pay a certain sum on a specified date to the insured himself or others if he is still alive or if he dies before that date to the beneficiaries designated by him.

Specifically, if the insured is still living at the time of settlement of the contract, the principal will be paid. In case of death of the insured, the beneficiaries can benefit from this capital.

The essential difference between the endowment and life insurance in case of with-insurance is against the level of the insurer's obligations vis-à-vis the beneficiary predeceased the insured as is required in the first case, the payment of a capital or an annuity under the same conditions as those caused by the insured in the event of life, and in the latter case, the simple repayment of all or part of premiums paid.

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