For example, a life insurance policy provides coverage to a person for a certain period of time. If the person dies within this specified period, the insurance institution pays the sum of money agreed in the contract. If the insured person has exceeded the specified period, the insurance policy is extinguished and the provider is not required to pay. Insurance and insurance are the two concepts widely used in the financial market. People are often confused between these two notions and use them interchangeably, as both terms are related to a financial product that protects their interests. There is, however, a subtle and thin difference between insurance and insurance. In this article, we learn the main difference between insurance and insurance to make an informed purchase. Insurance companies offer both insurance and insurance products that tend to confuse the customer. Many insurance companies offer a wide range of insurance and investment policies and have their own sales agent to entice the customer to purchase the policies. Caution should be exercised when buying policies that depend on the long-term plan and the client`s financial status and well-being.
A person should get advice from a financial planner or insurance advisor to choose the right type of insurance policy for them and their family, which must be protected long after their death and should remain in a healthy financial position. Life insurance = An agreement between a life insurance company and a policyholder; In return for a payment (premium) from the policyholder, the company undertakes to pay someone or something (to the beneficiaries) after the death of the person whose life is insured (the insured life). . . .
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