TAILIEUCHUNG - Lecture Risk management and insurance - Lecture No 23: Life insurance contractual provisions

Lecture Risk management and insurance - Lecture No 23: Life insurance contractual provisions. This chapter’s objectives are to: Life insurance contractual provisions, dividend options, nonforfeiture options, settlement options, additional life insurance benefits. | Life Insurance Contractual Provisions Lecture No. 23 1 Objectives Life Insurance Contractual Provisions Dividend Options Nonforfeiture Options Settlement Options Additional Life Insurance Benefits 2 Life Insurance Contractual Provisions Under the ownership clause, the policyowner possesses all contractual rights in the policy while the insured is living Rights include naming beneficiaries and surrendering the policy for its cash value The policyholder can designate a new owner by filing an appropriate form The entire-contract clause states that the life insurance policy and attached application constitute the entire contract between the parties Prevents the insurer from making amendments without the policyholder’s knowledge 3 Life Insurance Contractual Provisions The incontestable clause states that the insurer cannot contest the policy after it has been in force two years during the insured’s lifetime Protects the beneficiary if the insurer tries to deny payment of the claim years .

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