• Before you apply for life insurance, you need to analyze your financial situation and determine how much it takes to maintain the standard of living of your beneficiaries or meet the needs for which you buy a policy. However, policyholders may re-enter a declining policy if the insured completes certain examinations and the policyholder puts the insurer back in the financial position in which he would be if the policyholder never let the policy expire. Almost all states require that life insurance contracts include a reinstatement clause – a reinstatement and, in the opinion of most courts, the continuation of the original contract. The transfer allows an insurer to sue a third party that has caused harm to the insured and follows all methods to recover some of the money it paid to the insured as a result of the loss. Aleatory means that the insurer`s commitment to pay for the proceeds of the insurance is related to an uncertain event (i.e. the death of the insured during the term of the contract). A beneficiary is a person (or organization) designated (or designated by the policyholder, by a check-off. B), who, at the time of the insured`s death, receives the death benefit as part of life insurance. A revocable beneficiary is a beneficiary whose potential receipt of revenue may be cut off or revoked at any time by the policy owner. An irrevocable beneficiary is a beneficiary whose interest in the contract cannot be changed or reduced by the policy holder without the consent of the beneficiary. Such a beneficiary is entitled to the death benefit as soon as it is irrevocably declared.

    See also: Not all life insurance loans are equal For example, you don`t know your grandfather died of cancer, and that`s why you didn`t disclose this essential fact in the family history questionnaire when you apply for life insurance; It`s an innocent secret. However, if you were aware of this essential fact and deliberately withheld it by the insurer, you are guilty of fraudulent non-disclosure. A) Representations: These are the written statements you make on your application form that represent the proposed risk to the insurance company. A life insurance application form, for example, shows your age, family history, occupation, etc., representations that should be true in all respects. The violation of representations only occurs if you have incorrect information (for example.B. Their age) in important statements.

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