As such, the policy holder is entitled to receive certain rebates on the payment of premium. As such, the assignment shall be complete and effectual only on the execution of such endorsement either on the policy itself or by a separate deed. Insurable interest arises out of pecuniary relationship which exists between the insurer and policy holder, the former or insurer stands to loose by the death of the policy holder or latter and or continuous to gain by his survival. A number of steps must be taken to enter into a contract between the insurance company and the insured to indemnify the property of latter from the risk of fire. It is usually written for a period of 30 days in lieu of the policy document according to which the fire risks of the insured are borne by the insurance company. In limited premium policy, the obligation of paying premium is limited to a certain period of time only (5,7,10 or 12 years). After its preparation during the period covered by the cover note, it is sent to the policyholder. In due time, a formal document called ‘life insurance policy’ is prepared and sent to the policyholder properly sealed, signed and stamped.

Upon the receipt of the first installment of premium, a receipt is sent to the policyholder which serves as the acknowledgement of contract between him and the insurance company. Upon receiving premium, the insurance company issues the installment receipt together with the cover note which acknowledges the acceptance of the proposal by the insurance company. Therefore, he has to acquire printed proposal forms, which are available free of cost either with the insurance company or its agents. An intending person must fill up the printed proposal form which is distributed by the insurance company free of cost. The liability on the part of insurance company begins right from the date of issue of interim protection note. Warranties are the representations in life insurance which are embodied in the policy and expressly or impliedly forming part of the basis of the contract. Since a fire insurance contract involves moral hazards, the insurance companies may ask for documentary evidence of moral character and responsibility of the proposer issued in his favor by respected persons or agencies.

The fire insurance policy document includes everything concerning the terms and conditions of the contract and is useful in ascertaining the mutual rights and duties of the insurer and insured. These are called procedures of effecting the fire insurance policy. A life insurance policy with profit is also called participative life insurance policy. Such property, right, interest etc. must be the subject matter of insurance. The policyholder as a party to the insurance contract must have a particular relationship with the subject matter of the insurance, whether it is the life or property or a liability to which he is exposed. The insured or policyholder must have an insurable interest for a valid life insurance contract. Insurable interest is a basic element of insurance. The life insurance requires that the principle of utmost good faith should be preserved by both the parties; insurer and insured. In today’s organization environment, however, insurance companies typically cannot adhere strictly to the unity of command principle.

So, there is no doubt that digital marketing is an ideal way of promotion of an insurance company. Inform your lawyer you wish to conduct an administrative meeting with the insurance company. A life insurance policy has to be proposed by ab intending policyholder. One of the sections of the proposal form is designated as personal health statement and medical examination of the prospective policy holder. There are no general data on how household out-of-pocket payments have changed over the last few years in Ghana, though a planned National Health Accounts should illuminate this. Humana, which touts its skills at selling health insurance directly to individuals, ran into trouble in Georgia after charging too little for plans it sold on the state’s new marketplace. Mostly associated with buying and selling of homes, these agents present offers to the buyer or seller, reach a price settlement, assist the buyer in obtaining financing, and represent each party at the settlement. The elements of protection and investment are present only in case of life insurance. For example, independent automobile insurance agents make 15 to 20 percent of each premium paid, according to a Wall Street Journal report from 2012. Therefore, sales agents need to be persuasive.