Declaration of a chronic disease on an active life cover

Life insurance (or Life Assurance) is a contract between an insurance policyholder and an insurer or assurer, where the insurer promises to pay a chosen beneficiary a sum of money (the benefit) in exchange for a premium, upon the insured event (such as death/disability/debility) of an insured person (often the policyholder). Depending on the contract, Read more about Declaration of a chronic disease on an active life cover[…]

Effects of ceding/giving up insurance/investment policies

What is ceding/giving up an insurance policy? Ceding/giving up an insurance policy means that an insured person transfers his or her insurance right or benefit in a particular policy to another person as security for something they wish to get. For example: If Corrie, the insured person has a life policy at a company called Read more about Effects of ceding/giving up insurance/investment policies[…]