How Payouts Work in Whole Life Insurance?

INDERPAL AHLUWALIA | October 30, 2017

article image
Whole life insurance policies as the name suggest offer coverage for your entire life, there is no term limit on such plans. As long as the premiums are paid on time and the policy is valid, your nominee will receive the benefit upon your death or if the policy matures. In whole life insurance policy, the policyholder is eligible to get a bonus as and when declared by the company. The policy provides financial security for the whole life term of the policyholder.

Spotlight

CCMSI

CCMSI is a leading third-party administrator for workers' compensation and property/casualty self-insurance programs. Since 1978, we've successfully administered and provided claim services to individual and group clients, nationwide.

OTHER ARTICLES

Putting a price on protection: the importance of cyber insurance

Article | March 23, 2020

For almost as long as businesses have been subject to risk, some form of insurance has existed to mitigate their exposure. The first recorded commercial insurance policies date back to Babylonian times, and in the thousands of years since, the types of business cover available have multiplied exponentially, driven by the uptake of technology. It’s now over 20 years since the first cybersecurity policy was written. At the time, this was considered groundbreaking – although by modern standards, its scope was limited. These days, cyber insurance providers cast a far wider net. By 2025, it’s expected the global market size will grow to over $23 billion. Some policies cover the costs arising from first-party data breaches, while others cover liability for damages, providing assurance for companies who collect and store sensitive customer information.

Read More

Does Business Interruption Insurance Cover COVID-19 Closures?

Article | March 23, 2020

Our clients are asking us: Do commercial property and, specifically, business interruption insurance policies provide coverage for COVID-19-related losses? As discussed below, it is critical that you promptly review your company’s policies, exclusions and relevant endorsements to evaluate whether your business has coverage in the wake of COVID-19. If appropriate, you should make a claim with your insurance carrier.

Read More

Do Entrepreneurs Need Business Insurance?

Article | March 23, 2020

Being an entrepreneur is no piece of cake. You are going out on your own, venturing into a new industry and the future is unknown. Many factors will contribute to whether your new business will be a success or not. One of those factors is whether you purchase comprehensive business insurance from the get-go. Below, we will discuss what types of business insurance you should consider as an entrepreneur who is starting your own company.

Read More

What is the Expense Ratio for an Insurance Company?

Article | March 23, 2020

Providing financial security to its consumers is the ultimate aim of an insurance company. However, sustaining its own capability to finance its customers becomes its priority. To measure the financial sustainability, insurance companies use various different methods and techniques. Among them, the Expense Ratio serves as the ideal measure providing clarity on the logistics. Signifying the efficiency of an insurance company and measuring its profitability, the expense ratio gives a clearer picture of the financial aspects of the company.

Read More

Spotlight

CCMSI

CCMSI is a leading third-party administrator for workers' compensation and property/casualty self-insurance programs. Since 1978, we've successfully administered and provided claim services to individual and group clients, nationwide.

Events