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Insurance policy what does it contain

An insurance policy is a certificate of an insurance contract that has been successfully concluded between the insurer and the insured. As a rule, the terms policy and insurance contract have the same meaning. Insurance policies contain all the important data of an insurance contract.

What data does an insurance policy contain?

All individual contract data are noted in insurance policies. These include, for example, the type of insurance, insurance number, the insured risk and the associated contractually guaranteed benefits, insurance sums, start and duration of the insurance contract, insurance premiums and all necessary personal data. An insurance policy also includes the company’s general terms and conditions.

Insurance policy what does it contain

Insurance policy with a life insurance policy

In addition to the data already mentioned, there are special data of this type of insurance in life insurance policies. An example is the guaranteed surrender value or its calculation. The policy stipulates the guaranteed surrender value at which point the insured person is entitled to if he wishes to terminate the contract. 

By simply handing over insurance policies to a third party, no rights from life insurance are transferred. For this purpose, an assignment contract must first be concluded, from which the transfer can be seen. In addition, a notification to the life insurer is necessary for the course of the assignment. 

Sell ​​life insurance policy

It should be noted that if the life insurance policy is terminated, no rights from insurance policies remain. In contrast, death protection can continue to exist in the event of a sale , which is reduced only by the amounts already paid including interest. Compared to a termination, a sale of the policy brings about 15% higher income. As an alternative to selling an insurance policy, you can also choose a policy loan . Here the policy remains as such and serves as collateral. 

In times of digitization, consumers often no longer value printed documents. However, special care should be taken with an insurance policy. The insurance policy is direct evidence of existing insurance protection. Without a valid insurance policy, policyholders cannot prove that they have a corresponding policy.

You should pay attention to this in the policy

All data in one place
Your insurance policy contains all the data of your contract. In the document, for example, the content of individual services as well as service exclusions are defined. In the event of a claim or if there is no benefit, you can always refer to the policy.

Check before signing the contract
As the insurance policy contains the basis for your insurance benefits, you should check the contract carefully before signing.

Keep the original insurance policy carefully.
The original policy is important evidence of your insurance cover. Life insurance can only be paid out, for example, if the original insurance certificate is available. Keep your policies safe. In some cases, the holder of the policy is deemed to be entitled to the sum insured in the life insurance.

Keep expired policies for at least three years.
Insurance periods have a statute of limitations of three years. During this time, for example, consumers can still request services. To enforce these claims, the original insurance certificate is required.

Send original insurance policy in the event of a claim.
For life insurance, only the original policy is valid as proof that the policyholder is entitled to benefits. For this reason, you must also send this document to the insurer if you want to receive the benefit. You should send this document by registered mail so that you receive proof that the insurance company has received the certificate. Alternatively, you can also visit a branch of the insurer and hand in the policy there for a receipt.

Check contract
adjustments For many insurance companies, premiums or benefits are adjusted over time. Check every change carefully and notify your insurance company of possible errors.

Immediate request
for lost documents If insurance policies have been lost during a move, for example, you should inform the insurer immediately of the loss. You will then receive new contracts.

 

Post Author: cheapcarinsurancestm

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