Posts Tagged → Life Assurance Premium Relief
Premium As The Insurers Risk In Life Assurance Premium Relief
Insurance contract arises from a contract between the insurer and the insured whereby the insurer undertakes to provide against a risk apprehended by the assured at a monetary consideration called a Premium. The insurer purchases a security for the future as soon as he pays the premium.
Thus, premium is the amount charged by an insurance company for an insurance policy. The amount to be paid as premium is being determined by the information you provided in your proposal form. The premium you will pay will be determined by how high is the risk involved in the policy. If the risk is high your premium will be high and vice versa.
Life assurance premium relief Life Assurance Premium Relief on the other hand is being paid to the insured as assistance by the government of a country so as to meet other financial obligations of your dependent relatives in the event of death. While premium is being paid by the insured to the insurer, premium relief is being paid as compensation to the insured dependent in case of death based on certain conditions which varies from country to country
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