what are the functions and characteristics of life insurance

Question and answer

Question|Rated bad

Asked 10/18/2011 1:07:41 PM

Updated 7/23/2023 12:11:21 AM

1 Answer/Comment

Get an answer

Search for an answer or ask Weegy.

Original conversation

User: what are the functions and characteristics of life insurance

Weegy: The primary function of health insurance is to pay those covered expenses, as outlined in the policy, incurred as a result of an accident or illness. [ It often has two elements, one being hospitalization expenses and the other being for the medical care rendered by a physician or other health care professional. The vast majority of health insurance is employer-based, meaning that people have access to it through their employment. Not all employers offer it, and for those whose employers do not, they are free to obtain individual/family policies on their own. ]
icyan29|Points 50|

User: what is the main function of LIFE insurance

Weegy: Life insurance is a contract between the policy holder and the insurer, where the insurer promises to pay a designated beneficiary a sum of money (the "benefits") upon the death of the insured person. [ Depending on the contract, other events such as terminal illness or critical illness may also trigger payment. ]
Expert answered|audrey17|Points 434|

User: what are the characteristics of LIFE insurance

Weegy: Special provisions may apply, such as suicide clauses wherein the policy becomes null if the insured commits suicide within a specified time (usually two years after the purchase date; some states provide a statutory one-year suicide clause). [ Any misrepresentations by the insured on the application is also grounds for nullification. Most US states specify that the contestability period cannot be longer than two years; only if the insured dies within this period will the insurer have a legal right to contest the claim on the basis of misrepresentation and request additional information before deciding to pay or deny the claim. The face amount on the policy is the initial amount that the policy will pay at the death of the insured or when the policy matures, although the actual death benefit can provide for greater or lesser than the face amount. The policy matures when the insured dies or reaches a specified age (such as 100 years old). ]
Expert answered|audrey17|Points 434|

User: what are the characteristics of life insurance

Weegy: There is a difference between the insured and the policy owner (policy holder), although the owner and the insured are often the same person. For example, if Joe buys a policy on his own life, he is both the owner and the insured. [ But if Jane, his wife, buys a policy on Joe's life, she is the owner and he is the insured. The policy owner is the guarantee and he or she will be the person who will pay for the policy. The insured is a participant in the contract, but not necessarily a party to it. However, "insurable interest" is required to limit an unrelated party from taking life insurance on, for example, Jane or Joe. Also, most companies allow the Payer and Owner to be different, e. g., a grand parent paying premiums for a policy on a child, owned by a grandchild [or vice versa]. ]
Expert answered|audrey17|Points 434|

Question|Rated bad

Asked 10/18/2011 1:07:41 PM

Updated 7/23/2023 12:11:21 AM

1 Answer/Comment

New answers

Rating

KuyaBert_09

Characteristics of life insurance:
1. Provides financial protection to beneficiaries upon the insured's death.
2. Requires regular premium payments.
3. Offers various policy types, such as term and whole life.
4. May include cash value accumulation in some policies.
5. Offers peace of mind and financial security for loved ones.

Added 7/23/2023 12:11:21 AM

This answer has been confirmed as correct and helpful.

Comments

There are no comments.

Add an answer or comment