Describe procedures of settlement of claims of insurance of your choice in your country
explaining insurance, life insurance Insurance Is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured. Life insurance Life insurance may be defined as the contract in writing whereby the insurer, inconsideration for a small amount of premium, undertakes to pay a certain amount of money or annuity, either on the death of the person or on the expiry of the specified time period. The premium may be paid annually, quarterly or monthly but it must be paid on a regular basis. Life insurance is not a contract of indemnity because sum assured is always payable and only the time period of payment is uncertain Types of life insurance policies 1) Whole life policy This policy continues throughout the life time of the insured. The premium is payable as long as the insure is ...