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MTHEL 131 (111)
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Lecture 3

Lecture 3.pdf

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Mathematics Electives
Course Code
David Kohler

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Lecture 3 Features of a life insurance policy: Third party contract Insurer, insured (policy holder), life insured (beneficiaries have no rights and can change) Unilateral contract: One party/policy holder can get out of the deal at any time, not the insurer. Differences between individual and group insurance policies: Individual insurance policy Group insurance policy 55% coverage 45% coverage Average of 165000$ per person Averages at 49000$ per person Types of coverage: Bought by: 1. Term Employers 62% 2. Permanent Creditors 31% Price similar to group insurance Associates (e.g. union) 7% Personally insured (vs a company being Underwriting done ate death, not at the the insured under the group policies) purchase of policy. Guarantee payout Chances of being not eligible for claiming benefits (death due to criminal activities, drunk, car crash…)
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