MTHEL131 Chapter Notes - Chapter 11: Life Insurance, Benefit Society, Term Life Insurance
18 Dec 2016
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Most people rely agents as their insurance advisor, but personal financial planners and. Mthel textbook notes accountants also offer insurance advices. A good agent or other advisors is one who: places the interest of the client first, has up-to-date knowledge of the business, gives the client continuing service. Fraternal benefit society an organization operating under a lodge system that provide social and insurance benefits to member and family dependents: structure : Must have a representative form of government. Provide fraternal and insurance benefits to members and family dependents: insurance contract. Similar to commercial contracts in many aspects but have two differences: Open contract the contract also includes the society"s constitution, bylaws and any future changes. Maintenance of solvency if the reserve becomes impaired, the members would have to pay an amount equitable to the deficiency: pricing and product insurance certificates needs to be valued annually on specific tables of mortality.
