Which are the parties involved in Life Insurance Policy?

Buying a life insurance policy could be a difficult task but if you seek expert opinion from iSelect, things would have been easy and less complex. Here discussed are the parties involved in purchasing the life insurance policy. For best results and sound benefits, compare life insurance in Australia.

Insured Party – The contractor

An Insured party is the one who insure his life years into the contract with an intention so that his family members do not face any unforeseen difficulty in case of economic factors after his death. He involves underwriting into it in order to ensure the medical check -up and keep a record of all the reports and premium price.

Beneficiary – The benefit receiver

Beneficiary is the one who is entitled to receive all the benefits – monetary and non-monetary on an account of the consent of policy holder. The beneficiary in major case is the blood relation – wide, children or parents. You can also compare life insurance in Australia and select the best plan that matches with all your requirement and family conditions.

Insurance Company – An Institution

The Insurance Company is basically a private or Government institution that collects the premium of the policy enlisted with various benefits and special features with an objective to reward the beneficiary in case of death of the policy holder. It lies more upon bilateral agreement that is arise out of mere consent and not backed by force, coercion, threat and punishment. It functions transparently under State Government Commissioner Bodies.

Agent or Broker – The Middlemen

An Agent is a group or an individual that seeks the leverage in performing all the activities that is supposed to be performed by the policy holder. An agent or broker could be the entire organisations who works continuously till the life insurance policy gets disabled.  They pay the premium and keep records of all the benefits and features so that the beneficiary party can be easily benefitted out of the policy measures. They often counsel, advice, suggest and communicate the process and give prompt response regarding any critical scenarios.

Underwriter – The Scrutiniser

An Underwriter is the one who will deeply scrutinise the risk related elements considering all the available and potential factors in order to set the best price of premium. He is liable to maintain all the records and data sheet of every party – illness report, income proof, lifestyle propositions and laboratory concerns aggregately.

Medical Examiner – The

The Medical Examiner is the one who is assigned to record the health care position of the policy seeker when comes to buy the policy. Some of the professional insurance companies often send their medical examiners at the residential place in order to physically and mentally assess the position of an individual or a group. The checking process hardly takes less than thirty minutes. On his approval, the further process of accepting the demand of insurance policy takes place.

Call iSelect now and compare life insurance in Australia.

 

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