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Certificate of life insurance issued by the Yorkshire Fire & Life Insurance Company to Samuel Holt, Liverpool, gland, 1851. On display at the British Museum, London.
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Life insurance (or life insurance, especially in the Commonwealth of Nations) is a contract between a policyholder and an insurer or underwriter in which the insurer promises to pay a sum of money to the policyholder upon his death. . ) ). Depending on the contract, others such as terminal illness or serious illness may also trigger payment. The policyholder usually pays a premium, either regularly or on a one-time basis. Requirements may include other assistance such as funeral directors.
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Life insurance policies are legal contracts and the terms of each individual contract describe the insured’s limitations, if applicable. Often, specific exclusions written into the contract limit the insurer’s liability; Common examples include claims of suicide, fraud, war, riots, and civil insurrection. Difficulties can arise when a person is not clearly defined, for example. the insured knowingly assumed a risk by performing an experimental medical procedure or taking medication that resulted in injury or death.
The Amicable Society for a Perpetual Assurance Office, founded in 1706, was the world’s first life insurance company.
Cover the costs of members’ funerals and provide financial support to the bereaved. In 1816, an archaeological dig at Minya, Egypt (under the supervision of the Ottoman Empire) produced a table of the Nerva-Antonine dynasty from the ruins of the Temple of Antinous in Antinoopolis, Egypt, which shows the rules and membership quota. In the year 133, the funeral society was founded in Lanuvium (Italy). During the reign of Hadrian (117-138) in the Roman Empire.
In 1851, US Supreme Court Justice Joseph P. Bradley (1870-1892), who once worked as an actuary for the Mutual Benefit Life Insurance Company, submitted an article to the Journal of the Institute of Actuaries in which “A “The historical account of The Severan dynasty is described. The Roman jurist Ulpianus prepared the table of life around 220 AD. During the reign of Elagabalus (218-222), which was included in the codification of the Digesta seu Pandectae (533) ordered by Justinian I (527-565) of the Eastern Roman Empire.
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The first known insurance policy was executed on June 18, 1583 at the Royal Exchange in London. A Richard Martin insured a William Gybbons and paid thirteen merchants £30 for 400 if the assured died within a year.
The first society to offer life insurance in modern times was the Amicable Society for a Perpetual Assurance Office, founded in London in 1706 by William Talbot and Sir Thomas All.
Each member paid an annual fee of one to three shares per share, depending on the age of the members from twelve to fifty-five. On the day of the year, a portion of the “friendly contribution” was distributed among the wives and children of the deceased members in proportion to the number of shares held by the heirs. The Friendly Society started with 2000 members.
The first life table was written by Edmund Halley in 1693, but it wasn’t until the 1750s that the mathematical and statistical tools needed to develop modern life insurance were established. James Dodson, a mathematician and actuary, attempted to found a new society dedicated to properly accounting for the risks of long-term life insurance policies after being denied admission to the Amicable Life Assurance Society because of his advanced age. He was unsuccessful in his efforts to obtain a government charter.
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His disciple, Edward Rowe Mores, was able to found the Equity Insurance Society of Lives and Survivors in 1762. It was the world’s first mutual and pioneered age-based premiums based on mortality, providing a “framework for the practice and development of scientific insurance”. “
Mores also named the chief officer actuary – the first known reference to the position as a business. The first modern actuary was William Morgan, who worked from 1775 to 1830. In 1776 the Society made the first actuarial valuation of liabilities and then distributed the first bonus (1781) and temporary bonus (1809) among its members.
The company tried to treat its members fairly and the directors tried to ensure that policyholders received a fair return on their investments. Premiums were regulated by age, and everyone could be accepted regardless of health or other conditions.
The sale of life insurance in the United States began in the 1760s. The Presbyterian Synods of Philadelphia and New York established a Corporation for the relief of the widows and infirm and children of Presbyterian ministers in 1759; The Episcopal clergy organized a similar fund in 1769. Between 1787 and 1837, more than two dozen life insurance companies were founded, but less than half a dozen survived. In the 1870s, military officers joined together to form the Army (AAFMAA) and the Navy Mutual Aid Association (Navy Mutual), inspired by the widows and orphans left behind in the West after the Great War, and by the families of the Great War. American sailors killed at sea.
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The person responsible for paying a policy is the policyholder, and the person to whom the policy will cause the death benefit. The owner and the insured can be the same person. For example, if Joe buys a policy on his 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 guarantor is the owner of the policy and will pay the policy. The insured is a party to the contract, but is not necessarily a party.
The beneficiary receives the benefits of the policy upon the death of the insured. The owner names the beneficiary, but the beneficiary is not part of the policy. The owner can change the beneficiary if the policy does not have an irrevocable beneficiary designation. If a policy has an irrevocable beneficiary, any change of policyholder, policy assignment or loan of cash value will require the consent of the original beneficiary.
In cases where the policyholder is not the insured (also called quel qui vit or CQV), insurers have tried to limit policy purchases to those who have an insurable interest in the CQV. For life insurance, close family members and business associates will usually find that they have an insurable interest. The insurable interest requirement usually shows that the buyer will actually suffer some loss if the CQV dies. This requirement prevents people from profiting by buying purely speculative policies from people they expect to die. Without an insurable interest, the risk of a buyer killing the CQV for insurance proceeds will be high. In at least one case, an insurance company that sold a policy to a buyer with no insurable interest (who later killed CQV for the proceeds) was held liable in court for contributing to the victim’s wrongful death (Liberty National Life v. Weldon, 267). ) Allah 171 (1957)).
Special exceptions may apply, such as suicide clauses, which void the policy if the insured dies by suicide within a specified period (usually two years from the date of purchase; some states allow a one-year suicide clause by law). Errors made by the policyholder in the application may also be grounds for cancellation. Most US states e.g. maximum competitive period, often more than two years. Only if the insured dies within this period will the insurance company have the legal right to dispute the claim based on false information and to request additional information before deciding whether to pay the claim.
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The face amount of the policy is the initial amount that the policy will pay on the death of the insured or when the policy expires, even if the death amount is higher or lower than the actual amount. The policy expires when the insured dies or reaches a certain age (eg 100).
The insurance company calculates policy prices (premiums) at a level sufficient to finance claims, cover administrative costs and make a profit. Insurance costs are determined by mortality tables calculated by actuaries. Death tables are statistically based tables that show the expected annual death rate for people of different ages. Because people are more likely to die as they age, mortality tables allow insurance companies to calculate risk and increase premiums based on age. These estimates can be important in tax regulation.
In the 1980s and 1990s, the SOA 1975-80 Basic Select & Ultimate tables were the typical reference points, while the 2001 VBT and 2001 CSO tables were published more directly. Also the basic parameters of age and sex,