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Table of Melet

The document compares individual, industrial, and group life insurance policies across several provisions. Individual policies lapse for nonpayment of premium except under certain circumstances. Industrial policies do not lapse for nonpayment if the agent did not collect premiums, unless 12 weeks have passed. Group policies lapse except if the insurer is insolvent, negligent, or has waived the lapse. All policy types provide a grace period of 30 days or 1 month to pay overdue premiums, during which death benefits remain in force. Industrial and group policies may charge interest during the grace period.

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Vim Malicay
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95 views1 page

Table of Melet

The document compares individual, industrial, and group life insurance policies across several provisions. Individual policies lapse for nonpayment of premium except under certain circumstances. Industrial policies do not lapse for nonpayment if the agent did not collect premiums, unless 12 weeks have passed. Group policies lapse except if the insurer is insolvent, negligent, or has waived the lapse. All policy types provide a grace period of 30 days or 1 month to pay overdue premiums, during which death benefits remain in force. Industrial and group policies may charge interest during the grace period.

Uploaded by

Vim Malicay
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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INDIVIDUAL INDUSTRIAL GROUP

FORM Printed Printed May be typewritten

NONPAYMENT OF Policy lapse EXCEPT if insurer is NOT LAPSE, if agent did not collect. Policy lapse EXCEPT if
PREMIUM insolvent, negligent, or has waived. UNLESS, 12 weeks has lapsed. insurer is insolvent,
negligent or has
waived.
R 30 days / 1 month 4 weeks or 1 month / 30 days for 30 days or 1 month
monthly
E
EFFECT: The policy is valid during the grade period so death is compensable if it occurs during grace
Q period.
Grace Period
U May charge interest of not more
than 6% per annum
I
Policy in force during the grace period Death benefit coverage
shall continue in force
R
during the grace period
UNLESS policy holder
E
gave insurer a written
notice of
D
discontinuance
Overdue premium & interest may be Overdue premium may be deducted if Policy holder may be
deducted if policy becomes a claim policy becomes a claim during the liable for a pro rate
during the period period premium for the time
the policy is in force
during such grace
period
Entire
Contract
Provision
Mistatement of
Age

Reinstatement 3 years from date of default 2 years from date of default


Provision (period
may be increased)
Incontestable
Clause

Policy Loan
Provision

Policy Dividend Option Participating or Non-Participating Participating or Non-Participating

Cash Surrender Value

Extended & Paid-up


Insurance

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