Life Insurance Corporation of India
Insurance can also be bought by way of an agent. A tied agent, working solely with one insurer, represents the insurance company from whom the policyholder buys (while a free agent sells insurance policies of various insurance coverage corporations). Just as there is a potential conflict of interest with a broker, an agent has a different type of conflict. Because agents work directly for the insurance coverage firm, if there is a declare the agent may advise the shopper to the benefit of the insurance firm.
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For instance, most insurance coverage insurance policies in the English language at present have been carefully drafted in plain English; the industry discovered the hard method that many courts won’t implement insurance policies towards insureds when the judges themselves can’t understand what the insurance policies are saying. Typically, courts construe ambiguities in insurance policies in opposition to the insurance firm and in favor of protection under the coverage. For instance, life insurance corporations may require greater premiums or deny protection altogether to individuals who work in hazardous occupations or engage in dangerous sports. The insurance coverage firm understands the risk concerned and will perform a danger assessment when writing the coverage. Global insurance premiums grew by 2.7% in inflation-adjusted terms in 2010 to $four.three trillion, climbing above pre-crisis levels.
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