What Is a Deferred Premium?
For renewal insurance premiums, most long-term life insurance contracts will provide a method of paying the insurance premiums in installments, of which, the installment premiums after the first installment premium.
Renewal premium
Right!
- For renewal insurance premiums, most long-term life insurance contracts will provide a payment method for paying the insurance premiums in installments, of which, the installment premiums after the first installment premium.
- Renewal premium
- Renewal premium
- Renewal premium
- Most long-term life insurance contracts provide a payment method for paying the insurance premiums in installments. Among them, the installment premiums after the first premium are called renewal premiums.
To ensure the validity of the insurance policy, the insured who chooses to pay the insurance premiums in installments must pay the renewal insurance premiums on time. If the renewal insurance premium is not paid on time, the insured unfortunately has an insured accident within the 60-day grace period, the insurance company bears the insurance liability, but the insurance premium owed shall be deducted when paying the insurance premium; For insurance premiums, an insured accident occurs after the grace period. Unless otherwise agreed in the contract, the validity of the insurance contract is suspended. At this time, the insurance policy has lapsed and the insured will not be able to obtain insurance protection.
- What is a renewal premium? If the renewal premium is not paid on time, how will the effectiveness of the insurance contract be affected?
- Most long-term insurance will provide the payment method of instalment insurance premium. Among them, the instalment premium after the first premium is called renewal premium.
- In order to ensure the validity of the insurance policy, the insured who chooses to pay the insurance premiums in installments must pay the insurance premiums on time. If the insurance premium is not paid on time, the validity of the insurance contract is suspended after a grace period of 60 days.
- If the insured person unfortunately has an insured event within the 60-day grace period, the insurance company will still bear the insurance liability; however, after the grace period, the insurance contract will lapse due to the suspension of the effectiveness of the insurance contract and the insured person will not be able to obtain insurance protection.