What is Credit Life Insurance?

Commercial banks, savings and lending associations pass on the credit risk of a debtor who buys a home with a mortgage. If the borrower dies, the insurance company compensates the outstanding loan amount. The lender is both the policy holder and the beneficiary, but the borrower pays the insurance premium. Credit life insurance generally adopts a fixed amount limit and decreases at the same time as the loan is repaid. When the loan is fully repaid, the liability is terminated.

Credit life insurance

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Group credit life insurance, with each lender as a member,

There are four types of people in the legal sense in life insurance transactions: insurers, insureds,

Credit Life Insurance Insured and Insured Qualifications

1.Eligibility of the insured

Applicants who meet the following conditions at the same time

A natural or legal person with full capacity for civil conduct.

Have insurance benefits to the insured (if necessary, provide proof of relevant insurance interest relations).

Have the ability to pay premiums, willing to bear the obligation to pay premiums

2. Insured qualifications

Can be insured if one of the following conditions is met

Have the resident account or permanent residency of the insurance company

Non-local hukou, but work locally, have a stable income and a fixed residence, and can provide proof if necessary. Relevant certificates refer to identity cards, household registration certificates, local temporary residence permits, labor contracts, business licenses, etc.

Compatriots from Hong Kong, Macao and Taiwan must invest locally and often travel to or live there.

In order to insure for minors with death liability insurance, the insured must be the parent / mother (legal guardian) or have the written consent of the parent / mother (legal guardian), and the cumulative risk coverage cannot exceed the relevant regulations.

Credit Life Insurance Provisions for the Disabled

Have regular employment and income.

Proof of disability is required.

It is stipulated in the clause that the liability for disability insurance benefits will not apply to the disabled part of the insured person with a disability.

A medical examination is usually required.

The maximum amount of insurance coverage is generally limited to 100,000 yuan.

Additional risks, depending on the location and extent of their disability, will be restricted accordingly by underwriting.

People with high disabilities have declined coverage.

Credit life insurance is generally listed in general

1. The company refuses to cover those who engage in the following occupations

Active Service Special Forces.

Demolition workers, gunpowder manufacturing workers, and tri-acid manufacturing workers.

Underground miners in towns and private coal mines.

2. The company refuses to cover any of the following conditions:

Patients with malignant tumors.

Mentally handicapped, demented, mentally ill.

Foreign nationals.

Prisoner on parole.

Women are between 6 months pregnant and 60 days postpartum.

Credit life insurance extension insurance policy

Any application for insurance that has been confirmed as an extension by the underwriting inspection, the insured must reapply at the end of the extension, and must undergo a medical examination in accordance with the company's requirements and provide a copy of the relevant inpatient or outpatient medical records.

Confirmation of Credit Life Insurance Medical Examination

Confirmed by order person

When the insured makes the insured's cumulative risk coverage exceeds the limit of the exempted medical examination for the age of the insured, the order taker confirms the insured physical examination and issues a formal medical examination notice and physical examination form. The medical examination items are performed in accordance with the requirements of the medical examination form.

Underwriting confirmation

When the insurance does not exceed the exemption amount for medical examination and there is no previous insurance record notification, but the cumulative risk insured amount exceeds the limit of exemption for medical examination for the age of the insured through computer accumulation, a medical examination notice will be issued by the underwriters .

When the insurance coverage does not exceed the exemption amount for medical examinations, but there are indications for physical examinations in health notification, the underwriting confirmation must be a medical examination, and a formal medical examination notice will be issued by the underwriting insurance.

Confirmation of second medical examination

After the first physical examination, there are still difficulties in judgment. The underwriting right has the right to require the insured to perform a second physical examination, the confirmation of the second physical examination, and the physical examination hospital and project are designated by the underwriting insurance.

Note: The physical examination results should be retrieved by the company's designated person at the designated hospital, and should not be sent to the company by the salesperson or client.

Treatment of Credit Life Insurance Medical Examination Fee

If the company considers a medical examination necessary, the medical examination fee shall be paid by the customer first. If the reimbursement can be reimbursed according to the company's regulations after the underwriting, the client or the entrusted salesperson shall hold the medical examination notice, the medical examination fee receipt and the insurance contract to the company ten days after the date of signing the insurance contract. The personnel enters the insurance contract number and the approved amount into the computer), prints the "Payment Notice", and the finance will handle the payment. However, additional medical examination items not prescribed by the company or medical examination expenses when applying for reinstatement will not be reimbursed.

Treatment of Credit Life Insurance Customers' Change of Offer before Underwriting

If the insured person requests to change the insurance offer before the company agrees to the underwriting (the insured person or the insured person must not be changed. For example, if the insured person or the insured person is changed to cancel the order, refund the charge, and re-enter the order), make separate Handle as follows: 1. If you change the type of insurance and the amount of insurance, you must re-fill the insurance policy, and indicate the original insurance policy number on the newly-filled insurance policy (if the customer forgets, the order taker can assist in enquiry).

If premiums need to be charged, the salesperson collects the difference and issues a new temporary charge receipt. On the temporary receipt, fill in the column of the insurance policy number, fill in the new insurance policy number, and in the column of the temporary charge amount, fill in the sum of the customer's previous cumulative payment amount and the current payment amount. When the salesperson goes to the financial office, he will also submit a new temporary receipt of the financial union, the salesperson's union, and the difference between the replenishment, and indicate the original insurance policy number on the new temporary charge receipt to explain the situation. The financial affairs shall be processed for correction, and a payment receipt shall be issued and stamped with the seal of transfer. The amount of the payment receipt shall be the accumulated payment amount of the previous customer. The salesman sends the customer a paid receipt to the customer. After completing the application, go to the business and submit a new insurance policy.

If the fee needs to be refunded, the salesperson will open a new temporary charge receipt, and the amount of the temporary charge will be filled in the actual amount paid by the customer. Excess temporary charges will not be refunded. After the order is issued, the customer can choose to refund or switch to prepaid premiums. When the salesperson goes to the financial office, he / she should submit the newly-opened temporary receipts, the financial couplet and the salesman's couplet, and indicate the original insurance policy number on the new temporary charge amount to explain the situation. The financial affairs shall be processed for correction, and a payment receipt shall be issued and stamped with the seal of transfer. The amount of the payment receipt shall be the accumulated payment amount of the previous customer. The salesman sends the customer a paid receipt to the customer. After completing the application, submit a new application form to the business.

Note: When changing the type of insurance and the amount of insurance to be reimbursed, if the payment method is cash, the salesman will issue a temporary receipt. If the payment method is bank collection, if the bank requires payment based on the temporary receipt, the salesman will issue two temporary receipts, one of which is the amount issued on the original temporary receipt, and one of which is the difference received. The customer accordingly Pay at the bank. : When changing the type of insurance and the amount of insurance to be reimbursed, if the payment method is cash, the salesman will issue a temporary receipt. If the payment method is bank collection, if the bank requires payment based on the temporary receipt, the salesman will issue two temporary receipts, one of which is the amount issued on the original temporary receipt, and one of which is the difference received. The customer accordingly Pay at the bank. 2. In other cases, the insured person fills in the "Application for Supplemental Correction of Insurance Offer Contents" and signs it for confirmation. The rights and interests of the insured person (designation of the beneficiary) need to be confirmed by the insured person.

If premiums need to be charged, the salesperson collects the difference and opens a new temporary fee receipt. The temporary receipt number is in the column of the insurance policy number, the original insurance policy number is entered, and the temporary charge amount is the customer's actual payment amount.

If a refund is required, it will not be refunded for the time being. After the order is issued, the customer can choose to refund or transfer the prepaid premium.

In the case of charges, the salesperson will submit the "Application for Supplementary Correction of Insurance Offer Contents" to the business after paying the financial payment.

Credit life insurance cancellation and refund procedures

If the application form submitted by the salesperson does not meet the requirements (for the requirements for filling out the application form, see "Using and Filling Out the Application Form" in this section), it will be processed as a refund. If the premium has been paid, if the policyholder requests a refund of the premium, the person receiving the order prints a "refund notice" and the finance will process the payment.

If the client requests the cancellation of the insurance offer before the company agrees to underwrite, the insurer fills in the "Application for Supplemental Correction of Insurance Offer Contents" and selects the "Cancel Order" item. After the order taker accepts, if there is a temporary fee, a "Payment Notice" is issued Payment is handled by the finance.

Processing of re-entry after credit life insurance error refund

The salesperson should conduct a complete review of the returned insurance policy.

If it involves refilling the insurance policy, the salesperson should indicate the original insurance policy number on the new insurance policy.

After receiving the refund order, it should be processed immediately, otherwise the cancellation will be processed one month later.

Collection and refund of interim charges for credit life insurance

After the general sales agent instructs the applicant to complete the insurance policy, he should calculate the standard premium according to his age, gender, and type of insurance, and charge the first temporary fee, and issue an equivalent temporary receipt at the same time.

For large amount (large amount standard designated by the provinces according to the situation), there is disease notification, the insured person's age exceeds the relevant underwriting regulations (see the insurance underwriting regulations), submit the document first, and pay the fee after the underwriting is approved, the salesman must not toll.

If the interim charge paid by the insured is greater than the first period of receivable premiums, the insured may request a refund of more than the interim charges or convert it into a prepaid premium. If the policyholder requests the refund of the extra temporary charges, the order taker prints the "Payment Notice" and the finance will handle the payment.

Credit Life Insurance 11. Handling of Remittances

For remittance documents, you must first fill in the "Remittance Document Application Form", and each insured person must complete a personal insurance application form.

Insurance premiums can be remitted collectively, but the payment method, payment period and payment form of each insurance contract must be the same.

The company issues an insurance contract for each insured.