Page 45 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE
P. 45
Chapter 9 Claim Settlements
Contract can be discharged by performance of promise,
performance of reciprocal promises, death of either party to
contract, agreement, novatio, operation of law.
Before performing its part of the contract of paying the claim,
the insurer examines the policy and other records to find out
contractual obligations, performance by the policyholder,
whether the contingency event has happened, whether the
claimant is the person entitled to demand performance.
Claims can be classified as maturity claim, death claim and
rider benefit.
Maturity claim= sum assured + activated bonuses - any unpaid
premiums - any due interest
