What are the terms of the life insurance contract?

Abstract] The common clauses of life insurance contracts include incontestable clauses, age misstatement clauses, grace period clauses, automatic premium payment clauses, reinstatement clauses, optional clauses of no loss of value, policy loan clauses, policy assignment clauses, etc. (1) Incontestability Clause. An incontestability clause is also known as an incontestable clause.

The so-called incontestability means that when the insurer has waived the right that can be asserted, it cannot claim it again in the future. This clause stipulates that after the policy has been in force for a certain period of time (usually 2 years), it becomes an indisputable document, and the insurer cannot deny the validity of the policy on the grounds that the policyholder violated the principle of good faith and failed to fulfill the obligation to inform when applying for insurance. The insurer's defensible period is generally 2 years, and the insurer can only terminate the contract or refuse to pay the insurance money within 2 years on the grounds of misrepresentation, omission or concealment by the policyholder.

This provision is intended to protect the legitimate rights and interests of the insured and the beneficiary, and at the same time restrain the insurer from abusing the principle of good faith. (2) Age Misrepresentation Clause. The age misstatement clause usually stipulates that the policyholder misrepresents the insured at the time of application.

What to do in the case of age. Generally, there are two situations: one is the situation where the age is false and affects the validity of the contract.

If the real age of the insured does not meet the age limit agreed in the contract, the insurance contract shall be invalid, and the insurer may terminate the insurance contract but refund the premium to the policyholder. The second is the situation that the age is not false and affects the premium and the amount of insurance. The age of the insured declared by the policyholder is not true, resulting in the premium paid by the policyholder being less than the premium payable or more than the premium payable, and the insured amount is adjusted according to the real age.

The reason for the adjustment is that age is the main factor in estimating the risk of life insurance and calculating the insurance rate. The adjustment method is as follows: if the actual premium paid is less than the premium payable due to the misdeclaration of age, the policyholder can make up the principal and interest of the underpaid premium in the past, or reduce the insurance amount according to the premium paid; If the premium paid is greater than the premium due to the misdeclaration of age, the overcharged premium will be refunded without interest.

3) Grace period clause. The grace period clause is a provision in the life insurance contract of installment payment that the insurance contract will not become invalid due to the policyholder's delay in payment during the grace period. The basic content is usually to give a certain grace period to the policyholder who has not paid the premiums when due, and the policyholder will continue to be valid as long as the policyholder pays the premium within the grace period.

During the grace period, the insurance contract is valid, and in the event of an insured event, the insurer still pays the insurance money, but the premium and interest owed are deducted from the insurance money. The grace period provided for in the Insurance Act is 60 days, calculated from the date on which the premium is due. The grace period clause takes into account the long-term nature of the life insurance policy, and in a relatively long period of time, there may be some factors that affect the policyholder's timely payment, such as changes in economic conditions, negligence of the policyholder, etc.

The grace period can facilitate the insured to a certain extent, avoid the lapse of the policy, thus losing the protection, and also avoid the business loss caused by the lapse of the policy.

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Characteristics of life insurance contracts.

Life insurance contracts are a major category of insurance contracts, which have both the general attributes of insurance contracts and the particularity of life insurance contracts.

1) General characteristics of life insurance contracts.

1.The life insurance contract is the maximum good faith contract.

If the life insurance policyholder should be careful about the health status, family and personal medical history, personal hobbies, other insurance and other issues of the insurer when filling in the insurance policy, if the information provided is wrong or incomplete, the insurer can terminate the insurance contract on the grounds of violating the principle of maximum good faith.

2.A life insurance contract is a formal contract.

A life insurance contract is a formal contract, which means that both parties must adopt a specific form to conclude an insurance contract.

3.The life insurance contract is a two-way paid contract.

The two parties to a life insurance contract have obligations to each other, their obligations and their rights are interrelated, the policyholder has the obligation to pay the insurance premium, and the insurer has the obligation to pay the insurance money when the insured event occurs;

4.A life insurance contract is an adjunct contract.

The terms of the life insurance contract are drawn up by the insurer in advance, and the insured party does not participate in the formulation of the insurance terms, and only has the right to accept or not to accept when applying for insurance, and even if there is a special requirement, it can only be the additional clauses prepared by the insurer in advance.

2) The unique characteristics of life insurance contracts.

1.The fixed amount of payment in the life insurance contract.

2.The long-term nature of life insurance contracts.

Life insurance contracts, especially life insurance contracts, tend to be long-term. The duration of the insurance can range from years, decades to a person's lifetime.

3.The peculiarities of the determination of life insurance interests.

The insurance interest of life insurance is determined by the relationship between people, that is, the relationship between the policyholder and the insured.

4.The savings and investment nature of the personal contract.

Life insurance not only provides economic security for the insured, but also has the functions of savings and investment.

Extended reading: [Insurance] How to buy, which one is better, teach you to avoid these insurance"pits"

Hello, if the answer is helpful to you, please give it to you!! 1. The particularity of personal risk is in personal insurance, and risk accidents are related to people's life and body "birth, old age, sickness, death, and disability".

The main risk factor is mortality. It is influenced by many factors, such as age, gender, occupation, etc. Two:

The particularity of the subject matter of insurance: The subject matter of life insurance is the life span and body of the person. As far as the insured value is concerned, there is no objective value standard for the insured object of life insurance, because it is difficult to measure the value of human life or the body in monetary terms, and human life is priceless. Three:

First, as far as the generation of insurance interests is concerned, the insurance interests of life insurance arise from people, that is, the relationship between the policyholder, the insured and the beneficiary. Secondly, as far as the limitation of the amount of insurance benefits is concerned, in life insurance, the insurance interests owned by the policyholder to the insured cannot be measured in monetary terms, so the insurance interests of life insurance are not quantitatively prescriptive, that is, the insurance interests are generally unlimited. Third, as far as the statute of limitations of insurance interests is concerned, in life insurance, insurance interests are a prerequisite for the conclusion of a contract, and are not spare parts for maintaining the validity of the insurance contract and the insurer paying the insurance money.

Fourth: the special nature of the determination of the insured amountThe insured amount of personal insurance is determined after the agreement between the policyholder and the insurer. Neither too high nor too low, generally considered from two aspects:

First, the degree to which the insured needs life insurance; The second is the ability of the policyholder to pay the premium. 5. The nature of the insurance contract is a special life insurance contract is a fixed-amount payment contract, and when an insured accident occurs, the insurer can only pay the insurance money according to the insurance amount stipulated in the contract, and cannot increase or decrease it.

Therefore, the principle of compensation is not applicable to most life insurance, and there is no problem of proportional apportionment and subrogation. At the same time, there are generally no problems of duplicate insurance, over-insurance and under-insurance in life insurance. Six:

The savings life insurance of the insurance contract not only provides protection for the risks faced by the insured, but also has the characteristics of savings. Seven: the particularity of the insurance periodLife insurance contract is often a long-term contract, with a short term of several years and a long life.

Extended reading: [Insurance] How to buy, which one is better, teach you to avoid these insurance"pits"