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    La description :worthalter search main menu skip to primary content skip to secondary content home about contact privacy policy legal aspects of life insurance in the united states posted on january 2, 2018 by alvin...

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    L'adresse IP principale: 158.69.86.160,Votre serveur United States,Lake Forest ISP:Sparta Inc. AESO  TLD:net Code postal:us

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Created Date:2017-01-31
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Latitude: 33.645778656006
Longitude: -117.66912078857
Pays: United States (us)
Ville: Lake Forest
Région: California
ISP: Sparta Inc. AESO

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worthalter search main menu skip to primary content skip to secondary content home about contact privacy policy legal aspects of life insurance in the united states posted on january 2, 2018 by alvin worthalter you may be wondering, how does life insurance work ? in general, life insurance is a type of insurance coverage that pays a specific sum of money upon the death or disability of the insured person to stated beneficiaries. what are the legal aspects of life insurance? the principle of indemnity this principle applies to insurance contracts in which the insurer seeks to compensate an insured person for an approximate sum of loss with the purpose of restoring the insured’s financial position back to its original state before the event happened. a value contract is different to indemnity as it pays out a stated amount regardless of the amount of loss. a life insurance policy is an example of a value contract that pays out a specific sum of money as a death benefit. insurable interest insurable interest is an important aspect of a valid insurance contract. it represents the relationship that exists between an applicant and the insured whereby the applicant (the person who is seeking contract) is required to be subjected to loss upon the damage, destruction, illness, death, or disability of the insured person. for a life insurance contract to be valid insurable interest must exist at the time the contract is drawn up. once the insurance policy has been issued, the insurable interest requirement falls away. after issuance, a change of ownership or a change of beneficiaries may be submitted at any time by the policy owner to the insurance company. life insurance policies have a two-year suicide clause that protects the insurance company from intentional insurance for claims purposes. as a general rule in life insurance, before a policy can be issued, the consent of the insured is required if the owner (applicant) is not the insured, even if an insurable interest exists on the part of the applicant. the legal responsibility lies with the insurance company to verify that insurable interest exists at the inception of the contract and to obtain the insured’s consent before issuing a life insurance policy. as a contract, an insurance policy is an agreement that is enforceable by law. insurance contracts allow two parties, an insured and an insurer, to come to a mutual agreement that binds each to a certain promise, such as the insurer agreeing to cover a certain amount of risk upon loss and the insured person agreeing to pay the cost in the form of premiums for compensation. to be valid and enforceable (legally binding) an insurance contract must contain five fundamental elements: 1. offer and acceptance a definite offer on the part of one party and the acceptance of its terms by the other party must exist for a contract to be legally enforceable. the offer is typically made with insurance contracts when an application is submitted by the applicant together with an initial premium. acceptance takes place when the insurance company accepts the offer made and issues an insurance policy. 2. consideration an exchange of value must exist for an insurance contract to be legally enforceable which is the value given in exchange for services sought. the submission of a duly completed offer (application) including the first premium creates the basis for a binding contract with the provision that the applicant has passed an underwriting process. 3. legal intent in order to be legally binding the subject of the contract must be a legal business entity and/or of legal purpose. for example, a contract where one party agrees to pay another party to commit a crime would not be legally enforceable in a court as the subject matter will not be of legal content. 4. competent parties to enforce a legal contract the parties involved must be capable by law to enter into a contract. in the case of an insurance contract, the insurance company (insurer) must be licensed and approved by the state/s in which it conducts its business to be considered competent. an applicant is presumed competent unless one of the following exceptions applies: – the applicant is mentally incompetent; – the applicant is a minor; – the applicant is under the influence of drugs or alcohol. 5. legal form all contracts must follow the guidelines and laws of particular state regulations. while not all contracts are required by law to be in written form, state laws may mandate a written contract to be binding. posted in blog business law 101 posted on october 14, 2017 by alvin worthalter business law for dummies 101 info when running a business, it is important to know and understand the different laws that can apply to your business and industry. knowing the law will not only better prepare you to avoid legal pitfalls, but it can also help save you a lot of time and money in the future. below, we will be going over some business law for dummies 101 info. 1. laws and regulations. the biggest thing that you are going to want to do is be sure to understand the law and regulations involved with your specific industry. you want to find a business that you fully understand the legal implications of. that way, you will not only be able to better protect yourself from potential problems, but it will help guide your business practices as well. 2. find a lawyer. when you are looking to figure out the business law, you will want to be sure to hire a lawyer. you want to hire a lawyer that is going to allow you to learn more about the industry that you are operating in and how to navigate through the waters of the industry. by figuring this out and speaking with an actual lawyer, you are going to get legal advice that you can count on. otherwise, you risk exposing yourself to potential problems down the road. 3. books. if you want to learn more about the intricacies of the law of your specific industry and the regulations set forth, you are going to be able to learn a lot about it through the reading of law books with specializations in your industry. by doing this, you should be able to increase the amount of knowledge that you have to base your decisions off of. it is always recommended to seek professional help, but at the same time, you want to learn about the law that you are supposed to operate in as well in order to better position yourself for success. 4. legal forums. another resource that you can use to get advice and legal information from is business and legal forums . by checking out legal forums or websites, you should be able to get all kinds of information that can help guide you throughout the industry when it comes to legal issues that you may face. along with this, there are a lot of websites out that you can use in order to speak directly with or among legal experts in your field. therefore, you can use this to get direct information that you can use to make better legal decisions involving your business. 5. news. another major thing that you are going to want to do when it comes to keeping up with the legal issues facing your business and that can affect the way you do things is consistently check up on the news. you want to be sure to consistently check up on the news in order to get an accurate idea of what you can expect in your industry and any changes that can affect the way you do business. overall, there are plenty of different things that you are going to want to do in order to properly prepare your business to face potential legal issues down the road. by preparing yourself and hiring a professional to assist you in the process, you should be better able to position your business to achieve success within the industry. you want to try to get as much information and stay up to date as much as possible in order to provide yourself with the best chance to succeed without having to guess on legal issues. posted in blog | tagged business law search recent posts legal aspects of life insurance i

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Domain Name: WORTHALTER.NET
Registry Domain ID: 2094568610_DOMAIN_NET-VRSN
Registrar WHOIS Server: whois.namecheap.com
Registrar URL: http://www.namecheap.com
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Name Server: DNS2.REGISTRAR-SERVERS.COM
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