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Life Insurance Group > Life insurance news > Life insurance companies » Changes in the life insurance policy rules soon...

Changes in the life insurance policy rules soon

Friday, August 15th, 2014

What seems to be the problem with those policies? According to insurance companies’ rules, there are a few circumstances in which policy owners or their families cannot claim the insurance money – suicide or murder while conducting a criminal act. Another exception is war. Now this last detail is not clearly defined by those rules. In general, there has to be a war declared and policy owners must be either in military service or in some way entangled in military operations to be excluded from the payment. If a policy owner dies as a civilian casualty in sort of “collateral damage” way, he’s excluded as well, but he has to be present in the war zone.

In this case, most of the passengers were Dutch, the plane was Malaysian and neither of the countries is at war with Ukraine or Russia nor there is a war declared between the two. There is an existing war zone on the ground above which the plane was shot down, but this was an unarmed airliner traveling at height of 10000 meters which is considered to be safe. If all other information we have today are correct, the plane was deliberately shot down by either a war plane or by SAM missile, therefore, this is an act of murder not war. Moreover people on that plane were in no way participating in war activities on the ground nor can they be considered “collateral damage” in this case.

Whenever this situation resolves, we might see some additional clauses in life insurance policies similar to those that were added to property insurance policies following the 9/11 incident. Some insurance companies were on the brink of bankruptcy after paying for the damage, but have used this tragedy to advertise by adding a plane crash clause into their offers – meaning your property is insured even from a plane crash. How this case resolves and will tragic incident be used in promotional purposes remains to be seen.


January 12th, 2015

China’s Forsun International Moves into the US Life Insurance Market

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December 19th, 2014

Life Insurance Investable Assets in Asia to Experience Visible Progress in 2015

According to the global analysis reports by Cerulli Associates Asia Pte Ltd., there will be a remarkable growth in the assets of the life insurers in the largest markets of Asia. It has been reported that their investable assets will grow about 15% in the year 2015 and will hit 2.4 trillion USD.

November 1st, 2014

Number of life insurance policies is down, who is to blame

According to some of the more recent pools numbers of life insurance policy holders have gone down by over a 10% since 2004. At first glance this may seem odd but life insurance has lost its spot as one of the priorities in Americans lives. The consequences of this may not be relevant to some, but how often do we think about wealth fare of those we live with?

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