Payment of premium is essential to attach the risk and according to the premium paramount clause insured is required to pay the
stipulated premium and obtain official receipt of the insurance company in that respect.
On the life and health side, 70% of the impairments from 2000 to 2015 related to accident and health or health insurers, while another 16% related to small life insurers primarily focused in selling lower policy value industrial/burial or
stipulated premium business.
Market share of total
stipulated premium QBE 19% Vardar 21% Euroins 6% SavaTabak 16% Sigma 4% Eurolink 9% Insig 3% Sigal 5% Insurance Policy 9% Albsig 5% Croatia 1% Grawe 2% Note: Table made from pie chart.
For a
stipulated premium, the insurance company guarantees the insured's death benefit and cash values in the contract.
If, during the term of this insurance, the approved rates drop, at the termination of the insurance or prior thereto, at the request of the insured, the Company shall refund the difference between the
stipulated premium and the modified premium, calculated from the date of such modification to the termination of the insurance.
In the event of total disability, the Disability Completion Benefit pays a
stipulated premium and waives all monthly policy expenses (after a short four-month waiting period).
If a
stipulated premium is paid within a specified time period, the premium and the death benefit are guaranteed even if the insured lives beyond age 100.
For a
stipulated premium, the insurance company guarantees the death benefit and cash values in the contract.
The first method, called the
stipulated premium method, guarantees that a contract will stay in force as long its some minimum premium amount is paid every premium period.
