What happens to unused long term care insurance?

What happens to unused long term care insurance?

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In the absence of any applicable law, the various types of insurance contracts shall be governed by this Law, the provisions of which are mandatory, unless otherwise stipulated therein. Notwithstanding, the contractual clauses which are more beneficial to the insured shall be deemed valid.

The insurance contract and its modifications or additions must be formalized in writing. The insurer is obliged to deliver to the policyholder the policy or, at least, the provisional coverage document. In those types of insurance in which special provisions do not require the issuance of the policy, the insurer shall be obliged to deliver the document established therein.

The policyholder may take out the insurance on his own account or on behalf of others. In case of doubt it will be presumed that the policyholder has contracted on his own account. The third party insured may be a determined or determinable person by the procedure agreed upon by the parties.

If the policyholder and the insured are different persons, the obligations and duties deriving from the contract correspond to the policyholder, except those which by their nature must be fulfilled by the insured. However, the insurer may not refuse the performance by the insured of the obligations and duties corresponding to the policyholder.

Who is obliged to cover the payment of premiums?

Article Fourteen. The policyholder is obliged to pay the premium under the conditions stipulated in the policy. If periodic premiums have been agreed upon, the first premium shall be due once the contract has been signed.

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Who must pay the mandatory life insurance?

The employer is responsible for contracting the insurance, and if he/she does not contract it or does not pay the premiums, he/she is directly responsible for the payment of the benefit.

Why don’t people buy insurance?

Insurance is too expensive. Many people believe that taking out insurance is too expensive and they can’t afford it. … Insurance does not cover you when you need it most. Insurance companies are obliged, by law, to provide a service in accordance with the contract signed with the policyholder.

Healthcare system in Germany 2021

Well-being and health have become one of the main concerns of today’s society. The possible adversities that may arise in the course of life, or the deterioration of people as they grow older, is a cause for great concern. An accident, an illness or the course of life itself can cause a person to lose his or her autonomy to fend for him or herself, leading to what is known as a state of dependency. The White Paper on Dependency, prepared by the Ministry of Labor and Social Affairs, includes the Council of Europe’s definition of this concept: “the need for substantial help or assistance in carrying out the activities of daily living or, more precisely, a state in which people find themselves who, for reasons linked to the lack or loss of physical, mental or intellectual autonomy, need substantial assistance and/or help in order to carry out the ordinary acts of daily living and, in particular, those relating to personal care”.

What is long-term care insurance?

Dependency insurance provides protection in the event of suffering a limitation that prevents you from carrying out the basic activities of daily living. The main coverage consists of the payment of an indemnity that may be in the form of capital or annuity.

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When is the insurance premium due?

The premium may be single or periodic. The single premium and the first of the periodic premiums shall be due once the contract has been signed and the subsequent premiums at the beginning of the risk period.

When does the insurance premium account increase and when does it decrease?

Insurance premiums.

This account increases each time premiums on insurance contracts are paid to insurance companies; it decreases by the proportional part of the premiums paid for the service enjoyed.

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For any person, the consequences of an accident, illness or old age usually generate worries, in addition to large outlays of money; hence, the contracting of dependency insurance is a smart decision, since it offers services and indemnities that can improve the quality of life of these individuals and their relatives.

The dependency insurance has the function of providing an indemnity or service, which allows people in a state of dependency to cover the expenses derived from their needs. In this sense, this insurance can be in the form of capital or through direct assistance.

Before knowing all the details related to dependency insurance, it is important to know what this term refers to. Dependency is defined as the permanent state in which a person partially or totally loses his or her physical, mental, intellectual or sensory autonomy as a result of old age, accident, illness or disability.

What is the value of the mandatory life insurance?

Mandatory group life insurance is increased as from March 2021. It increases to Ps. 24.35 per employee and the sum insured to Ps. 118,800.

How is mandatory life insurance collected?

This mandatory life insurance is paid by the employer with the social security form 931 and does not appear on the employee’s paycheck stub.

How much is the mandatory life insurance 2021?

As from March 2021, the amount of the Mandatory Group Life Insurance will be updated to Ps. 24.35 per month per employee.

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It is any affectation suffered by the Insured as a consequence of a condition, as well as all injuries, complications, illnesses, relapses, sequels or affections, derived from the initial event.

a. It has the necessary infrastructure to diagnose and treat ailments, including surgery. Treatments must be carried out within the confines of the facility or in facilities controlled by the facility.

a. Clinics for the treatment of mental illnesses or whose main purpose is the treatment of psychiatric illnesses. Likewise, treatment in psychiatric departments of hospitals are excluded.

Alteration of the physiological and/or morphological state of health of an organ or system that originated during the period of gestation or birth, regardless of whether it is evident at the time of birth or manifests itself subsequently.

It is the set of coverages and conditions of the policy such as group of hospitals, sum insured, deductible, coinsurance, tabulation of medical fees, additional benefits, among others, including their endorsements, which indicate to the Insured the benefits to which he/she is entitled.