When it comes to buying insurances, there must be a policyholder. You may already know what a policyholder is, but do you know in detail what rights and obligations policyholder have? This article tells you all.
The policyholder possesses the corresponding rights and capacity for action. To put it simply, the policyholder is the person who pays the premium. The policyholder is the owner of the policy and has the right to surrender and change the beneficiary.
What are the rights of the policyholder?
1. Request the insurance company to bear the necessary and reasonable expenses.
2. Ask the insurance company to reduce the premium.
When the degree of danger of the insured property is significantly reduced, the insurance company shall reduce the insurance premium and refund the corresponding insurance premium on a daily basis.
3. Request for reinstatement. In a life insurance contract with installment payment, if the policyholder does not pay the renewal premium for more than 60 days, the validity of the contract will be terminated. However, within two years from the date when the validity of the contract is suspended, the policyholder has the right to file a request for reinstatement of the contract.
4. Designation and change of beneficiaries.
The policyholder can not only have the right to request the insurance company to reduce the premium, but also request reinstatement when the contract is suspended, and is entitled to designate and change the beneficiary.
Then, what are the rights of the insured?
1. The right to receive medical, disability and old-age insurance benefits.
2. The right of the insurance contract to be invalid if the insured fails to sign the insurance application form.
3. The right to designate beneficiaries.
4. The right to decide whether an insurance policy (a contract that takes death as a condition for payment of insurance benefits) can be transferred or pledged.
In some cases, the insured has a beneficiary right to the benefits.
According to the "Insurance Law", if the insured dies, as long as there is one of the following circumstances, the insurance money will be regarded as the insured's estate, and the insurance company will perform the payment obligation to the insured's heirs:
The insured does not designate a beneficiary;
The beneficiary dies before the insured and no other beneficiary is designated;
The beneficiary loses or abandons the beneficiary according to law, and there is no other beneficiary.
After understanding the rights of the policyholder and the insured, let's take a look at the obligations of the two:
The main obligation of the insured is to pay premiums and make relevant truthful reports and need to notify the insurance company in a timely manner when an accident occurs, and provide detailed claims materials when applying for claims, so that they can have the right to surrender.
The insured is mainly the person protected by the insurance contract. Like the insured, its obligations also include telling the truth, notifying the insurance company as soon as possible, arranging the claims materials, and notifying the insurance company when changing jobs and when there is an increase or decrease on the risk factors of the subject matter of insurance.