The words industrial policy are printed upon the policy as part of the

The words industrial policy are printed upon the

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The words industrial policy are printed upon the policy as part of the descriptive matter. INDUSTRIAL LIFE INSURANCE SEC 235 PAR 1, IC
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An industrial life policy shall not lapse for nonpayment of premium if such nonpayment was due to the failure of the company to send its representative or agent to the insured at the residence of the insured or at some other place indicated by him for the purpose of collecting such premium. Above provision shall not apply when the premium on the policy remains unpaid for a period of three (3) months or twelve (12) weeks after the grace period has expired. PAYMENT OF PREMIUM IN INDUSTRIAL LIFE INSURANCE SEC 235 PAR 2, IC
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Grace period of four (4) weeks Incontestability clause the policy shall constitute the entire contract Provision paying the proceeds based on correct age A provision that the policy may be surrendered; cash surrender values table that shows in figures the nonforfeiture benefits available Reinstatement provision within 2 years of default Designation of the beneficiary CONTENTS OF AN INDUSTRIAL LIFE INSURANCE POLICY SEC 236, IC
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Insurer s right to declare the policy void because the insured has had any disease or ailment, whether specified or not Insurer s right to declare the policy void because the insured has been rejected for insurance Provision that allows the company to pay the proceeds of the policy at the death of the insured to any person other than the named beneficiary Provision that specifies any mode of settlement at maturity of less value than the amount insured by the policy plus dividend additions Provision that limits the time for commencing an action to less than six (6) years after the cause of action shall accrue CONTENTS OF AN INDUSTRIAL LIFE INSURANCE POLICY SEC 237, IC
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Group life insurance is a type of life insurance in which a single contract covers an entire group of people. A type of term insurance whereby the insurer issues the employer a master contract with coverage extended to employees. Typically, the policy owner is an employer or an entity such as a labor organization, and the policy covers the employees or members of the group . GROUP LIFE INSURANCE
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No policy of group life insurance shall be issued and delivered in the Philippines unless it contains in substance the following provisions: CONTENTS OF GROUP LIFE INSURANCE POLICY SEC 234, IC
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Any policy or contract on either a group or on an individual basis issued by an insurance company providing for benefits or other contractual payments or values thereunder to vary so as to reflect investment results of any segregated portfolio of investments or of a designated separate account in which amounts received in connection with such contracts shall have been placed and accounted for separately and apart from other investments and accounts A permanent life insurance product with separate accounts
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