Name

Name of the person on whose life the policy is issued (on whose life the cover is assured) known as life assured is given in the schedule of the policy. It should be ensured that there is no mistake in the name. Mistakes can take place due to many causes including a typing error at the stage of data entry. There are policies purchased by one person on the life of another – in such cases one is known as Life Proposed (L.P) and the other is Life Assured (L.A). Examples are father purchasing a policy on the life of his son, husband purchasing a policy on the life of his wife, employer purchasing a policy on the life of one of the employees, employer purchasing a key-man insurance on the life of its key man, a partnership firm purchasing a policy on the life of one of its partners etc. The importance of name is that it is the identity of the individual. Benefits under a policy are given out by insurance companies by way of Cheques or Demand Drafts or Remittances to bankers in favour of the name given in the policy. So if there is a mistake in the name benefit payments cannot be made. On death of the life assured a Death Certificate is issued by the government authorities in the correct name. If the policy shows a wrong name death claims cannot be settled. A reference to this is given in the ‘Customers’ page.

Key words:

Schedule of policy
Life assured
Life proposed
Benefits