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Life insurance companies are checking your medical records to find out if you have a pre-existing condition or whether you have any health problems. They only check for two things:
In India, there are both life insurance companies and non-life insurance companies. Life insurance companies primarily offer policies that provide coverage in case of the policyholder's death or upon the policy's maturity. Non-life insurance companies, on the other hand, provide a wide range of insurance products that cover car, health, travel, and various risks other than human life.
Life insurance companies request medical records as a part of their underwriting process. These records help insurers assess an applicant's overall health and medical history, which in turn helps determine the risk associated with the applicant. This risk assessment is crucial in determining the premium rate and whether the company will issue the policy.
In India, life insurance companies are regulated by the Insurance Regulatory and Development Authority of India (IRDAI). The IRDAI is the primary regulatory authority responsible for overseeing and regulating the insurance industry.
Non-life insurance companies also known as general insurance companies that offer insurance products. They provide coverage for a wide range of risks, such as health, property, vehicles, travel, and liability. These companies help individuals and businesses mitigate financial losses due to unexpected events other than death.
Life insurance companies provide financial protection to individuals and their families in the event of the policyholder's death. They offer various life insurance products such as term insurance, whole life insurance, and endowment plans. The primary purpose of life insurance companies is to ensure that beneficiaries receive the death benefit when the policyholder passes away.
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