MZALENDO BOY

Brolink is a South African company dealing with provision of insurance services. The company was founded in 1994 by Clipstone Webber with the aim of helping short-term insurance brokers service their policyholders while growing their businesses. Service: Insurance Founder: Clipstone Webber Country: South Africa Established: 1994 Tagline/Motto: Your Trusted Insurance Connection Related: Bathathu Vision To be the leading administrator and digital technology and integration platform provider for short-term insurance.   Mission To connect brokers, insurers, policyholders and partners through our dynamic and innovative IT and expert people driven solutions. Core values Excellence Integrity Fairness Contacts Tel: +27 (0)12 673 0000 Email: brolink@brolink.co.za Website: https://www.brolink.co.za Address Westend Office Park, 254 Hall Street, Centurion, 0157 You can also read; Job Description: Meaning, Components, Objectives, Uses, Characteristics and Importance What is job summary? Job analysi

Bathathu Risk Service (Pty) Limited is a South African company dealing with insurance service provision. This company was was introduced in 2003. Service: Insurance Owner: Bathathu Country: South Africa Established: 2003 Tagline/Motto: Website:  http://www.bathathurisk.co.za Insurance Types Bathathu provides business, personal and group scheme insurance. Business Insurance; Assets and Liability Insurance programme Aviation Insurances Banks and financial Institutions  Municipal and Parastatal Insurance Programmes Contractors All Risks & Engineering Insurance Programmes Performance Guarantee Insurance Credit (Export & Import) Insurance Programmes Fidelity Guarantee/ Crime Insurance Policies Professional Indemnity Insurance Programme Marine/ Goods in Transit Insurance Programme Director & officers Insurance Liability Programmes Political Risks Motor/ Motor Insurance Fleets Risk Management Personal Lines Insurance; Private Motor vehicle Household Insurances-(contents).  House o

National Insurance Corporation Of Tanzania (NIC; Swahili: Shirika la bima la taifa Tanzania), is a cooperation owned by Tanzania government dealing with provision of insurance services. Service:  Insurance Owner:  Tanzania government Country:  Tanzania Established: 1963 Tagline/Motto: SISI NDIYO BIMA Related:  BUMACO History NIC was founded in 16th October 1963 where the government owned 51% percent while the rest (49% percent) was shared by Swiss-Re, Munich-Re and Colin Hood insurance brockers limited. NIC became 100% percent owned by the Tanzania government in 1967 after Arusha Declaration. Insurance Services The National Insurance Corporation Of Tanzania provides both life and general insurance services including, motor insurance, marine insurance, fire insurance and life insurance. Vision and mission Vision To be the most trusted and sustainable insurance service provider. Mission To provide assurance to customer against uncertainties, through agile and innovative approach. Locatio

BUMACO insurance company limited (commonly referred to simply as BUMACO) is a Tanzanian company aims at providing insurance services. This company was introduced in 1980. The word BUMACO stands for Business Management Consultants. Service : Insurance Owner : Bumaco Country : Tanzania Established : 1980 Tagline/Motto : Insurance services with certainty Related: NIC History In early 1980 BUMACO was introduced as an insurance agency, later on in 1999 the agency was transformed to an insurance broker. In 2008 Bumaco became a full fledged insurance company. Insurance service BUMACO provide different types of insurance including Motor Insurance, Fire Insurance, Bond Insurance, Marine Insurance, PA Insurance and Health Insurance. Vision and mission VISION Insurance services with certainty. MISSION To provide quality insurance information and product choices with certainty to Tanzania community at large. Location BUMACO headquarter is located at Azikiwe street, Dar es salaam. But the company

Cash surrender value Cash surrender value is an amount you receives from an insurer when you decide to  cancel your life insurance policy. It is equal to cash value amount minus surrender fee and outstanding loans if any.  In most cases, the surrender fee diminishes over time and it goes away after some years, typically 10-15 years. How cash surrender value works? When you decides to  terminate or cancel your life insurance policy. Your insurance provider pays you a cash surrender value which is equal to amount of cash value generated in your account minus the surrender fee and any outstanding loan. The payment can be in a lump sum or periodically depending on what has been detailed in your contract . How cash surrender value is calculated? The cash surrender value amount you receive after cancelling the policy depends on the amount of cash value generated in your account, the surrender fee charges and any outstanding balance. Therefore, t o calculate your cash surrender value, you

Cash Value Cash value is an amount generated in your life insurance policy that allows you to access it while you are still   alive. The cash value amount increases over time typically without tax charges and tends to grow faster at the beginning of the policy. You can use the cash value generated in account for different purpose like, taking a loan, withdrawing and paying premiums. In most cases, the withdrawal is not taxed unless the withdrawn amount exceeds the total amount of premiums a policyholder has paid. However, withdrawing the cash value or any outstanding loan against the cash value will affect the future  death benefit  because that amount will be deducted from the death benefit once a policyholder die. When a policyholder dies, his or her beneficiaries receive death benefits while cash value remains to an insurer as a profit. Note:  Only permanent life insurance has cash value. Term life insurance always doesn't guarantees cash value. How cash value is generated? I

What is renewable term? A renewable term life insurance is a clause of terms in which a  policyholder  can renew the policy without undergoing medical examination within a set number of years. In a renewable term, premiums tend to rise after the renewal of the policy while death benefit  remains the same. A renewable term is age limited and expensive than traditional term. On other hand, you will not be allowed to renew the policy after reaching a certain age (old age). How it works When  you buy a renewable term, you are locked in a clause of terms in which you are allowed to renew your policy without undergoing medical examination or re-qualification process. However, the premium cost rises every time as you renew a policy. In case you die within a given time of coverage, your beneficiaries receive death benefit. Does it have cash value? Cash value is an amount that grows alongside your policy, you can withdraw or take a loan against it. As other types of term life insurance, a

What is whole life insurance? Whole life insurance is a type of life insurance that covers your entire life as long as you pay premiums. Whole life guarantees fixed death benefit and leveled premiums. However, premiums are usually higher than in term life insurance. On other hand, whole life insurance is expensive compared to term life insurance. Whole life has saving components known as cash value which is generated alongside your policy and you can withdraw, take a loan or use it to pay your premiums. Premiums in whole life Premium is a fee that you pay for the insurance policy. In whole life insurance, premiums do not change, they are level. Since whole life covers your entire life, the premiums are usually higher than in term life insurance. The premium you pay is portioned to cash value, death benefit and operation costs. Factors insurers use to set the premium costs The premium is set basing on several factors including age, gender, medical history, heath conditions, hobbies,

Death benefit Death benefit is a an amount your beneficiaries receive from a life insurance provider (an insurer) when you die within a coverage period. These beneficiaries are nominated by a policy owner  and are mentioned into the declaration page of the insurance contract.  The death benefit can be paid in a lump sum or installments depending on the wishes of the policy owner. Importance of death benefits 1. Helps your family to tackle economic challenges after your death The death benefit helps your family to afford different living expenses like buying food, paying school fees, paying bills, clearing outstanding debts and other expenses once you die. 2. Gives you and your dependants a peace of mind The guaranteed death benefit gives you and your family a peace of mind knowing that once you die death benefit given to your family will help them to afford the living expenses.

Premium is the insurance fee that you pay to make your insurance policy active. What is premium? Premium is an amount paid for an  insurance policy . Premiums may change or remain the same throughout a term depending on the type of the policy issued. The premiums are set by an insurance provider regrading on different factors like type of policy, age, gender, heath condition, habits, residence and so on.  The premium can be paid in installments like monthly, quarterly, semiannually, annually or full payment. Failing to pay premiums may lead to the cancelation of the policy. Some policy providers may give a policyholder a grace period of about 30 days to complete the payments. Normally, premiums are not returned once a policyholder cancel the policy.

Group term life cover is a life insurance policy in which multiple people are covered under one policy. It is  mostly  purchased by employers for their employees and most of them provide it at no cost. An employee can buy an individual policy if the group policy doesn't fulfill his or her needs. What is group term life insurance? Group term life insurance  is a type of life insurance that covers a group of people. It is mostly provided in the form of  yearly renewable term . Typically, group term is purchased by employers or companies for their employees, whereby an employer becomes the  owner of the policy . Most of employers provide it free to their employees as a part of the benefits package. Each Employee or member who is covered by group life insurance policy receives a certificate of insurance to prove that he or she is covered by that policy. But the actual insurance contract known as  master policy   is owned by an employer. The covered employees are required to select thei

A return of premium refers to a term life insurance that guarantees return of your premiums if you outlive the policy. Typically, a return of premium term is expensive than traditional term policies. What is return of premium term life insurance? Return of premium term  is a type of term life insurance by which premiums are returned when a policyholder outlives the policy. Usually, in return of premium, death benefit and premiums do not change throughout a term. However, premiums could be higher than in level term insurance while death benefits could be lower. Cash value This is an amount that grows alongside your policy as you pay premiums. As in any other type of term life insurance, return of premium doesn't guarantee  cash value . Premium This is a fee you pay for the insurance policy. In return of premium, premiums are leveled but higher than in traditional term insurance since it pays you back the premiums when you outlive a policy. Death benefit This is an  amoun

What is annual renewable term? Annual renewable term is a type of term life insurance  which is renewed every year. Typically locked in a set number of years whereby you can renew a policy without re-qualifications within a specified period. It is also known as yearly renewable term or increasing premium term . In this type of life insurance,  premiums tend to increase each year as your age increases. The policy renewal could be age limited.  Whereby when you reach a certain age you may no longer be allowed to renew the policy again. Usually, medical examination is not required for the policy renewal. Annual renewable is mostly taken by persons who are in diet or health recovery process before they move to another type of life insurance. Premiums This is a fee you pay for insurance policy. In annual renewable term, premiums tend to rise each year as your age. Just like in other forms of life insurance, elders, unhealthy and those who have dangerous habits like smoking, pay higher

What is convertible term life insurance? A convertible term life insurance is a type of term life insurance that can be converted to permanent life insurance without undergoing medical examination.  The policy conversion could be age limited whereby, when a policyholder reaches a certain age for instance 60 years, could not be allowed to convert it again. Convertible term is more expensive than level term insurance because of conversion option. Advantages of convertible  term Convertible term gives you an option to     convert your policy to  permanent life without undergoing medical  test or re-qualification process. Convertible term vs. renewable term A convertible term is a policy that allows you to convert your policy without qualification process while a renewable term is a policy that allows you to  renew the policy within a specified period without re-qualifications.

A decreasing term refers to as a term life insurance policy in which death benefit decreases as your age increases. While  premiums may remain the same throughout a term. This type of life insurance is mostly used to cover loans. What is decreasing term life insurance? Decreasing term is a type of term life insurance by which death benefit decreases over time, typically each year. However premiums may or may not remain the same throughout a term. A single term may last several years usually ranges from 5 to 30 years. If a policyholder dies within a term his beneficiaries  receive death benefit from an insurer . A policyholder can renew a term once is up. Usually, medical examination is required during the renewal of a term. A decreasing term is often used to cover loans especially capital repayment mortgage . Premium Premium is a fee for the  insurance policy . A policyholder have to pay premiums to make his policy active. Failing to pay the premiums may lead to the cancelatio

An increasing term is a term life insurance that guarantees increase of your death benefit as your age increases. The death benefit increases in a predetermined rate and stops once reaches the limited amount. What is increasing term life insurance? Increasing term life insurance is the type of term life insurance by which death benefits increase over time, typically yearly or after a some years. While  Premiums  may or may not increase over time. Since the death benefit increases over time, increasing term might be expensive than level term life insurance .  Increasing term life insurance is designed to protect death benefits against rising of living costs since it's death benefits increase alongside the  inflation . Cash value This is an amount that is generated alongside your policy whereby you can  withdraw, take a loan or use it to pay your premiums. Like any other type of term life insurance, increasing term doesn't guarantee cash values. If you are looking for the

Level term is a type of term life insurance that covers a specific period of time typically 10, 20 or 30 years whereby the amount of premiums and death benefits do not change through out a term. What is level term life insurance? Level term life insurance  is a type of  term life insurance  by which  premiums  and  death benefits  are fixed. This means, premiums and death benefits stay the same from the beginning to the end of a term. Level term is also known as  level premium  or  level benefit life insurance . Level term life insurance provide coverage for a certain period of time. Once a term expires, a  policyholder  can renew it or can let it lapse. If a policyholder dies within a coverage period, his family or  beneficiaries  receive death benefits from an  insurer . In case a policyholder  outlive  the policy, premiums won't be returned. In level term life insurance, the premiums increase once a policy is renewed. That is to say, the amount of premiums you  will  pay for a n

What is term life insurance? Term life insurance is a type of life insurance that covers a certain period of time, typically 10 to 30 years.  Term life insurance is cheaper than permanent life insurance , this because term life doesn't cover your entire life. In most cases, when you want to buy a term life insurance plan you will be required to undergo medical examination . Your heath condition and age are amongst factors which are mostly considered by the insurers to set your premium price.  Premium is a fee for  insurance policy . Normally, unhealthy and older people pay higher than heathy and younger people. Also people with unhealthy habits like smoking may pay higher than with no unhealthy habits. In case you die within a coverage period, your beneficiaries  receive  death benefits from an insurer . But if you outlive a policy, the coverage ends and your beneficiaries  receive nothing. Usually, premiums are not returned once you outlive a policy, unless you are covered by

An insurer is a company that promises to compensate insured's financial loss in return of the premiums . Or is a company that sells insurance . Difference between an insurer and an insured An insurer is an entity or a company that compensates the financial loss of an insured. While an insured is a person or entity that is covered by the insurance policy. Difference between an insurer and a blocker Insurer  is a company that underwrites the insurance policy and is responsible to pay an insured when experience loss. But a blocker  is a company or firm that sells  the insurance policy on behalf of an insurance company. Reinsurer Reinsurer is a company that insures the insurance companies. Reinsurer helps insurers to secure themselves from huge risk claims that may exceed the capability of the company.

A policyholder (also known as named insured ) is a person whose insurance policy is registered by his or her name. He or she is the owner of the policy and can  make changes into it or terminate it.  In most cases,  a policyholder is responsible to pay  premiums  which are the fees or costs of the insurance policy. A policyholder vs. An insured. A policyholder is the one who  owns the policy.  While an  insured  is any person or entity which is covered by the insurance policy. An insured can be a policyholder or just an additional insured . A policyholder vs. an additional insured. A  policyholder is the owner of the policy while an additional insured is any person who is covered by the policy other than a policyholder. An additional insured enjoys insurance benefits but he is not the owner of the policy.