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%>
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sSQL = sSQL & "Articles.Article_Content, Articles.Article_Posted, Articles.Article_Comments, "
sSQL = sSQL & "Articles.Article_Images, Categories.Category_ID, Categories.Category_Title, Users.User_ID, "
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sSQL = sSQL & "INNER JOIN FB_Articles AS Articles ON Categories.Category_ID = Articles.Article_Category_ID) "
sSQL = sSQL & "ON Users.User_ID = Articles.Article_User_ID WHERE Article_Status = 1 AND Article_Level = 0 "
sSQL = sSQL & "ORDER BY Article_Posted DESC;"
rsArticles.open sSQL, adoConn
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%>
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Group credit insurance
With the growing use of credit and hire purchase schemes lenders have been left with sizable balances of loans on their books. This has resulted in the introduction of group life polices to cover this outstanding debt in the event of the debtors or hirers death. Premiums are charged on the basis of a decreasing term insurance with a reduction to take into account that this is a group arrangement and not an individual policy.
The following example relates to one particular office arrangement but provides a typical example of what is available. The cover is available to lenders whose credit sales exceed £100,000 per year and the policy covers the death of any borrower who is under 60 years of age. Areas on the debt are not covered, the loan agreement can not be more than three years and there is a maximum limit for any one life. Premiums are payable quarterly based on the average outstanding debt in the months being charged for. If the scheme is large enough it can be issued, as a higher premium, on a profit sharing basis. A profit share example would be if claims are below 80% within the year then 75% of the profit below the 80% figure is refunded to the lender.
Life insurance claims are paid to the lender subject to satisfactory evidence which would be the lending agreement and a death certificate.
No evidence of health is required as there is no selection against the life office as all debtors are included in the arrangement. A single policy is issued, reducing administration costs. The lender is the policy holder and pays the premium. Borrowers are not a direct party to the contract and may only have been told that their debt will be cancelled if they die.
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Group Life Insurance for Partnerships