<%@LANGUAGE="VBSCRIPT"%>
<%
option explicit
%>
<%
dim rsArticles, sSQL, gStr
set rsArticles = server.createobject("adodb.recordset")
rsArticles.cursorlocation = 3
sSQL = sSQL & "SELECT TOP 10 Articles.Article_ID, Articles.Article_Title, Articles.Article_Excerpt, "
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, "
sSQL = sSQL & "Users.User_Name FROM FB_Users AS Users INNER JOIN (FB_Categories AS Categories "
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
Do While Not rsArticles.EOF
gStr = gStr & "
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rsArticles.MoveNext
Loop
%>
<%=gStr%>
Industrial policies
Under these policies the premium is usually collected by an agent or employee of the life office on a regular basis being either each month or every two weeks. The agent or employee visits the policyholders home to make the collection. The premium is collected in cash and the policyholder’s premium book is signed to acknowledge the payment. The monies are then handed over to the life office at the end of the day.
Arrears policies
Premium payments can fall into arrears and all life offices have systems to follow these cases up. Because of the cost of acquiring the business it is in the life offices interest to continue the policy if possible. The life office will write to the policyholder to advise them of the situation and explain the consequences of not continuing with the life policy. They will usually give the policyholder a period of time in which to correct the situation and may charge a ‘late payment penalty’ to make up for the interest lost and administrative costs involved. If the policyholder makes the premium payment in the required time the policy continues to run, if not then the policy will lapse.
If the policy lapses then it will depend whether or not it has any surrender value. If there is no surrender value then there is nothing for the life office to do other than to mark up its records that the policy has lapsed.
If there is a surrender value then the life policy will apply the policies surrender conditions, which may be one of the following,
- The life policy remains in force and the surrender value is used to continue to pay forth coming premiums, until the surrender value runs out, at which point the policy is lapsed.
- Similar to above but the policy remains in force for a maximum of one year and then cover ceases and any residue surrender value is returned to the policyholder.
- The life policy is converted after the days of grace into a paid up policy for a reduced amount. Basically the surrender value is used to purchase a single premium life policy.
- The life remains in force and units are sold to pay for the premium until the units have been exhausted and cover ceases.
The above systems are now mainly computerised so that the system operates automatically. If the policy has been mortgaged then the life office will normally advise the mortgagee.
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Reinstatement