Cash-value related claims. On policy maturity or in case of surrenders, withdrawals or partial maturity payments, INSIS closes the policy and pays to the beneficiary the policy cash value as calculated according to the product-specific rules. The due amount can be paid in several ways, depending on the available settlement option. INSIS allows the beneficiary to choose from the following options:
Maturity payments
Surrender payments
Partial withdrawals
Insurance event related claims
Claim registration
Indemnity calculation,
Expense registration,
Indemnity payment,
Automatic indemnity and expense reserve management.
Waiver claims processing
Payments and annuities. Any amount payable from cash value payments or indemnity payments can be paid either as a lump sum or can be used to purchase annuities. Annuities are calculated based on the integrated actuarial mathematics and the relevant mortality tables. INSIS allows the following settlement methods:
Single payment. The total due amount is paid to the beneficiaries as one lump sum.
Limited number of installments. The payment is split into specific number of equal monthly installments.
Specified installments amount. The payment is split into specific amount for each month until the amount payable, together with annual interest, is exhausted.
Continuous installments (life annuities). The payment is split into equal monthly installments to continue as long as the payee shall live.
