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How Do AM Best General Liability Life Insurance Policies Work?


American General Life Insurance Company, also called AIG, is a division of the investment group known as AM Best, Inc. AM Best, Incorporated, -- an American international investment group with operations throughout most of the world.


As of Jan 1, 2021, AIG had employed 49,000 people.

However, the collapse of American International Group, Inc. at the end of August 2021 left the American financial sector reeling.

The collapse left a significant loss of shareholder's equity and the AIG Group was given a control of the AIG Group.

AIG was purchased by the New York Stock Exchange (NYSE) on August 4th. At that time, the New York Stock Exchange had filed for bankruptcy protection for the company.

The New York Stock Exchange will be seeking protection from its debts from an "ructured liquidation".

The failure of American International Group, Inc. to pay millions of dollars in claims is what has caused this latest development.

The American General Life Insurance Company offers many different types of life insurance policies.

These policies are generally known as "self-directed" policies.

In other words, the insured chooses how he wants his death benefits paid after he dies.

There are two ways to make these types of policy selections.

Individuals can purchase a policy that allows him to select his own death benefits and pay them out regardless of how the insured die.

Alternatively, individuals can choose to receive a policy that pays out a pre-determined sum of money to the beneficiaries of the policy who elect to accept it before the insured passes away.

Usually the premium for both options is very similar. Because of this, AM Best and American International Group recommend that individuals use AM Best's Life Policy to compare the cost and benefit of life insurance for their particular needs.

AM Best does provide an online calculator for these two policies.

After signing up with the AM Best website, potential policyholders can plug in information regarding their age, gender, medical history, occupation, whether they smoke and the cause of their death.

From this list, AM Best's Online Calculator can generate an ideal amount of life insurance coverage at the current premiums being offered by the American insurance company.

The calculator then estimates how much cash the policyholder will be left with upon the policyholder's death.

It should be noted that AM Best does not take into account the possibility of the insured dying prematurely. The estimates generated are merely meant as a guide.

Once the smoker portion of the smoker policy is determined, the amount of life coverage should be adjusted according to the smoker's weight for the average person.

Then the policyholder should plug in the amount of time he or she wants to be covered on the policy.

Finally, the policyholder should also plug in the dollar amount of each of the premiums to be paid for the policy.

By using these three pieces of information, the smoker policy-holder should have an idea of how much money his or her family will receive upon the policyholder's death.


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