General insurance Contributors ?

[Mataracy]

The principle of Contributors in insurance is a rule that specifies what happens when a person buys insurance from multiple companies to cover the same events and that even occurs.

Contributions are earnings related and currently represent 15% of basic salary. The employer is to pay 10% while the employee will only contribute 5% of basic salary to enjoy health benefits.

The contributions made by/for an insured person entitles him or herself,a spouse and four (4) children under the age of 18 years, to full health benefits. However, students in school up to the age of twenty-five (25) years, qualify as dependants. Extra contributions will be required for additional dependants.
The contributions of two working spouses cover only the spouses and four (4) children.

What is your take about this? You can also contribute your own idea and its will be welcome.

 

[btaliat]

To be frank, I got mixed up with the explanation in the second paragraph. I understood that you wanted to explain what will happen if a person tries to insure himself with more than one insurance companies. But I don't understand where the percentage and the employees stuff came up.

 

[Mataracy]

To be frank, I got mixed up with the explanation in the second paragraph. I understood that you wanted to explain what will happen if a person tries to insure himself with more than one insurance companies. But I don't understand where the percentage and the employees stuff came up.

Bro, that 15% there is an analysis gave in order to help us to understand the more. For example ,Btalia International Company is an employer.
And out of the money (premium 15%) the employees is going to be paying every month the employer volunteer to be contributing 10% so that it will only remain 5% that the employee of Btaliat International Company will be paying from his basic salary.
This is done to the employees out of something like Benefit in Kind to the workers.

 

[Jamoflondon]

I think contributors are more like the policies that comes with the insurance when it is bought by the clients. Now it is starting to seem like there is a lot I need to know about it. I believe these are one of the reasons why the insurer usually advise the individual interested to get an agent