Loans & Investments | Edulyrix Readers Club | Online Financial Magazine - Edulyrix Readers Club | Online Financial Magazine
 
For potential car buyers who do not have the immediate means to purchase a car, auto loans make the purchase possible. By borrowing most or all of the money needed to buy the car, a potential car buyer can drive away in a new or used car having only put down a percentage of the price. Thus, auto loans make car ownership possible even for those people with few savings.
 When you take out an auto loan, you are required to sign a contract that states the terms of that loan. Auto loan terms include many items including the APR or annual percentage rate—the interest rate you pay, the repayment schedule and any associated fees or penalties which may apply. Before you take out any loan you should read through the terms thoroughly. There is a lot of fine print, and if you are not careful you could end up with an unfavorable interest rate.
  Besides the amount of money you plan on putting down, auto loan qualification is usually determined by your income and credit score. If you have great credit but don’t earn very much money in a year, the amount lenders might be willing to give you goes down. Likewise, if your credit score is poor, you might get a loan but only with a higher interest rate.
 There are all kinds of auto loans, from 100% financing loans, same day loans, to bad credit loans and low APR loans. Look into your options and find out what you might be eligible for. With an auto loan, a new or used car purchase is closer than you think.
 
Ciphering through the various loan definitions available to you when searching for new or used car financing takes a little time, but it is worth it. By choosing the right kind of loan, you can get the most favorable interest rate and loan terms for your situation.
Prime Rate LoanIf you qualify for this type of auto loan, you have outstanding credit and are able to secure a loan with the low advertised rate. With this loan, you enjoy the most favorable terms.
Sub-Prime LoanThis is a loan geared for borrowers with spotty credit or a bankruptcy in their past. It will come with a higher interest rate to compensate for the risk involved to the lender.
Student Auto LoanDesigned specifically for college-aged students, this loan is less difficult to obtain, but it comes with higher interest rates because of the poor or absent credit rating among most students.
100% Financing LoanThis loan lends you the full price of the automobile you are purchasing without the need of a down payment. It comes with higher risk, so the interest rate will be higher.
Military Auto LoanMembers of the armed forces are eligible to receive a military car loan, typically a type that comes with a reduced interest rate and better terms for the borrower.
There are numerous types of car loans, each of which has its own definition. However, they all share common elements including the principal amount borrowed, an interest rate and a period of time you have to pay it back.

All Articles in Loan Definitions
 
International Deposit Insurance Survey
Section 1: Background Information 1.1 Organization (deposit insurer) responsible for administering the deposit
insurance system:1.1.1 Organization Name:Federal Deposit Insurance Corporation
1.1.2 Organization Address:550 - 17th Street, NW, Washington D.C. 20429, USA1.1.3 Organization Telephone No:
+1 877 275 33421.1.4 Organization Fax No:+1 703 812 10201.1.5 Organization Internet Address:http:www.fdic.gov1.2 ontact Person(s):1.2.1 Contact Person(s) Name:Frederick Carns, Director, Office of International Affairs1.2.2 Contact Person(s) Address:550 17th St., NW, Washington, DC 20429 USA 1.2.3 Contact Person(s) Telephone: 202 898 3939 1.2.4 Contact Person(s) Fax: 202 898 6794 1.2.5 Contact Person(s) E-mail address: fcarns@fdic.gov 1.2.6 Are there other deposit insurance systems operating in your country ? (i.e. applying to other types of non-bank or non-depository institutions e.g.. insurance, securities) Please state their name(s) and contact information: National Credit Union Administration 1775 Duke Street Alexandria, VA 22314-3428, USA +1 (703)518-6300 +1 (703)518-6660 fax http://www.ncua.gov/index.html contact: boardmail@ncua.gov 1.3 Please provide information on other participants in your financial system Canada Deposit Insurance Corporation safety-net: 1.3.1 Name of Central Bank: Board of Governors of the Federal Reserve  system 1.3.2 Central Bank Address: 20th and Constitution Ave. NW, Washington D.C. 20551, USA 1.3.3 Central Bank  Telephone: +1 202 452 3000 1.3.4 Central Bank Fax: +1 202 452 3819 1.3.5 Central Bank Internet Address: http://www.bog.frb.fed.us 1.3.6 Central Bank Contact Person: http://www.bog.frb.fed.us 1.4 Financial Supervisor: 1.4.1 Financial Supervisor Name: Office of the Comptroller of the Currency (OCC) 1.4.2 Financial Supervisor Address: Independence Square, 250 E Street, SW, Washington D.C. 20219-0001, USA 1.4.3 Financial Supervisor Telephone:  +1 202 874 5000 1.4.4 Financial Supervisor Fax:  1.4.5 Financial Supervisor Internet Address and contact:  http://www.occ.treas.gov, foia-pa@occ.treas.gov 1.5 Other related entities: 1.5.1 Other Related Entities Name: Office of Thrift Supervision  1.5.2 Other Related Entities Address: 1700 G Street NW, Washington D.C. 20552 1.5.3 Other Related Entities Telephone: +1 202 906 6000 1.5.4 Other Related Entities Fax: Canada Deposit Insurance Corporation 1.5.5 Other Related Entities Internet Address: http://www.ots.treas.gov Section 2: Objectives, Mandates & Powers  2.1.1 When and why was the DIS established (please provide details)?  The United States Congress established the U.S. deposit insurance system in 1933 with the passage of The Banking Act of 1933, which was signed into law by President Franklin D. Roosevelt on June 16, 1933. Actual insurance of bank deposits became effective on January 1, 1934, when the FDIC began its operations. The initial deposit insurance plan was temporary but it became permanent with the passage of The Banking Act of 1935. The DIS was established at the height of the Great Depression in the United States, when many banks were unable to meet their obligations. 2.1.2 What are the stated public policy objectives or mandate for your countrys DIS? When was the last time they were reviewed and changed? The FDIC has three basic mandates: (1) to provide deposit insurance for the vast majority of banks and savings associations in the United States; (2) to act as the primary Federal regulator for some of the banks (state-chartered banks that are not members of the Federal Reserve System) that it insures; and (3) to serve as the receiver and liquidator of failed banks. These basic mandates are periodically reviewed, although the FDIC’s basic mandates have not changed over the years. 2.1.3 What process was used to determine these objectives in your country?  Determined by discussions among U.S. government officials, banking industry officials, trade group officials and others who were involved in the legislative process leading up to the enactment of The Banking Act of 1933. 2.1.4 What is the legal basis under which the DIS was established? Please provide a copy. Legislation 2.1.5 Is there a formal process for a periodic review of the policy objectives/mandates?  No However, the United States Congress can review the deposit insurance scheme at any time. 2.1.6 What sort of system do you have?  Government legislated and administered 2.1.7 Who makes decisions to pay depositor claims?  DIS The chartering authority generally makes decision to close institutions and appoints the FDIC as receiver of the failed institution. FDIC then determines how and when to pay depositor claims. 2.2 Which of the following powers has been provided to the DIS in order to carry out its mandate? 
2.3 Authority to 2.3.1 Enter into contracts Yes Canada Deposit Insurance Corporation Yes 2.3.2 Set regulations or by-laws for conduct of its business Yes 2.4 Authority over entry and exit of member deposit taking institutions 2.4.1 Establish terms and conditions of membership Yes 2.4.2 Authority to terminate the insured status of a member institution Yes2.5 Depositor reimbursement 2.5.1 Affect reimbursement of depositors claims Yes 2.5.2 Access to depositor information Yes 2.5.3 Use various methods of reimbursing depositors claims Yes 2.6 Funding 2.6.1 How funding is provided Yes Deposit insurance assessments paid by member banks and interest earned on the deposit insruance fund 2.6.2 Terms and conditions of premiums or levies Yes Risk-based premiums 2.6.3 Borrowing authorities and limits Yes Borrowing authority and limits are provided by statute 2.7 Information Requirements 2.7.1 Access to information directly from member deposit taking institutions or its auditors Yes All insured institutions file either a quarterly Report of Income and Condition or a quarterly Thrift Financial Report.

 
Insurance Corporation of America has provided group medical, life and other coverage's to the transportation industry since 1977. The Company's relationship with the Indiana Motor Truck Association (IMTA) began in 1990
ICA has several unique arrangements for members of the IMTA. Group insurance can be offered to Bone fide employee groups. Additionally, coverage can be provided to Independent Contractor Drivers. These plans include:

  • Nationwide PPO Networks
  • Choice of Deductible
  • Prescription Drug Card
  • Wellness Benefits
  • Doctor Office Co-pays
  • Full Maternity
  • Coverage for Pre-Existing Condition
  • Vision
  • Dental
  • Life Insurance
  • Disability
 
Edulyrix Insurance
Insurance Corporation - America
Insurance Corporation of America (ICA) is a licensed insurance marketing & service organization doing business in the Midwest, primarily in Indiana, Illinois and Kentucky. However the company has insureds in almost all states through its various group plans.
The Company's mission is the design, implementation, sales and service of employee benefit plans to both small and large employers as well as trade and professional associations. The Company also provides individual life insurance for both personal and family protection as well as for business purposes such as Keyman Insurance, buy-sell Funding, debt protection, etc. Individual medical policies such as Medicare supplement, Medicare "D", short-term medical, and individual medical are all provided to our customers as well as disability and retirement plans.
The company enjoys exceptional capacity to provide a wide range of insurance to its clients. The following are some of our contracted insurors. Our goal is to provide the most coverage through the most competitive insurors for our customers.
 
Services...For Corporate Customers
  We are specialized in corporate business like Provident Fund Life Insurance and Salary Saving Plan for the employees of any Government and non Government Organization. 
We are 24 years experienced in both kind of selling and after sales services as helping in record keeping , Premium payments organizing, Claims Submitting to the concern department and troubleshooting of the nitty-gritty of these policies. These all things can be out sourced without any additional cost. 
If you want your company based feasibility and quotation s of these Policies, kindly mail us about your need, we will contact you in next 48 hours.
These services are free of cost.
For individual Customer
We offer our Personalize Services for all State Life Insurance Clients and the Future Prospects regarding ..
Loan against your life insurance policy.
 
How to become a Life Insurance Agent?
Career paths/success stories of few Marketing Executives
Training Courses offered for Marketing Executives
Foundation Course
MOSC (Marketing Orientation Study Course)
MMS (Management Marketing Series)
Success Stories (of few Marketing Executives)
Professional Qualifications
Actuarial Science
Chartered Insurance
Life Insurance Management
Please click here for training schedule for Marketing Personnel
How to become a Life Insurance Agent? Dynamic young men and women of minimum 20 years of age holding National Identity Cards, having Matriculation certificate and capable to accept the challenges, can be appointed as Sales Representatives. They have to complete pre-determined performance standards. The candidates can approach the Zonal Offices or the Area Offices/Agency Offices spread over the nooks and corner of the country for selection. Career Paths/Success Stories of few Marketing Executives A Sales Representative having two years’ association and having fulfilled the laid down promotion criteria is elevated as Sales Officer. He has to pass in-house courses. The Sales Officers completing the laid down promotion criteria of Sales Manager are upgraded as Sales Managers. The field channel is paid basic commission and additional bonuses for quality and consistency. All the three channels are provided group insurance facility and the Sales Officers and Sales managers are allowed limited medical facility and on completion of pre-determined parameters, seating & allied facilities which include the office, office furniture etc. Training Courses Offered for Marketing Executives State Life Insurance Corporation of Pakistan provides adequate training to its marketing executives through the ‘Field Manpower Development’ (FMD) Department. There are four Regional Academies, one each in respective region, 26 FMD Centers, one in each zonal office to impart training, seminars and refresher courses to different levels of our marketing force. FMD department offers three courses exclusively for the marketing executives. These courses have been adopted from LIMRA (Life Insurance Marketing and Research Association of USA). They are:
Foundation Course MOSC (Marketing Orientation Study Course) MMS (Management Marketing Series)Following types of seminars are regularly conducted in different zones as per requirement of the zone. The topics are as under:
Time Management
How to build up team
How to improve persistency
How to improve Renewal Persistency
Recruitment and to get result
Policyholder Service
Leadership + Motivation
And many others
Foundation Course (FC)
The Foundation Course is basic requirement in Insurance Ordinance – 2000 in Pakistan. According to this Ordinance, every field workers should be fully trained about the insurance products and should be able to assess needs of customers. According to the Ordinance, Agents operating in Life Insurance shall be required to complete a ‘Foundation Course’ of three months duration. The Foundation course contains following phases:
Classroom Training 10 days
On Job Training 80 days (Practical Field training under the supervision of Area Manager or Sector Head)
Total No. of days 90 days
Every agent must complete Foundation Course for registration in the State Life.
Management Orientation Study Course (MOSC)
This course contains 17 units: Its duration now in 2006 is changed from 15 to 10 days. Following topics are covered under this course:
Planning and Management
Recruiting
Selection
Training
Supervision
This course together with FC is an essential requirement for promotion of Sales Representative to Sales Officer. 
Marketing Management Series (MMS) This course comprises of 5 Modules, each module contains 5 units and total 25 units are included in this course. The normal duration of this course now changed from 25 to15 days, This course is conducted continuously for 15 days. Following Subjects are included in this course:
Recruiting for result
Selection for Success
Penetrating your Market
Improving Performance
Planning for Productivity
This course together with FC and MOSC is an essential requirement for promotion from Sales Manager to Area Manager and above. 
Success stories of few Marketing Executives
Career in life insurance sales is very promising and has chances of elevation to the highest positions. The history is full of people who joined life insurance as Sales Representatives and reached the position of Executive Director. M/s Mubarik A.Malik, M.Hafeez Malik, Mian A.Qadir, Akram Hussain and many others joined life insurance as Sales Representative and retired as Executive Director/ Sr. Executive of the Corporation. There are number of others who joined life insurance and achieved laurels, distictions and positions of prestige during the past 50 years. Mr. Riaz Akhtar, Sr.Area Manager, is one of those stalwarts who has been consistently doing marvelous business and has been a Crorepati Area Manager consecutively for nearly two decades.The profession provides ample opportunities for the educated young people who accept the challenge and keep on climbing the ladder of success and have an opportunity to the highest positions available in the Corporation. Professional Qualification Actuarial Science Actuarial science deals with risk management. A qualified professional in Actuarial science is called an Actuary. The Actuary is a business professional who uses mathematical skills to define, analyze and solve financial and social problems. In dealing with such problems, actuaries create and manage programs which reduce the adverse financial impact of the expected and unexpected events like illnesses, accidents, unemployment, loss of property or premature death. At the principal Office of State Life there is a separate division looking after all actuarial matters. From time to time State Life also inducts bright young students in its Actuarial Training Scheme, which provides an opportunity to acquire actuarial qualifications while engaged in practical actuarial work as an employee of State Life.State Life’s Actuarial Training Scheme State Life has a program for recruiting freshly qualified intermediate (pre-engineering) and A-level candidates as ‘Actuarial Trainees’. Based upon its requirements and vacancies available, State Life invites applications by advertising in all the leading daily news papers of the country. The criteria and procedure for selection is mentioned in the advertisement, which is strictly followed. Based upon the progress of the actuarial students, they are promoted to higher grades. The Society of Actuaries USA and Institute of Actuaries, UK, both conduct examinations in Pakistan through their representatives. For examinations of both the professional bodies, the student has to put in personal efforts to pass the examinations through self-study. Process of registration for the examinations of both the professional bodies is simple and every student has to register on his own. Admission to the UK Institute as a Student member is not automatic and the candidate needs to apply for the membership of the institute. Both these bodies offer discounts to the students of developing countries. You may write to these bodies in order to obtain discounts. Details about the syllabus, registration, examination structure, examination fees, discounts, etc is given in the Catalog, which can be obtained free of cost by writing directly to the respective professional bodies at the following address or visiting their website:
Institute of Actuaries 
Staple Inn Hall 
High Holborn 
London WCIV7QJ, UK 
http://www.actuaries.org.uk/
Society of Actuaries
475 N. Martingale Road 
Suite 800 
Schaumburg, IL 60173-2226, U S A 
http://www.soa.org/
Chartered Insurance
Different qualifications offered by the Chartered Insurance Institute (CII), London, UK are valuable and accepted globally in insurance market. State Life also recognizes these qualifications and encourages its employees to pursue them. The CII offers following qualifications on earning prescribed number of credits:
• Certificate CII
• Diploma CII
• Associate CII
• Fellow CII
For further details, please log on to the website of the CII:www.cii.co.uk 
Life Management
Life Office Management Association (LOMA), USA offers different qualifications for management of life and health insurance. Most cardinal of these is Fellow, Life Management Institute (FLMI). State Life encourages its employees for pursuing these qualifications. For further details about different qualifications offered by LOMA, please log on to their website: www.loma.org
 
  • Guarantee
  • The Sum Insured including bonuses (if any) declared under this policy are guaranteed as to payment in cash by the Federal Government, under Article 35 of the Life Insurance (Nationalization) Order 1972.
  • Payment of Premium
  • Premiums are payable yearly in advance directly to State Life. Advance payments of half-yearly, quarterly and monthly premiums will be accepted as installments of the yearly premiums. If the Life Insured dies, then the unpaid installments for that policy year (if any) will be deducted from whatever amount is otherwise payable by State Life. Receipts for premiums are valid only if issued on forms prescribed by State Life and signed by its duly authorized officers. The actual date of receipt of the premium by State Life will be taken as the date of payment of any premium.
  • Grace Period
  • The policyholders can pay to State Life any premium within a grace period of 31 days after it falls due. If the Life Insured dies during the grace period, before the due premium is received by State Life, then the due premium will be treated as received, but it will be deducted from whatever amount is otherwise payable by State Life.
    If the grace period expires before due premium is received by State Life, the Policy will lapse unless it is kept inforce under the “Automatic Non-forfeiture” clause of the Policy. The lapse date will be taken as the due date of the premium in default. No. claim whatsoever shall lie against State Life, under a lapsed policy.
  • Revival of Lapsed Policies
  • A lapsed policy may be considered for revival by State Life, upon receipt of evidence, free of cost and satisfactory to State Life that the life insured is eligible for life insurance. Depending on the duration of lapse, State Life may either require a declaration of good health by the life insured, his/ her personal statement or his/her full medical examination report. In any case, State Life may require other reports if deemed necessary. In addition, all arrears of premium together with profit or return (however called or described) to date at a rate determined by State Life from time to time, must be received by State Life before revival of a lapsed policy can be considered. State Life reserves the right to decline or defer revival of a lapsed policy or to offer revival on modified terms. A policy lapsed for more than five years will not be considered for revival.
  • Paid-up Policies
  • State Life will convert this policy into a paid-up policy, at the written request of the policyholder, provided the policy has been in force for at least two consecutive policy years and no premiums are in default. No further premiums will be payable but the sum insured will be reduced. The reduced paid-up sum insured will be quoted by State Life on the request of the policyholder.
    Any bonuses attached to the policy will be taken into consideration while determining the paid-up sum insured. A policy once paid-up will not be entitled to any further bonuses. If there are any outstanding dues of State Life against the policy, the paid-up sum insured will be specially calculated to allow for the clearance of all such outstanding dues.
    If the reduced paid-up sum insured works out to be less than Rs. 100/- the policy will not be converted into a paid-up policy.
  • Surrender Value
  • This policy will acquire a surrender value after it has been inforce for at least two consecutive years provided no premiums are in default. The surrender value will be quoted by State Life on request of the policyholder. The surrender value is guaranteed to be not less than 30% of “aggregate premiums” LESS any amounts already paid by STATE LIFE under this policy. Aggregate premiums mean all premiums paid under the policy excluding the following:
    • Premiums for the first policy year
    • Extra premiums; and
    • Premiums for any supplementary covers.
    This policy may be surrendered at the written request of the policyholder. State Life will then pay him/her the net surrender value of the policy (if any). “Net surrender value” wherever it appears in this policy means the surrender value of the policy LESS outstanding dues of State Life for loans given and automatic premium loans together with accrued profit or return (however called or described).
  • Loans
  • State Life may grant a loan to the policyholder on his/her written request, against the net surrender value of the policy. The amount of loan shall not exceed 80% of the said net surrender value. The rate of profit or return (however called or described), and other terms and conditions will be determined by State Life at the time of granting the loan. Loans of less than Rs.100/- will not be given.
    The amount of loan together will accrued profit or return (however called or described) will be the first charge on the policy, prior to all other claims.
  • Automatic Non-Forfeiture Options
  • If the policy has acquired a surrender value and a premium has remained unpaid beyond the grace period, the policyholder will entitled to benefits under one of the following two options given hereinafter, depending on the option exercised (if any) in his Proposal for this policy;
    Option A : Automatic Paid-up
    Option B : Automatic Premium Loan
    Provided the surrender value of the policy exceeds the total of due premium(s) remaining unpaid and any other amount owed to State Life. The option can be exercised at the time of taking the policy or at any time thereafter while the policy is in force. The option can be changed subsequently by written intimation to and endorsement in the policy by State Life, so long as no premiums remain unpaid beyond the grace period. If no option has been exercised by the policyholder, benefits under “automatic paid-up” option will apply.
    A – Automatic Paid-up Option
    This policy will be converted into a paid-up policy. The paid-up Sum Insured will be specially calculated to allow for the clearance of all outstanding dues of State Life against the policy. No further premium(s) will be payable but the sum insured will be reduced. Any bonuses attached to the policy will be taken into consideration while determining the paid-up sum insured. A policy once paid-up will not be entitled to any further bonuses. If the specially calculated paid-up sum insured works out to be less than Rs. 100/- the policy will not be converted into paid-up but will be treated as having been forfeited losing all its benefits. A policy, thus made paid-up may be revived for full sum insured as per provision of condition No-4 above.
    B – Automatic Premium Loan Option
    So long as the net surrender value of the policy equals or exceeds any due premium remaining unpaid beyond its grace perio9d, State Life will continue to keep this policy in full force, and treat the said premium as paid by creating an automatic premium loan against the net surrender value of the policy.
    When the net surrender value of the policy becomes less than a due premium remaining unpaid beyond its grace period, the policy will be kept in full force for a further broken period. This broken period will bear the same proportion to the full period of the unpaid premium as the net surrender value bears to the unpaid premium. The policy will automatically be forfeited and lose all benefits at the expiry of the said broken period.
    Profit or return (however called or described) will be charged on automatic premium loan at rates determined by State Life from time to time, so long as any automatic premium loan along with profit or return (however called or described) is outstanding against this policy, any payment received by State Life will first be applied to reduce this debt.
  • Evidence of age
  • No benefits will be paid by State Life under this policy, unless the age of the life insured has been proved to its satisfaction.
    If the age of the life insured is proved to be different from that stated in the proposal of this policy, State Life will adjust the premiums or benefits under the policy as it deems fit.
    This policy will, however, become void from its commencement, if the age of the Life Insured at the commencement date is proved to be higher than the maximum entry age that was permissible by State Life under the table and term of insurance mentioned in the proposal of this policy.
  • Suicide
  • If the life insured commits suicide within thirteen months from the date this policy was signed or within thirteen months from the date this policy was last revived then State Life will only return premiums actually received under this policy.
  • Currency and Place of Payment
  • All amounts payable by State Life shall be paid in Pakistan Currency at the Principal Office/Office of issue mentioned in this policy.
  • Notice of Assignment and Nomination
  • Notice of assignment or nomination, duly attested, must be submitted for registration at the office of issue mentioned in this policy. In registering an assignment or a nomination, State Life does not accept any responsibility for its validity, legal effect or meaning.
  • Supplementary Benefits
  • Supplementary benefits (if any) and the corresponding premium payments will be governed by the terms of the supplementary covers attached to this policy. Premiums for these benefits will, however, be payable on the same dates as premiums under this policy.
  • Premium Notices
  • State Life may issue premium notices although there is no obligation on its part to do so. It is the duty of the policyholder to pay the premium on its due date or within the grace period, whether premium notice is received or not.
  • Incontestability
  • Policies are incontestable with regard to statements made in the proposal after two years from the date of issue/revival/reinstatement of policy except for fraudulent and willful misstatement of material facts or on account of breach of any of the conditions of the policy.
  • Travel, Residence and Occupation
  • The policy is free from all restrictions as to travel, residence and occupation. 
  • Free Look Period
  • This Policy shall be liable to be cancelled at the option of the policyholder within fourteen days of its commencement date and if the policyholder cancels the policy within that time all amounts paid by way of premium shall be refunded without any deduction for management expenses, other than expenses incurred in connection with the medical examination of any person insured under the policy. No person shall offer any inducement to a person for the purposes of procuring that person to cancel his policy in accordance with this rule.
  • Liquidated Damages
  • Where payment under this policy becomes due and the person entitled thereto has complied with all the requirements, including the filing of complete papers, for claiming the payment, the State Life shall, if it fails to make the payment within a period of ninety days from the date on which the payment becomes due or the date on which the claimant complies with the requirements, whichever is later, pay as liquidated damages on the amount so payable unless State Life proves that such a failure was due to circumstances beyond its control.
    For the purpose of this clause, failure or delay by any person in making payment (including without limitation payment under a contract of reinsurance) to State Life shall not constitute circumstances beyond the control of State Life.
    The liquidated damages payable under this clause shall be payable for the period under this clause shall be payable for the period during which the failure continues and shall be calculated at monthly rests at the rate five per cent higher that the prevailing base rate as defined in section 2 (Viii) of the Insurance Ordinance, 2000.
 
State Life Brief


The Life Insurance Business in Pakistan was nationalized during March 1972. Initially Life Insurance business of 32 Insurance Companies was merged and placed under three Beema Units named “A”, “B” and “C” Beema Units. However, later these Beema Units were merged and effective November 1, 1972 the Management of the Life Insurance Business was consolidated and entrusted to the State Life Insurance Corporation of Pakistan.


State Life Insurance Corporation of Pakistan is headed by a Chairman and assisted by the Executive Directors appointed by Federal Government. Up to July 2000 the Corporation was run by Board of Directors constituted under Life Insurance (Nationalization) Order 1972. In July 2000, under Insurance Ordinance 2000, the Federal Government reconstituted the Board of Directors of State Life which runs the affair of this Corporation.
The basic structure of the Corporation consists of Four Regional Offices, Twenty-Six Zonal Offices, a few Sub-Zonal Offices, 111 Sector Offices, and a network of 461 Area Offices across the country for Individual Life Insurance; Four Zonal Offices and 6 Sector Offices with 20 Sector Heads for Group & Pension are involved in the Marketing of Life Insurance Plans policies and products offered by State Life and a Principal Office. The Zonal Offices deal exclusively with Sales and Marketing. Underwriting of Life Insurance Policies and the Policyholder’s Services. Regional Offices, each headed by a Regional Chief, supervise business activities of the Zones functioning under them. The Principal Office, based at Karachi, is responsible for corporate activities such as investment, real estate, actuarial, overseas operations, etc.