Electronic Funds Transfer

This is a method of paying for insurance premiums resulting in automatic deduction from your bank account. Some insurance companies, though, do not call for such payment method.

This type of payment is done when there is enough funds in your bank (usually checking) account for the corresponding premiums.

Effective Date

This is the date that coverage commences on an insurance policy. The insurance coverage is usually in force from the date of commencement.

The validity of premiums is counted from the date the insurance coverage begins. The time of an insurance policy to take effect may depend on the insurance company and/or local law.

Economic Loss

This is the total financial loss resulting from the demise or any casualty of a wage earner. This can be compensated by the insurance company especially when it involves the loss of property.

It is a very tragic event that can happen to anyone but when these are insured it may help in reducing the cost of damage or loss.