Account Value (AV) is the balance of the Account under Universal Life Insurance policy. Upon maturity of such type of Life insurance policy, Account Value is provided to the policy owner as maturity value. In case of Death, Face Amount or Account Value, whichever is higher is paid to the beneficiary.

Automatic Non-Forfeiture Option is the automatic option, becomes effective after the grace period once premium is unpaid to the policy. Automatic Premium Loan (APL) could be Automatic Non-Forfeiture Option of the policy. APL becomes effective to the premium unpaid policy once policy acquires Cash Value. To repay APL, a policy owner needs to repay unpaid premium along with interest on unpaid premium. 

Despite the fact that school districts and educators are working hard to keep children engaged and learning, money management is rarely part of the curriculum. Now is a great time to add financial literacy to your kids’ lesson plans to help them build strong financial futures.

Start talking to your children early about money – a good grasp of personal finance is one of the most valuable life skills you can teach them. Introducing kids to money in the ‘real world’ as early as possible helps them develop a better understanding of basic financial concepts such as spending, saving and even building credit.

It’s important they also realize you’re financially invested in their future. Let them know that you’re planning ahead for their higher education – talk to them about how you’re committed to helping them avoid student loans and have taken steps toward savings for their college education.

Here are some tips for raising your kids to be smart with money and spark conversations that will set them on firm financial footing.

1. Set a good example: Money scripts are the relationships we build with money during our formative years – research suggests they are embedded within us as young as 5- and 6-years-old. These scripts highly influence our financial behavior as we grow older, and are often formed by how we see our parents interact with money. So, it’s especially important to show your kids smart money habits early on, such as paying bills on time and managing discretionary spending appropriately. This includes things like shopping on a set budget, using coupons and discount offers to pay less for goods, and making choices between new and used goods.
2. Create opportunities to earn money: Encourage your kids to learn how to earn. Depending on their age, they might do yard work for neighbors or offer babysitting services. Alternately, many parents begin paying their children an allowance in exchange for completing chores around the house – loading the dishwasher, mowing the lawn, raking the leaves in autumn or shoveling the snow in winter (pay can be commensurate with children’s ages). It’s a great life lesson understanding there’s pride in doing a job well and receiving a wage for it. Children often treat hard-earned money more carefully than just being handed allowances, especially the more menial jobs, builds character, helping prevent them feeling entitled. And don’t forget that for older kids, a part-time job during high school always looks good to colleges and first-time employers.
3. Give them real-life experience: There’s no substitute for hands-on understanding so get your kids in the habit of saving by giving them a piggy bank or savings jar. As they get older, open a bank account with a debit card and have their allowance sent to it automatically. However, make sure you explain that they’re spending real money when they use their cards – it’s very easy to not fully appreciate this when you aren’t handing over cash. It’s also important to differentiate between a credit and debit card, explaining that debit cards prevent you from overspending as you can on a credit card. The key thing to teach is that credit cards are not “free money” and should never be used without the money to pay the balance in full each month. And, if you have older children who are college-bound or perhaps buying a car, it’s a good time to share how to build a strong credit history.
4. Teach them how to budget and set goals: Use everyday activities like grocery shopping and going to the ATM to teach your kids about budgeting and give them the opportunity to ask questions about what they can and can’t choose to buy. As they get older, allow them to spend their own money on non-essentials and expensive items that don’t fit your budget. Talk to them about smart shopping techniques, differentiating between wants and needs, comparing prices and watching for sales. Helping learn to delay their desire for instant gratification for a “long-term” reward will enable them to develop budgeting skills and save up for special items that they really want in the future.
5. Set up saving accounts: Investing in your kids’ future is doubly important. Doing this not only means they’ll have more opportunities as they grow older, but it’s also a great opportunity to teach them about saving for the future and to explain the benefits of compound interest overtime. When you open an account make sure you involve your kids in each step of the process. Then, each month go over their statement and explain how to read it. The monthly fluctuations in the account are great examples of how savings grow. Add some math into the equation to show them how much that $2,000 could be worth when they’re 60 with the power of compounding. Talk about good habits The most important thing is to open up the dialogue to teach children about money from a young age. It’s never too early to teach good habits and the sooner you start helping them learn about responsible money management, the more you’re setting your kids up for financial success later in life.

Source: Five Ways to Teach Your Kids Good Financial Habits (equitable.com)

To increase the chances of your insurance claims being accepted and avoid rejections, consider the following tips:

Understand your policy: Read and understand the terms and conditions of your insurance policy thoroughly. Familiarise yourself with the coverage limits, exclusions, and claim filing procedures. This knowledge will help you ensure that your claims are within the policy's scope.

Provide accurate information: When submitting a claim, ensure that all the information you provide is accurate and complete. Any discrepancies or missing details can lead to claim rejections. Double-check all the documentation and forms to ensure they are filled out correctly.

Timely reporting: Report your claim to the insurance company promptly. Delayed notifications can raise questions about the validity of the claim and may lead to its rejection. Adhere to the specified time limits mentioned in your policy for reporting claims.

Document the incident: Gather as much evidence as possible to support your claim. Take photographs of the damage or loss, keep receipts, obtain police reports (if applicable), and collect any relevant documentation that can substantiate your claim.

Be transparent: Be honest and transparent when communicating with the insurance company. Provide all the requested information truthfully and cooperate with any investigations or inquiries conducted by the insurer.

Maintain records: Keep copies of all the documents related to your insurance policy and claims. This includes policy documents, correspondence with the insurer, claim forms, receipts, and any other supporting evidence. Having organised records will help in case of any disputes or clarifications.

Seek professional assistance: If you find the claims process complex or have difficulty understanding certain aspects, consider seeking professional assistance. Insurance agents or claim advisors can provide guidance and help you navigate the process effectively.

IDRA support: Insurance Development and Regulatory Authority can help to settle your claim. You have to complain to IDRA with your policy details in written. The address of IDRA is Sadharan Bima Corporation Tower (8th floor), 37/A, Dilkusha Commercial Area, Motijheel, Dhaka -1000, Bangladesh. The phone number of IDRA is +02-41051381-84. IDRA address & phone number.
The hotline is 16130. IDRA hotline.
The complaint form IDRA complain form.

Follow up: Stay in touch with the insurance company throughout the claims process. Inquire about the progress of your claim, ask for updates, and follow up on any outstanding requirements. Being proactive demonstrates your commitment to resolving the claim promptly.

Remember, each insurance policy and claim are unique, so it's essential to review your specific policy terms and follow the procedures outlined by your insurer. If you have any doubts or questions, reach out to your insurance company for clarification to ensure a smooth claims process.