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Insurance

Assignee

In case of death of the assignee, the benefits are transferred to the assignor. In the realm of finance, the assignee is the individual who receives the title, rights, and benefits associated with a life policy. It's important to understand that upon the unfortunate passing of the assignee, these benefits are then transferred back to the assignor. This concept is crucial to grasp in order to fully comprehend the dynamics of life insurance policies.

Free-of-capture-and-seizure (FC&S) clause

Marine insurance often contains a clause that specifically excludes coverage for losses incurred due to war. This means that any damages or losses resulting from a war or mi...

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Retrospective rating

Risk premium adjustment, a technique allowing for the adjustment of the ultimate premium for a risk, with a predetermined upper and lower limit based on the real loss experi...

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Long-term care

As we delve into the world of finance, it's important to remember our responsibility to care for the elderly and provide them with necessary services that aid in their day-t...

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Convertible

A convertible term policy is a type of insurance that offers the option to transition to permanent coverage, rather than terminating on a specific date. This allows policyho...

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