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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.

All-risk agreement

When discussing property or liability insurance contracts, it's important to understand that there are two types: named perils and open perils. A named perils policy only co...

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Special agent

A specialist in the insurance industry who holds the power to carry out a particular task or responsibility, without possessing any broad authorities within the company. Thi...

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Double Cover

In the world of finance, there exists a term known as "additional sum". This term refers to an amount of money that is equivalent to the sum assured and is paid out when a c...

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Premium Waiver Benefit(PWB)

Premium waiver benefits refer to the benefits that can be obtained through a policy where the future premiums, up until the vesting date, are waived in case of the proposer'...

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