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Insurance

Collateral

Life insurance policy loans are a common financing option, where the policy acts as collateral. If the borrower defaults, the lender can only recover the amount equivalent to their interest. This temporary assignment is a safety measure for creditors to protect their investment. It is important to understand this concept when considering life insurance policy loans to make informed financial decisions.
Related terms
Viatical settlement
When an unrelated third party buys a life insurance policy from a terminally ill individual, it is known as a viatical settlement. This allows the policy owner to receive a ...
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Accidental Death Insurance
Accidental Death Insurance is a type of insurance that offers protection in the unfortunate case of death caused by accidental injuries. It does not cover death due to illne...
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Hazards
Perils are potential events that could result in financial loss. These losses are often influenced by certain conditions that increase the likelihood of occurrence. For inst...
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Endowment
An endowment insurance policy offers the benefit of a lump sum payment in the event of the insured's death during the policy term or upon survival until the end of the term....
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Auto insurance premium
Insurance premiums depend on the likelihood and expense of potential risks, determining the amount an insurer charges for coverage. These risks encompass a range of events, ...
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Renewal Premiums
In the realm of finance, we often come across the term 'premiums'. These are payments that are made towards an insurance policy, and they can be of different types. One type...
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Investments that provide regular, fixed payments, such as bonds and treasury bills.
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