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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.

Premature death

The concept of premature death refers to an untimely passing before it is deemed socially acceptable as a natural occurrence in the cycle of life. This can be a tragic and d...

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Non-owned auto

A private passenger vehicle, such as an auto, pickup truck, van, or trailer, that is not owned or regularly used by the insured or any of their family members is not covered...

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Tertiary Beneficiary

When it comes to life insurance, it's important to understand the concept of a third beneficiary. This is the individual who is next in line to receive the benefits if the p...

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Policy

A vital document in the world of insurance, a written contract binds a policyholder and an insurance company in a legally binding agreement. It outlines the terms and condit...

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