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Insurance

Cost-of-living rider

An endorsement is a change or addition to an insurance policy that modifies the coverage or terms of the original policy. One type of endorsement that may be relevant in the world of finance is the CPI endorsement. This endorsement automatically increases the amount of coverage by the same percentage that the Consumer Price Index (CPI) has risen since the policy was issued. Essentially, this means that the policy will keep up with inflation and provide adequate coverage over time. It's important for individuals to understand the various endorsements available and how they can impact their insurance coverage.

Third-party Owner

In the world of finance, it is important to understand the distinction between a policy owner and a prospective insured. While these terms may seem interchangeable, they hol...

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Named peril

Insurance policies often include specific risks that are covered, known as perils. These can range from natural disasters such as floods and earthquakes, to man-made events ...

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Unilateral contract

A legal agreement, like an insurance contract, where one party is obligated to fulfill promises that are legally binding. This type of contract is known as a unilateral cont...

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Secondary Beneficiary

A backup recipient designated to receive funds, typically in case the primary recipient passes away before the policyholder....

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