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Coverage

When discussing insurance, we often come across the term "coverage". This refers to the amount of insurance purchased from an insurance company. In other words, it is the monetary value that the policyholder is protected for in case of an event covered by the insurance policy. This is an essential concept to understand when it comes to managing risks and protecting our assets.

Single-premium annuity

An annuity is a financial product where the purchase price is paid in a single, upfront payment. This type of investment provides regular income payments over a specified per...

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Double Indemnity

In the field of finance, there exists the concept of providing a payment that is twice the basic benefit in the event of a loss. This is applicable only under certain circum...

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Incurred but not reported losses (IBNR)

A knowledgeable professor of finance must be well-versed in the concept of "incurred but not reported" (IBNR) losses, which refers to claims that are not reported to the i...

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Rated

An additional charge is added to the standard rate when issuing coverages due to pre-existing health conditions or impairments of the insured. This is known as a substandard...

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