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Insurance

Endowment Plan

In the world of finance, there exists a concept known as a life insurance policy. This is a carefully crafted agreement between a policyholder and an insurance company, where the former pays a certain amount of money in exchange for financial protection. In the event that the policyholder passes away before the policy matures, the predetermined sum is paid out to their designated beneficiary. However, if the policyholder lives beyond the contract's tenure, they will receive the payout themselves. This type of plan provides both peace of mind and financial security for individuals and their loved ones.

Face amount

A life insurance contract contains a crucial element known as the death benefit. This refers to the predetermined amount of money that will be paid out to the designated ben...

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Entire contract clause

Life insurance is a crucial aspect of financial planning that involves a contract between the insurance company and the policyholder. This contract, which is legally binding...

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Lifetime maximum

Insurance plans often have a limit that applies to all benefits. This limit, also known as the maximum, can have the potential to be restored over time. This means that the ...

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Loss settlement clause

When it comes to assessing the value of items after a loss, there are two options: actual cash value or replacement cost. The determination of which one to use is based on a...

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