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Insurance

Floor-of-protection concept

Social insurance is based on the principle that it should only provide limited protection, rather than meeting all of one's needs. This means that individuals are expected to supplement their social insurance benefits with their own resources. The purpose of social insurance is to provide a safety net, rather than fully supporting individuals. This principle is important to understand when considering the role of social insurance in financial planning.

Optionally renewable

A policy that can be terminated by the insurer on the yearly anniversary date without any limitations. The insurer is free to cancel the policy at any time, as long as it fa...

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Accelerated death benefit

Let's take a closer look at a common finance term - accelerated benefit. This refers to a portion of a policy's face amount, adjusted for interest, that can be received by t...

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Automatic treaty

Reinsurance is a crucial concept in the world of finance. It refers to a contractual agreement between a ceding company and a reinsurer, where the former agrees to transfer ...

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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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