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Insurance

Grace Period

A grace period is a timeframe provided to policyholders after the due date for premium payments. This allows them additional time to make the payment without the risk of their policy being terminated. During this period, the policy remains active and the premium is still required to be paid. This provision offers flexibility and protection to policyholders who may need more time to make their payments.

Spread of risk

Insurance companies use a concept called diversification to minimize the risk of losses among their policyholders. This means selling insurance to a large number of people i...

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Insurer

Insurance is a crucial aspect of risk management, and it involves transferring financial risks to an insurance company. This party, known as the insurer, provides coverage t...

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Rider

An addendum, also known as an attachment, is a crucial element of an insurance policy that modifies its coverage or terms. This document is often overlooked but holds great i...

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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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