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Insurance

Grace period clause

In the realm of life insurance, there exists a provision known as the grace period, which grants the policyholder an additional 30 days to make a premium payment before the policy lapses. This clause allows for a buffer period to prevent the loss of coverage due to unforeseen circumstances. It is important to be aware of this term as it can greatly impact the effectiveness and longevity of your life insurance policy.

Cost-to-repair basis

When we talk about replacement cost, we refer to the expenses involved in replacing a property after a loss, but not necessarily with the same materials and labor. This is a...

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Final Expenses

A person's passing brings about financial responsibilities known as end-of-life expenses. These include funeral costs, court fees for the probate of their will, any outstandi...

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Claim

An essential aspect of insurance policies is the notification of payment due to the insurance company. This request for payment of contractual benefits is initiated by eithe...

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Private insurance

Private sector insurance refers to the coverage provided by companies, as opposed to government insurers. Understanding this distinction is crucial in the world of finance. ...

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