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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.

Irrevocable beneficiary

A restrictive beneficiary designation is a legally binding agreement that cannot be altered without the expressed permission of the designated beneficiary. This means that o...

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Consequential damage endorsement

Businesses often purchase insurance coverage to protect against potential losses. This coverage may include protection for losses that occur due to the failure of an insured...

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Insurable value

When discussing business income coverage, it's important to understand the concept of net income. This is the amount that remains after subtracting variable costs and expens...

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Conditionally renewable

An insurance policy with the flexibility to be terminated or have its premiums increased by the insurer on a designated date, contingent upon predetermined reasons outlined ...

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