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Insurance

Guaranteed Addition

Guaranteed additions, a key concept in finance, are calculated by multiplying a predetermined rate with the sum assured. These additions are then added to the basic sum assured and are paid out upon the approval of a claim. This valuable benefit is only applicable for the years in which premiums are paid. It is a crucial element to consider when making financial decisions.

Leasehold

A lease is a legal agreement that grants a tenant the right to use and enjoy a property for a designated period of time. This interest in real property is known as a leasehol...

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Independent adjuster

A loss adjuster is a professional hired by an insurance company to assess and settle claims for damages. Their role is to objectively evaluate the extent of loss and determi...

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Conditional contract

A fundamental concept in finance is the idea of a contract, where one party agrees to perform certain actions in exchange for another party's compensation. This is particula...

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Moral hazard

One must be cautious of moral hazard in the realm of insurance. This refers to the risk posed by an individual's apathetic or deceitful behavior towards their insured proper...

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