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Insurance

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 insured may eventually be able to collect more than the initially stated maximum. This concept is important to understand when considering insurance plans and their potential benefits.

Straight life annuity

An irrevocable life annuity is a financial arrangement where the annuitant receives a fixed income for the rest of their life, without any provision for a refund to beneficia...

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Conditions

An insurance contract is considered active when certain conditions are met. Failure to comply with these conditions may result in the refusal to pay for any losses....

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Property/casualty insurance

In the vast world of insurance, there are two main sectors: property/casualty and life/health. Today, let's focus on property/casualty insurance, also known as non-life or g...

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Assignee

In case of death of the assignee, the benefits are transferred to the assignor. In the realm of finance, the assignee is the individual who receives the title, rights, and ...

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