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Mortality Charge

When considering a life insurance policy, it is important to understand the concept of pure insurance protection. This refers to the cost associated with insuring against the risk of death. The charge for this protection will vary based on factors such as age, health, and the amount of coverage. It is essential to carefully consider this element when selecting a life insurance policy that best fits your needs.

Constructive total loss

A common term used in the world of finance is "economic loss." This refers to a situation where property has not been completely destroyed, but the cost of restoring it exce...

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Void

A policy contract may be rendered null and void if certain conditions specified within the contract are not met. For instance, if a policyholder provides false information, ...

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Implied warranties

In the realm of finance, there is a concept known as implied warranties. These are not explicitly stated in a contract, but rather inferred by the parties involved to be tru...

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Lapse

When a policy owner fails to pay the premium within the grace period, the policy is terminated. This means that the coverage will end and the policy will no longer be in eff...

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