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Insurance

Mortgage insurance

Let's discuss a type of insurance that is specifically designed to cover the life of an individual who has taken out a mortgage. This form of insurance is known as decreasing term insurance and its purpose is to provide death benefits that can be used to pay off the remaining balance of a mortgage. As the name suggests, the coverage amount decreases as the debt decreases. However, there is also a variant of this insurance called mortgage unemployment insurance, which offers coverage for the mortgage in case the policyholder becomes involuntarily unemployed.

Total loss

When an automobile or other property suffers damage to such an extent that the cost of repairing it exceeds its value, we refer to this as a total loss. This can occur due t...

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Increasing term insurance

Life insurance is a crucial aspect of financial planning, providing financial security to loved ones in the event of the policyholder's death. One type of life insurance is c...

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Punitive damages

When a defendant is found to have acted in a grossly negligent manner, they may be assessed punitive damages as a way to set an example and discourage others from behaving s...

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Exclusive agent

A captive agent is an individual who exclusively represents a single insurance company and is bound by a contract not to submit business to any other company unless it has be...

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