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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.

Excess of loss reinsurance

A fruitful collaboration between an insurer and a reinsurer, where the insurer undertakes to cover a certain portion of a claim and the reinsurer to cover all or a partial a...

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Key employee

A key employee refers to an individual whose contributions play a vital role in the success of an organization. This individual's skills and knowledge are highly valued and ...

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Quota share treaties

In the world of insurance, there exists a practice known as reinsurance. This involves multiple insurers coming together to share the risk and responsibility of covering a...

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Loss settlement clause

When it comes to assessing the value of items after a loss, there are two options: actual cash value or replacement cost. The determination of which one to use is based on a...

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