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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.

Earned premium

As a wise professor of finance, let me introduce you to the concept of "unearned premium". This refers to the portion of an insurance premium that applies to the expired par...

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Mortality Rate

Mortality rate refers to the number of deaths within a specific group of individuals, typically measured as the number of deaths per one thousand people. This rate is an imp...

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Face amount

A life insurance contract contains a crucial element known as the death benefit. This refers to the predetermined amount of money that will be paid out to the designated ben...

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Collateral

Life insurance policy loans are a common financing option, where the policy acts as collateral. If the borrower defaults, the lender can only recover the amount equivalent t...

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