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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.

Concealment

Insurance contracts require full disclosure of all material facts by the applicant prior to their formation. Failure to do so constitutes concealment, which can be deemed as...

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Guaranteed Addition

Guaranteed additions, a key concept in finance, are calculated by multiplying a predetermined rate with the sum assured. These additions are then added to the basic sum assu...

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Insuring agreement

Insurance policies have a crucial component called the insuring agreement. This section outlines the responsibilities of the insurer and the terms under which they are bound ...

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Enterprise risk management

Managing both pure and speculative risks simultaneously is known as integrated risk management. This approach involves combining strategies to mitigate risks that arise from...

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