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Insurance

Occurrence policy

A type of insurance that covers expenses for occurrences that happen within a specific period, regardless of when the claims are made. This policy provides financial protection for unforeseen incidents that may arise in the future. It ensures that the policyholder is not liable for costs associated with these events, even if they take place years after the policy has expired. This type of coverage is valuable for individuals and businesses alike, as it offers peace of mind and safeguards against potential financial burdens.

Survivorship benefit

When an annuitant passes away, the remaining funds from their annuity become available for distribution to the living annuitants. This is known as the death benefit. It is a...

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Single-premium annuity

An annuity is a financial product where the purchase price is paid in a single, upfront payment. This type of investment provides regular income payments over a specified per...

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Actuarial Cost Method

One essential tool in the realm of finance is the method used to calculate contributions within an insurance plan. This provides a comprehensive understanding of the financi...

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Actual cash value

Property insurance is a type of insurance that covers the cost of replacing damaged property, taking into account the property's depreciation. This means that the insurance ...

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