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Insurance

Premium Flexibility

Universal life insurance policies offer policy-holders the flexibility to adjust their monthly premium payments. This means that individuals can increase or decrease the amount they pay each month, depending on their financial situation. This feature allows policy-holders to have control over their policy and make changes as needed. It also provides the opportunity to adapt to any changes in their income or expenses, making universal life policies a versatile option for long-term financial planning.

Pair-and-set clause

Insurance companies often use a method called "pair and set" valuation to determine the amount of compensation for lost items. This approach takes into account the differenc...

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All-risk agreement

When discussing property or liability insurance contracts, it's important to understand that there are two types: named perils and open perils. A named perils policy only co...

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Permanent disability

A debilitating condition that renders an individual incapable of continuing their employment for the remainder of their life. This can be caused by a variety of factors, suc...

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Aleatory contract

An aleatory contract is a binding agreement in which the outcome is determined by an uncertain event. This type of contract is commonly used in the insurance industry, where...

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