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Insurance

Ratification

An important concept in the world of insurance is the process of ratification. This is when an agent obtains the power to issue insurance policies by first writing the policy and then seeking approval from the insurance company. Once the company approves the policy, the agent's authority is officially established. It's crucial for agents to understand this process in order to effectively navigate the complex world of insurance.

Pre-loss activities

Realizing the importance of mitigating potential financial losses, proactive strategies are put in place to prevent such occurrences. These methods primarily aim to reduce t...

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Entire contract clause

Life insurance is a crucial aspect of financial planning that involves a contract between the insurance company and the policyholder. This contract, which is legally binding...

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Catastrophe

In the realm of finance, there exists a term known as "catastrophe". This term is commonly used for statistical purposes to denote a single event or a string of closely linke...

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Re-entry Option

In a renewable term life policy, there is an option that allows the policy owner to renew their coverage at the end of the term without having to provide evidence of insurab...

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