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Insurance

Renewal Premiums

In the realm of finance, we often come across the term 'premiums'. These are payments that are made towards an insurance policy, and they can be of different types. One type is known as 'continuous premiums'. These are payments that are made after the initial premium and are necessary for the policy to remain active. In other words, they are a condition for the continuation of the policy. Let's dive into this concept further.

Last Birth Day (l.b.d)

Age at last birthday refers to the age of an individual at their most recent birthday. This term is commonly used in finance to calculate an individual's age for various pur...

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Pure premium

In the realm of insurance, there exists a concept known as the "basic loss ratio." This refers to the portion of an insurance premium that is purely representative of the co...

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Total loss

When an automobile or other property suffers damage to such an extent that the cost of repairing it exceeds its value, we refer to this as a total loss. This can occur due t...

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Second-to-die life insurance

A life insurance policy that protects two individuals and only pays out after the death of both insured parties....

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