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Insurance

Single-premium life

is called a single-premium whole life policy.

A single-premium whole life policy, as its name suggests, is a type of whole life insurance where the premium is paid in one lump sum. This means that the policyholder only needs to make one payment to secure coverage for their entire life. Unlike other types of life insurance, which require multiple premium payments over a period of time, this policy provides immediate and lifelong coverage with just one payment. This can be a great option for individuals looking for a one-time, hassle-free approach to securing financial protection for their loved ones.

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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Accumulation Period

The period of time between the initiation of a policy and the point at which benefits are disbursed is known as the waiting period. This duration is determined by the indivi...

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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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Inherent nature of the goods

Product liability refers to the responsibility of a manufacturer or seller for any harm caused by their product. It is considered a cause of loss and can release the carrier...

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