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Insurance

Contract of adhesion

In finance, there exists a type of contract known as an insurance contract. This specific agreement holds a crucial factor that we must pay attention to - the wording. Any vague or unclear language within this contract will be interpreted in a way that is not in favor of the drafter, in this case, the insurer. It is important to understand this concept in order to fully grasp the implications of insurance contracts.

Guaranteed renewable

An insurance policy that cannot be terminated by the insurer before a predetermined age. In this type of policy, the premiums can only be increased for all individuals withi...

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Optionally renewable

A policy that can be terminated by the insurer on the yearly anniversary date without any limitations. The insurer is free to cancel the policy at any time, as long as it fa...

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Intestacy laws

Estate planning is a crucial aspect of financial management that involves determining how one's assets will be distributed after their passing. In cases where a will is not ...

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Noncancellable

A non-cancelable policy is a type of insurance that cannot be terminated by the insurer until a specific age is reached. In other words, the policy remains in force as long ...

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