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Insurance

Floor-of-protection concept

Social insurance is based on the principle that it should only provide limited protection, rather than meeting all of one's needs. This means that individuals are expected to supplement their social insurance benefits with their own resources. The purpose of social insurance is to provide a safety net, rather than fully supporting individuals. This principle is important to understand when considering the role of social insurance in financial planning.

Surrender or Cash Value

When a policy is terminated prematurely, the amount that the policyholder is entitled to receive is known as the surrender value. This value is paid out if the policyholder...

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Direct loss

An insurance term that refers to a loss that is a direct result of a series of connected events starting from an insured risk. In simpler terms, it means that the loss can b...

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Automatic treaty

Reinsurance is a crucial concept in the world of finance. It refers to a contractual agreement between a ceding company and a reinsurer, where the former agrees to transfer ...

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Convertible

A convertible term policy is a type of insurance that offers the option to transition to permanent coverage, rather than terminating on a specific date. This allows policyho...

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