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Insurance

Grace period clause

In the realm of life insurance, there exists a provision known as the grace period, which grants the policyholder an additional 30 days to make a premium payment before the policy lapses. This clause allows for a buffer period to prevent the loss of coverage due to unforeseen circumstances. It is important to be aware of this term as it can greatly impact the effectiveness and longevity of your life insurance policy.

Property coverages

As a finance professor, it's important to understand the various insurance lines that protect against potential property damage. These lines provide coverage for unexpected ...

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Constructive total loss

A common term used in the world of finance is "economic loss." This refers to a situation where property has not been completely destroyed, but the cost of restoring it exce...

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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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Pre-existing condition

A pre-existing condition refers to a health issue that is present before the start of a health insurance policy. This can include any illness, injury or condition that has b...

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