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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.

Mortality table

The mortality table is a valuable tool used in the world of finance to determine the likelihood of death at different ages. It presents the number of deaths per thousand ind...

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Additional living expenses

Homeowners policies offer a variety of benefits beyond the coverage for usual living expenses. These additional charges are applicable in situations where the insured's home...

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Freight

Freight is the cost paid for the shipment of goods. This term is often used in the context of marine insurance, where vessel owners purchase freight insurance to protect aga...

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Rated

An additional charge is added to the standard rate when issuing coverages due to pre-existing health conditions or impairments of the insured. This is known as a substandard...

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