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Insurance

Graded Premium Policy

This particular type of whole life policy caters to individuals seeking a higher level of life coverage but are unable to afford it at the moment. It involves paying a lower premium rate that gradually increases within the initial three to five years before stabilizing for the remainder of the policy's duration.

Insurable value

When discussing business income coverage, it's important to understand the concept of net income. This is the amount that remains after subtracting variable costs and expens...

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Pooling

of investors is known as pro rata Pro rata refers to the practice of distributing total losses among a group of investors. This is done in proportion to each investor's sta...

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Fair rental value

A crucial aspect of dwelling policies is the concept of potential rental income, which refers to the amount a building could have earned at the time of a loss, regardless of...

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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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