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Insurance

Insurance proceeds

A significant amount of money that is given to either the policyholder or their chosen recipient upon the policyholder's death within the specified term of the plan or when the plan reaches its maturity date. This lump sum is an essential aspect of life insurance and can provide financial security for loved ones in the event of the policyholder's passing. It is crucial to understand this concept when considering life insurance options.

Named peril

Insurance policies often include specific risks that are covered, known as perils. These can range from natural disasters such as floods and earthquakes, to man-made events ...

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Intestate

A will is a legal document that outlines a person's final wishes regarding their assets and property. It is crucial for individuals to have a valid will in place to ensure t...

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Pro-rata treaties

Reinsurance agreements refer to contracts where the sharing of premiums and losses is based on a predetermined ratio. This is a common practice in the insurance industry, al...

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Severity reduction

Risk management is a crucial aspect of finance that aims to minimize the impact of potential losses. This involves implementing strategies to mitigate the severity and scope ...

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