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Insurance

Life Assured

It is the basic concept of life insurance. Life assured is a term that refers to the individual whose life is being insured through a life insurance policy. This fundamental concept lies at the core of understanding life insurance. It is crucial to recognize that the life assured is the person whose life is being financially protected in the event of their death. In simpler terms, they are the beneficiary of the life insurance policy. This understanding is essential in comprehending the various aspects of life insurance and its significance in financial planning.

Misstatement-of-age clause

Life insurance policies often contain a provision known as the misstatement of age clause. This clause allows for a change in the amount of insurance that will be paid out i...

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Inboard watercraft

A vessel with an integrated propulsion system, commonly known as a motorboat, is a type of watercraft that utilizes a permanent motor as its means of propulsion. This featur...

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Deferment date

The expiration date signifies the conclusion of the deferment period. This is a crucial term in the world of finance, as it determines the end date for a grace period in whi...

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Actual loss ratio

Insurance companies use a key metric called Loss Ratio to measure their financial performance. It reflects the proportion of claims paid out to the amount of premiums collec...

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