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Loss reserves

and are an important factor in determining the company?s financial stability. The insurer's financial stability is influenced by the company's estimated amount for claims, which is regularly adjusted. These estimations are recorded as a liability on the balance sheet and play a crucial role in evaluating the company's overall performance. As changes in the market and other factors can impact the company's claim payments, these estimates require periodic reassessment. Such financial terms are essential in understanding the dynamics of the insurance industry and its impact on a company's financial health.

Cash value option

Life insurance policies often come with an option known as cash surrender value, which allows the policyholder to receive the current value of their policy in cash upon surr...

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Facultative reinsurance

Reinsurance is a crucial aspect of the insurance industry, ensuring that insurers are protected against large or unique risks. Facultative reinsurance is a specific type of ...

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Lapse

When a policy owner fails to pay the premium within the grace period, the policy is terminated. This means that the coverage will end and the policy will no longer be in eff...

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Assessable policy

As we delve into the realm of finance, it is important to familiarize ourselves with the concept of assessments. These are additional charges that are imposed on all policyh...

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