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Insurance

Mortgage insurance

Let's discuss a type of insurance that is specifically designed to cover the life of an individual who has taken out a mortgage. This form of insurance is known as decreasing term insurance and its purpose is to provide death benefits that can be used to pay off the remaining balance of a mortgage. As the name suggests, the coverage amount decreases as the debt decreases. However, there is also a variant of this insurance called mortgage unemployment insurance, which offers coverage for the mortgage in case the policyholder becomes involuntarily unemployed.

Named-perils agreement

A vital aspect of insurance contracts is the specification of covered perils. This refers to the events or risks that the insurer agrees to protect the policyholder against....

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State-mandated benefits

In the world of finance, it is crucial to understand the concept of employee benefits, which are mandated by the state to be provided by employers. These benefits, such as h...

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Income tax Liability

Income tax is a direct tax that individuals are required to pay based on their income for a given fiscal year. This tax is governed by the Income Tax Act of 1962 and is an i...

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Salvage

When an insurer pays a claim, they may take over damaged property in order to minimize their loss. This is known as salvage. Insurers have salvage rights over property they ...

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