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Insurance

Premiums in force

Life insurance policies that are still in effect at a specific moment are referred to as "in-force" policies. The total value of these policies can be calculated by adding together the face amounts and any dividend additions. This is an important concept to understand in the realm of finance, as it reflects the total amount of coverage that a person or entity currently holds.

Sum Assured

As a professor of finance, I want to ensure that you understand the concept of assured amount. This refers to the agreed upon sum that an insurance company will pay out in t...

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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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Fixed-period option

A death benefit is a payment made in regular, equal instalments over a predetermined period of time. This payment is typically given to the designated beneficiaries of a dec...

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Reserves

In the world of finance, a company's estimated expenditure on claims is known as its loss reserve. This reserve is an important indicator of a company's financial health and...

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