Whole life insurance provides lifelong coverage, accumulating cash value over time, offering financial security, and ensuring beneficiaries receive a death benefit upon the policyholder's passing.
Cancellation refers to terminating an insurance policy, making it void. It involves a process that may include fees, advance notice, and potential refunds.
Umbrella insurance provides additional liability coverage beyond standard home and auto policies, protecting assets against large claims, legal fees, and damages exceeding policy limits.
Actuaries utilize advanced mathematics and statistics to assess and manage risk in the insurance industry, influencing premium rates, policy design, and financial stability.
Compulsory insurance mandates coverage for specific activities, ensuring financial protection and legal compliance, with types including automobile liability, workers' compensation, and professional liability insurance.
Life insurance premiums can be influenced by factors such as age, health, lifestyle choices, and coverage amount, impacting overall costs and policy eligibility.
Underinsured motorist coverage provides financial protection when an at-fault driver’s insurance is insufficient to cover your damages, including bodily injury and property damage.
A copay is a fixed amount paid for healthcare services, varying by provider network status, with additional terms like deductibles and out-of-pocket costs influencing overall expenses.
Term life insurance provides affordable coverage options for seniors, ensuring financial protection for beneficiaries and offering various plans tailored to individual health and lifestyle needs.
The loss ratio measures the percentage of insurance premiums allocated to claims and expenses, indicating an insurer's operational efficiency and financial health.