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Insurance (Principles of Insurance (The Principal of Utmost Good Faith…
Insurance
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Applying for Insurance
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- Choose the Right Insurance Company
Household Insurance
Life Assurance
Term Assurance is taken out for a certain period of time, it pays out a lump sum if the insured person dies during the agreed period
Whole-life Assurance pays out a lump sum when the insured person dies. The premium is bigger than it is for term assurance as the insurer will definitely have to pay out
Endowment Assurance pays out a lump sum when the insured person dies or reaches a certain age. Endowment policies can be cashed in at an earlier date. This amount is called the surrender value. The longer the policy continues, the more money the insured person will receive
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Home Insurance
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All Risks Insurance covers the loss of or damage to a person's belongings even when they are outside the home
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What is Insurance?
an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.
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