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Insurance

Life Assured

It is the basic concept of life insurance. Life assured is a term that refers to the individual whose life is being insured through a life insurance policy. This fundamental concept lies at the core of understanding life insurance. It is crucial to recognize that the life assured is the person whose life is being financially protected in the event of their death. In simpler terms, they are the beneficiary of the life insurance policy. This understanding is essential in comprehending the various aspects of life insurance and its significance in financial planning.

Retention

The concept of "retained risk" refers to the level of risk that an insurance company is willing to take on without seeking protection through reinsurance. In other words, it...

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Independent agent

A self-employed agent, typically compensated through commission, acts as a representative for multiple insurance companies. This individual possesses a deep understanding of...

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Contract of adhesion

In finance, there exists a type of contract known as an insurance contract. This specific agreement holds a crucial factor that we must pay attention to - the wording. Any v...

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Structured settlement

A crucial aspect of finance is the legal agreement known as structured settlement. This agreement entails periodic payments to a designated individual, often one who has sus...

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