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Insurance

Lifetime maximum

Insurance plans often have a limit that applies to all benefits. This limit, also known as the maximum, can have the potential to be restored over time. This means that the insured may eventually be able to collect more than the initially stated maximum. This concept is important to understand when considering insurance plans and their potential benefits.

Occupational Hazard

Occupational hazard refers to a risk factor associated with a particular job that increases the chances of accidents, sickness, or even death. This can result in higher insu...

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Loss ratio

As an expert in finance, it is crucial to understand the concept of "loss ratio," which refers to the percentage of each premium rupee that an insurer spends on claims. This...

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Endowment

An endowment insurance policy offers the benefit of a lump sum payment in the event of the insured's death during the policy term or upon survival until the end of the term....

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Third-party administrator

An employer often appoints an administrator to oversee various tasks related to employee benefits such as managing claims. Alternatively, an external group may be hired by a...

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