Search results
Results from the WOW.Com Content Network
Critical illness insurance, otherwise known as critical illness cover or a dread disease policy, is an insurance product in which the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses on a predetermined list as part of an insurance policy.
Terminal illness insurance (known as accelerated death benefit in North America) pays out a capital sum if the policyholder is diagnosed with a terminal illness from which the policyholder is expected to die within 12 months of diagnosis by a physician who specializes in that illness or condition. The payout is still valid even if the insured ...
In insurance, an adjustment clause in a contract specifies how the amount of a claim (particularly a claim against an insurance company) will be determined for the purposes of a settlement, giving consideration to objections made by the debtor or insurance company, as well as the allegations of the claimant in support of his claim. For example ...
A life insurance suicide clause is a critical detail that can have significant implications for beneficiaries. This clause typically applies for the first one to two years after a policy is issued ...
Amicable Society for a Perpetual Assurance Office, established in 1706, was the first life insurance company in the world. An early form of life insurance dates to Ancient Rome; "burial clubs" [3] covered the cost of members' funeral expenses and assisted survivors
This is accomplished by adding a mortgagee clause to your homeowners insurance policy. For example, say you buy a house for $500,000 with a $100,000 down payment and a $400,000 mortgage. To ...
In insurance practice, an insurable interest exists when an insured person derives a financial or other kind of benefit from the continuous existence, without repairment or damage, of the insured object (or in the case of a person, their continued survival). An "interested person" has an insurable interest in something when loss of or damage to ...
For example, a visible scar on the face can lead to painful feelings of constant embarrassment and insecurity. The amount of money damages a claimant gets for pain and suffering will also depend upon the amount claimed in a lawsuit if such is filed or the amount demanded to the responsible party in the underlying claim if it is an insurance claim.