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In terms of section 1 of the Long-term Insurance Act, “long-term policy” means an assistance policy, a disability policy, a fund policy, a health policy, a life policy or a sinking fund policy, or a contract comprising a combination of any of those policies. It also includes a contract whereby any such contract is varied.
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
A sinking fund is a fund established by an economic entity by setting aside revenue over a period of time to fund a future capital expense, or repayment of a long-term debt. In North America and elsewhere where it is common for government entities and private corporations to raise funds through the issue of bonds , the term is normally used in ...
Missing coverage types: Endorsements are policy add-ons that extend your coverage limits or provide coverage for perils not covered by a standard policy. One key example is flood insurance .
Relocating to a new state means you'll likely need a new auto insurance policy, since each state has its own coverage requirements and regulations. Even a short-distance move can impact your ...
Priceless jewelry and antiques coverage: While coverage for valuables like jewelry and art is typically included in a standard homeowners policy, there are usually limits as to what an insurance ...
An insurance cycle, also known as an underwriting cycle, is a term describing the tendency of the insurance industry to swing between profitable and unprofitable periods over time. The underwriting cycle is the tendency of property and casualty insurance premiums , profits , and availability of coverage to rise and fall with some regularity ...
Extended coverage is a term used in the property insurance business. All insurance policies have exclusions for specific causes of loss (also called "perils") that are not covered by the insurance company. An extended coverage endorsement (EC) was a common extension of property insurance beyond coverage for fire and lightning.