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An automatic renewal clause is used in the insurance and healthcare industries . An automatic renewal clause (also referred to as an evergreen clause), is activated towards the end of the contractual period whereby it automatically renews the terms of an agreement except when the contract is terminated (through mutual agreement or contract breach), or one of the contracting parties has sent a ...
A form of term life insurance coverage that provides a return of some of the premiums paid during the policy term if the insured person outlives the duration of the term life insurance policy. For example, if an individual owns a 10-year return of premium term life insurance plan and the 10-year term has expired, the premiums paid by the owner ...
Extended auto warranties often offer other perks not included in a general factory warranty, such as trip interruption insurance and roadside assistance. Auto warranties generally do not cover vandalism or theft, dings or dents, road salt damage, environmental or natural disaster-related damage, car wash damage, or normal routine maintenance.
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For example, if you have a $500,000 term policy and your insurer requires a minimum of $250,000, you could convert half into permanent coverage while keeping the other half as term.
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.
Covering a short-term debt: If you’re working to pay off debt, a short-term life insurance policy may provide peace of mind until it’s paid in full. If you pass away during that period of time ...
An additional transaction may also be payable to cover e.g. costs for revised insurance documents. Some insurers also use this fee to discourage changes, although few openly admit this. A cancellation is often treated as a special-case MTA, where the cover decreases to zero. Such transactions may attract special fees too.