Insurance Assignment
Insurance Assignment
Insurance Assignment
Risk management the process of detecting, evaluating, and prioritizing risks, then putting
solutions in place to reduce or mitigate those risks, is known as risk management.
Insurable interest: An insurance policy's subject matter must be the topic of an insurable
interest, which is a financial stake or connection that makes it reasonable for the policyholder to
purchase the insurance.
Underwriting: The process through which an insurance provider assesses the risk of covering a
certain person or entity and determines whether or not to issue a policy is known as
underwriting.
Policyholder: The term "policyholder" refers to the individual or organization that has bought an
insurance policy and is eligible to enjoy its benefits.
Exclusions: A list of things or situations that an insurance policy does not cover.
Riders: A document called a "rider" is affixed to an insurance policy and offers extra protection
for particular situations or events.
Cash value: The cash value of an insurance policy is the sum of money it would be worth if the
policyholder decided to surrender it before the policy matures.
Term insurance: This kind of insurance policy offers protection for a predetermined time frame,
usually 10, 20, or 30 years.
Whole life insurance: Whole life insurance is a form of policy that incorporates a savings
element and offers coverage for the whole life of the insured.
Universal life insurance: The protection of whole life insurance and the adaptability of term
insurance are combined in universal life insurance, a form of insurance policy.
Disability insurance: Disability insurance is a form of insurance policy that pays benefits to those
who are unable to work due to a disability in place of their lost income.
Long-term care insurance: The expense of long-term care, such as nursing facility care or in-
home care, is covered by long-term care insurance, a type of insurance policy.
Health insurance: Health insurance is a form of insurance plan that pays for medical costs such
as prescription drugs, doctor visits, and hospital stays.
Human Life Value Approach: Based on an individual's economic value to their family or
dependents, the insurance industry uses the Human Life Value Approach to calculate the right
amount of life insurance coverage for them. This strategy focuses on the person's potential for
future earnings and the financial impact a premature death might have on their dependents or
family.
Needs Approach: The Needs Approach considers several variables, including the person's
income, expenses, debts, and future financial commitments, such as the cost of their children's
college tuition. The Needs Approach can assist in making sure that, if the individual were to pass
away, their dependents would have the financial means to continue their level of living by looking
at these variables.
spousal rollover provision: In Canada, a deceased’s estate can be rolled over (title changes
hands without paying taxes) to the deceased’s spouse. However, taxes will become due on some
assets when the second spouse dies, such as the family cottage.
Liability insurance: Liability insurance is a form of insurance policy that offers coverage for losses
that a person or organization is accountable for bringing about to another person or piece of
property.
Umbrella insurance: A type of liability insurance known as umbrella insurance offers additional
protection above and beyond the limitations of conventional liability insurance plans.
Expected Morbidity a population's anticipated rate of illness or injury over a specified time period. The
following criteria are used to categories occupations based on historical data, and they have an impact on
predicted morbidity
Employer and Association Group Plans An association's members can all access a disability
insurance plan known as an association group disability plan.
General Anti-Avoidance Rules (GAAR): The purpose of GAAR is to give tax authorities a way
to combat tax avoidance strategies that are just intended to lower taxpayers' tax obligations and
have no real economic or commercial basis.
Estoppel: prevent one person from disputing anything that he has already admitted or proven by
his own actions.
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