The policy for which the benefits to the insured have been terminated because of non payment of premium amount on the due date or even after the grace period.
A liability is any form of debt that a company or an individual is legally obligated to pay. Some common examples of liabilities are loans and overdrafts.
The person whom an insurance policy protects. For example, the Life Assured is the person whose life is insured by a Life Insurance policy and whose nominees will receive a pay-out in case of his/her death.
A type of insurance policy wherein the policy holder can pay premium for a fixed number of years and then not pay for the remaining years of the policy or his/her life.
The ease with which an asset can be converted into cash or cash equivalents (gold, stocks, fixed deposit etc.) is known as liquidity of an asset.
An amount that the insurance company factors into the cost of premium to cover the operational costs of the company.
It is the period after investment in a financial product during which an investor is legally prohibited from selling the units of that product.
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