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Life Insurance
A policy that provides financial compensation to a designated beneficiary upon the death of the insured individual.
Insurance Policy
An insurance policy is a contract between an insurer and the insured, detailing the terms under which the insurer agrees to compensate for specific financial losses or damages.
Utmost Good Faith
A legal doctrine requiring parties to act with honesty and not mislead or withhold information from each other.
Co-insurance Clause
A provision in insurance policies that divides the risk of loss between the insurer and the insured, based on a fixed percentage of the value of the insured item.
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