Explanation
A life assurance policy in which if all the premium payments are complete and the insured is free of all reimbursement obligations, the policy stays integral until the insured's death or stop of the strategy is called a paid-up policy.
'Paid-up value' is payable on a life insurance policy on the maturity of the policy. If the policyholder continues to hold the policy, he will get the paid-up value at the end of the term. The policyholder also has the option of concession the policy before that. If you do not want to maintain the policy, it is forever better to submit the policy.
To reduce the risk of heavy insurance the insurer passes on some business to the other company, it is called reinsurance. Reinsurance cede refers to the segment of risk that a most important insurer pass to a reinsurer. It allows the most important insurer to reduce its hazard contact to an insurance policy it has underwritten by transitory that risk to another company. Most important insurers are also referred to as the ceding company while the reinsurance company is also called the accepting company.
Insurance and garage rent are fixed charges. A fixed charge is any type of expense that recurs on a standard basis, apart from the volume of business. To ascertain the cost per unit, these charges are aggregated and separated by the number of service units during the specified period. After determining the cost one can fix the profit margin and also fix the selling Charges/Fixed charges. Driver’s wages. Repairs. Garage Rent. Insurance.
The types of a marine insurance policy are:-
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