What is Life insurance

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What is Life insurance

 Life insurance  

Reinsurance occurs if the sum insured exceeds the market value of the car.

There is underinsurance if the sum insured is less than the market value; you cover the difference yourself and you will only be partially reimbursed. For example, if you insure your car for up to 70% of market value, the insurance company will only pay 70% of the total repair cost.

What is Life insurance

Life insurance can offer a combination of protection and savings components, and the proportion of these components in an insurance product can vary depending on the type of product and the needs and preferences of the consumer. An insurance product can have different coverage and capitalization ratios which, within some life insurance products, can be chosen by the insured.

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