Life insurance - Knowledge

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premiums are generally not tax deductible. For insurance through a superannuation fund, the annual deductible contributions to the superannuation funds are subject to age limits. These limits apply to employers making deductible contributions. They also apply to self-employed persons and substantially self-employed persons. Included in these overall limits are insurance premiums. This means that no additional deductible contributions can be made for the funding of insurance premiums. Insurance premiums can, however, be funded by undeducted contributions. For further information on deductible contributions see "under what conditions can an employer claim a deduction for contributions made on behalf of their employees?" and "what is the definition of substantially self-employed?". The insurance premium paid by the superannuation fund can be claimed by the fund as a deduction to reduce the 15% tax on contributions and earnings. (Ref: ITAA 1936, Section 279).

251: 133: 884:"Flexible death benefit" means the policy owner can choose to decrease the death benefit. The death benefit can also be increased by the policy owner, usually requiring new underwriting. Another feature of flexible death benefit is the ability to choose option A or option B death benefits and to change those options over the course of the life of the insured. Option A is often referred to as a "level death benefit"; death benefits remain level for the life of the insured, and premiums are lower than policies with Option B death benefits, which pay the policy's cash value—i.e., a face amount plus earnings/interest. If the cash value grows over time, the death benefits do too. If the cash value declines, the death benefit also declines. Option B policies normally feature higher premiums than option A policies. 981:. The policy's death benefit is initially based on the funeral cost at the time of prearrangement, and it then typically grows as interest is credited. In exchange for the policy owner's designation, the funeral home typically guarantees that the proceeds will cover the cost of the funeral, no matter when death occurs. Excess proceeds may go either to the insured's estate, a designated beneficiary, or the funeral home as set forth in the contract. Purchasers of these policies usually make a single premium payment at the time of prearrangement, but some companies also allow premiums to be paid over as much as ten years. 650:

insurance company would have to collect approximately $ 50 a year from each participant to cover the relatively few expected claims. (0.35 to 0.66 expected deaths in each year × $ 100,000 payout per death = $ 35 per policy.) Other costs, such as administrative and sales expenses, also need to be considered when setting the premiums. A 10-year policy for a 25-year-old non-smoking male with preferred medical history may get offers as low as $ 90 per year for a $ 100,000 policy in the competitive US life insurance market.

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are subject to income tax depending upon the marginal rate in the year a gain is made. All UK insurers pay a special rate of corporation tax on the profits from their life book; this is deemed as meeting the lower rate (20% in 2005-06) of liability for policyholders. Therefore, a policyholder who is a higher-rate taxpayer (40% in 2005-06), or becomes one through the transaction, must pay tax on the gain at the difference between the higher and the lower rate. This gain is reduced by applying a calculation called

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people from benefiting from the purchase of purely speculative policies on people they expect to die. With no insurable interest requirement, the risk that a purchaser would murder the CQV for insurance proceeds would be great. In at least one case, an insurance company that sold a policy to a purchaser with no insurable interest (who later murdered the CQV for the proceeds), was found liable in court for contributing to the

476: 1201:). One feature which especially favors investment bonds is the "5% cumulative allowance"—the ability to draw 5% of the original investment amount each policy year without being subject to any taxation on the amount withdrawn. If not used in one year, the 5% allowance can roll over into future years, subject to a maximum tax-deferred withdrawal of 100% of the premiums payable. The withdrawal is deemed by the 1266:

has often been used as an investment technique whereby investors will encourage someone (usually an elderly person) to purchase life insurance and name the investors as the beneficiary of the policy. This undermines the primary purpose of life insurance, as the investors would incur no financial loss should the insured person die. In some jurisdictions, there are laws to discourage or prevent STOLI.

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Fund (EPF), Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS), National Savings Certificate (NSC), and health insurance premiums are some of them. The total amount that can be exempted from the taxable income for section 80C is capped at a maximum of INR 150,000. The exemptions are eligible for individuals (Indian citizens) or Hindu Undivided Family (HUF).

472:(1809) among its members. It also used regular valuations to balance competing interests. The Society sought to treat its members equitably and the Directors tried to ensure that policyholders received a fair return on their investments. Premiums were regulated according to age, and anybody could be admitted regardless of their state of health and other circumstances. 407:. Each member made an annual payment per share on one to three shares with consideration to age of the members being twelve to fifty-five. At the end of the year a portion of the "amicable contribution" was divided among the wives and children of deceased members, in proportion to the number of shares the heirs owned. The Amicable Society started with 2000 members. 591:. Mortality tables are statistically based tables showing expected annual mortality rates of people at different ages. As people are more likely to die as they get older, the mortality tables enable insurance companies to calculate the risk and increase premiums with age accordingly. Such estimates can be important in taxation regulation. 1353:. There was also a documented case in Los Angeles in 2006 where two elderly women were accused of taking in homeless men and assisting them. As part of their assistance, they took out life insurance for the men. After the contestability period ended on the policies, the women are alleged to have had the men killed via 1370:

claimed that life insurance companies do not pay significant numbers of beneficiaries. This is because many people named as beneficiaries never submit claims to the insurance companies upon the death of the insured, and are unaware that any benefit exists to be claimed, though the insurance companies

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or STOLI is a life insurance policy that is held or financed by a person who has no relationship to the insured person. Generally, the purpose of life insurance is to provide peace of mind by assuring that financial loss or hardship will be alleviated in the event of the insured person's death. STOLI

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compliance requirements. Insurance companies alone determine insurability, and some people are deemed uninsurable. The policy can be declined or rated (increasing the premium amount to compensate for the higher risk), and the amount of the premium will be proportional to the face value of the policy.

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became widely available in the UK. Most UK insurers adopted the name "life insurance with tax relief" for the product. Pension term assurance is effectively normal term life assurance with tax relief on the premiums. All premiums are paid at a net basic rate tax of 22%, and higher-rate taxpayers can

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Qualifying status is determined at the outset of the policy if the contract meets certain criteria. Essentially, long-term contracts (10+ years) tend to be qualifying policies and the proceeds are free from income tax and capital gains tax. Single premium contracts and those running for a short term

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and usually have death benefits between $ 1,000 and $ 50,000. A major reason for their popularity is their use of "simplified underwriting". With simplified underwriting, applicants are not required to take a medical exam; approval depends on the applicant's answers to a set of "yes" or "no" health

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Accidental death insurance is a type of limited life insurance that is designed to cover the insured should they die as a result of an accident. "Accidents" run the gamut from abrasions to catastrophes but normally do not include deaths resulting from non-accident-related health problems or suicide.

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Universal life insurance addresses the perceived disadvantages of whole life—namely that premiums and death benefits are fixed. With universal life, both the premiums and death benefit are flexible. With the exception of guaranteed-death-benefit universal life policies, universal life policies trade

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Automated Life Underwriting is a technology solution which is designed to perform all or some of the screening functions traditionally completed by underwriters, and thus seeks to reduce the work effort, time and data necessary to underwrite a life insurance application. These systems allow point of

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within a specified time (usually two years after the purchase date; some states provide a statutory one-year suicide clause). Any misrepresentations by the insured on the application may also be grounds for nullification. Most US states, for example, specify a maximum contestability period, often no

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The person responsible for making payments for a policy is the policy owner, while the insured is the person whose death will trigger payment of the death benefit. The owner and insured may or may not be the same person. For example, if Joe buys a policy on his own life, he is both the owner and the

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registered in terms of the Income Tax Act are permitted to be deducted from personal income tax (whether these premiums are nominally being paid by the employer or employee). The benefits arising from life assurance policies are generally not taxable as income to beneficiaries (again in the case of

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According to section 80C of the Income Tax Act, 1961 (of the Indian penal code) premiums paid towards a valid life insurance policy can be exempted from the taxable income. Along with life insurance premiums, section 80C allows an exemption for other financial instruments such as Employee Provident

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People in the tobacco category typically have to pay higher premiums due to higher mortality. Recent US mortality tables predict that roughly 0.35 in 1,000 non-smoking males aged 25 will die during the first year of a policy. Mortality approximately doubles for every additional ten years of age, so

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The mortality of underwritten persons rises much more quickly than the general population. At the end of 10 years, the mortality of that 25-year-old, non-smoking male is 0.66/1000/year. Consequently, in a group of one thousand 25-year-old males with a $ 100,000 policy, all of average health, a life

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the insured. Usually, the larger the claim or the more serious the incident, the larger and more intense the ensuing investigation by police and insurer investigators. Multiple fictional and non-fictional works, including books, films, television series and podcasts have featured the scenario as a

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Where the life insurance is provided through a superannuation fund, contributions made to fund insurance premiums are tax deductible for self-employed persons and substantially self-employed persons and employers. However, where life insurance is held outside of the superannuation environment, the

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The death benefit is only payable if the policyholder dies while the policy is in effect. If the policyholder outlives the policy, the death benefit is not paid, and the policy will typically expire. Some policies may allow the policyholder to receive a portion of the premiums paid if they outlive

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Upon the insured's death, the insurer requires acceptable proof of death before it pays the claim. If the insured's death is suspicious and the policy amount is large, the insurer may investigate the circumstances surrounding the death before deciding whether it has an obligation to pay the claim.

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The first life insurance company known of record was founded in 1706 by the Bishop of Oxford and the financier Thomas Allen in London, England. The company, called the Amicable Society for a Perpetual Assurance Office, collected annual premiums from policyholders and paid the nominees of deceased

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to happen. In the United States, both forms of coverage are called "insurance" for reasons of simplicity in companies selling both products. By some definitions, "insurance" is any coverage that determines benefits based on actual losses whereas "assurance" is coverage with predetermined benefits

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Death benefits are the primary feature of life insurance policies, and they provide a lump sum payment to the beneficiaries of the policyholder in the event of the policyholder's death. The amount of the death benefit is typically determined at the time the policy is purchased, and it is based on

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Accidental death and AD&D policies pay actual benefits only very rarely, either because the cause of death is not covered by the policy or because death occurs well after the accident, by which time the premiums have gone unpaid. Various AD&D policies have different terms and exclusions.

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insures a loan secured by real property and usually features a level premium amount for a declining policy face value because what is insured is the principal and interest outstanding on a mortgage that is constantly being reduced by mortgage payments. The face amount of the policy is always the

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in the CQV. For life insurance policies, close family members and business partners will usually be found to have an insurable interest. The insurable interest requirement usually demonstrates that the purchaser will actually suffer some kind of loss if the CQV dies. Such a requirement prevents

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provides life insurance coverage for a specified term (usually 10–30 years). Term life insurance policies do not accumulate cash value, but are significantly less expensive than permanent life insurance policies with equivalent face amounts. Policyholders can save to provide for increased term

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Life insurance companies in the United States support the Medical Information Bureau (MIB), which is a clearing house of information on persons who have applied for life insurance with participating companies in the last seven years. As part of the application, the insurer often requires the

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The beneficiary receives policy proceeds upon the insured person's death. The owner designates the beneficiary, but the beneficiary is not a party to the policy. The owner can change the beneficiary unless the policy has an irrevocable beneficiary designation. If a policy has an irrevocable

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In the 1980s and 1990s, the SOA 1975-80 Basic Select & Ultimate tables were the typical reference points, while the 2001 VBT and 2001 CSO tables were published more recently. As well as the basic parameters of age and gender, the newer tables include separate mortality tables for

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The earliest known life insurance policy was made in Royal Exchange, London on 18 June 1583. A Richard Martin insured a William Gybbons, paying thirteen merchants 30 pounds for 400 if the insured dies within one year. The first company to offer life insurance in modern times was the

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purposes, and proceeds paid by the insurer upon the death of the insured are not included in gross income for federal and state income tax purposes. However, if the proceeds are included in the "estate" of the deceased, it is likely they will be subject to federal and state

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The endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. Typical maturities are ten, fifteen, or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness.

858:(ULl) is a relatively new insurance product, intended to combine permanent insurance coverage with greater flexibility in premium payments, along with the potential for greater growth of cash values. There are several types of universal life insurance policies, including 954:

Insurance companies also offer products targeted at niche markets, such as seniors. These policies are often low face value whole life insurance policies, allowing individuals (ages 50-90) to purchase affordable insurance later in life. These may also be marketed as

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insured. But if Jane, his wife, buys a policy on Joe's life, she is the owner and he is the insured. The policy owner is the guarantor and they will be the person to pay for the policy. The insured is a participant in the contract, but not necessarily a party to it.

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Unit-linked insurance plans are unique insurance plans which are similar to mutual funds and term insurance plans combined as one product. The investor does not participate in the profits of the plan per se but gets returns based on the returns on the chosen funds.

191:, fraud, war, riot, and civil commotion. Difficulties may arise where an event is not clearly defined, for example, the insured knowingly incurred a risk by consenting to an experimental medical procedure or by taking medication resulting in injury or death. 602:

The mortality tables provide a baseline for the cost of insurance, but the health and family history of the individual applicant is also taken into account (except in the case of Group policies). This investigation and resulting evaluation is termed

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fund. Individual proof of insurability is not normally a consideration in its underwriting. Rather, the underwriter considers the size, turnover, and financial strength of the group. Contract provisions will attempt to exclude the possibility of

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the mortality rate in the first year for non-smoking men is about 2.5 in 1,000 people at age 65. Compare this with the US population male mortality rates of 1.3 per 1,000 at age 25 and 19.3 at age 65 (without regard to health or smoking status).

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more than two years. Only if the insured dies within this period will the insurer have a legal right to contest the claim on the basis of misrepresentation and request additional information before deciding whether to pay or deny the claim.

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priests organized a similar fund in 1769. Between 1787 and 1837 more than two dozen life insurance companies were started, but fewer than half a dozen survived. In the 1870s, military officers banded together to found both the Army

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Endowments can be cashed in early (or surrendered) and the holder then receives the surrender value which is determined by the insurance company depending on how long the policy has been running and how much has been paid into it.

684:. Preferred best is reserved only for the healthiest individuals in the general population. This may mean, that the proposed insured has no adverse medical history, is not under medication, and has no family history of early-onset 1188:

based on the number of years the policy has been held. Although this is complicated, the taxation of life assurance-based investment contracts may be beneficial compared to alternative equity-based collective investment schemes

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The insurance company calculates the policy prices (premiums) at a level sufficient to fund claims, cover administrative costs, and provide a profit. The cost of insurance is determined using mortality tables calculated by

1106:). Investment return within the policy will be taxed within the life policy and paid by the life assurer depending on the nature of the policyholder (whether natural person, company-owned, untaxed, or a retirement fund). 132: 186:

and the terms of each contract describe the limitations of the insured events. Often, specific exclusions written into the contract limit the liability of the insurer; common examples include claims relating to

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Based on the above and additional factors, applicants will be placed into one of several classes of health ratings which will determine the premium paid in exchange for insurance at that particular carrier.

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Apart from tax benefit under section 80C, in India, a policy holder is entitled for a tax exemption on the death benefit received. The received amount is fully exempt from Income Tax under Section 10(10D).

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on a claim. If the policy has an investment element such as an endowment policy, whole of life policy, or an investment bond then the tax treatment is determined by the qualifying status of the policy.

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wherein savings can increase without taxation until the owner withdraws the money from the policy. In flexible-premium policies, large deposits of premiums could cause the contract to be considered a

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The specific uses of the terms "insurance" and "assurance" are sometimes confused. In general, in jurisdictions where both terms are used, "insurance" refers to providing coverage for an event that

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are modifications to the insurance policy added at the same time the policy is issued. These riders change the basic policy to provide some features desired by the policy owner. A common rider is

803:. Group life insurance often allows members exiting the group to maintain their coverage by buying individual coverage. The underwriting is carried out for the whole group instead of individuals. 1138:(IRS), which negates many of the tax advantages associated with life insurance. The insurance company, in most cases, will inform the policy owner of this danger before deciding their premium. 1209:

tool for higher rate taxpayers who expect to become basic rate taxpayers at some predictable point in the future, as at this point the deferred tax liability will not result in tax being due.

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Health requirements can vary substantially between exam and no-exam policies. It may be possible for individuals with certain conditions to qualify for one type of coverage and not another. .

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have full knowledge. The amounts of such benefits are often small, but the numbers of would-be beneficiaries are quite large. These unclaimed benefits eventually become sources of profit.

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up to its date of maturation. The owner can access the money in the cash value by withdrawing money, borrowing the cash value, or surrendering the policy and receiving the surrender value.

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may fall outside the estate. Trust law and taxation of trusts can be complicated, so any individual intending to use trusts for tax planning would usually seek professional advice from an

692:, or other conditions. Preferred means that the proposed insured is currently under medication and has a family history of particular illnesses. Most people are in the standard category. 653:

Most of the revenue received by insurance companies consists of premiums, but revenue from investing the premiums forms an important source of profit for most life insurance companies.

578:, although the actual death benefit can provide for greater or lesser than the face amount. The policy matures when the insured dies or reaches a specified age (such as 100 years old). 1935:"AAA/SOA Review of the Interim Mortality Tables Developed by Tillinghast and Proposed for Use by the ACLI from the Joint American Academy of Actuaries/Society of Actuaries Review Team" 1205:(Her Majesty's Revenue and Customs) to be a payment of capital and therefore, the tax liability is deferred until maturity or surrender of the policy. This is an especially useful 973:

are limited-premium whole life policies that are usually purchased by older applicants, though they are available to everyone. This type of insurance is designed to cover specific

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laying "the framework for scientific insurance practice and development" and "the basis of modern life assurance upon which all life assurance schemes were subsequently based".

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can also trigger payment. The policyholder typically pays a premium, either regularly or as one lump sum. The benefits may include other expenses, such as funeral expenses.

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gain an extra 18% tax relief via their tax return. Although not suitable for all, PTA briefly became one of the most common forms of life assurance sold in the UK until

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Protection policies: designed to provide a benefit, typically a lump-sum payment, in the event of a specified occurrence. A common form of a protection-policy design is

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Life insurance certificate issued by the Yorkshire Fire & Life Insurance Company to Samuel Holt, Liverpool, England, 1851. On display at the British Museum in London

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to achieve capital growth. Other policies offer a guaranteed return not dependent on the company's underlying investment performance; these are often referred to as

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Cash value increases within the policy are not subject to income taxes unless certain events occur. For this reason, insurance policies can be legal and legitimate

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sale distribution and can shorten the time frame for issuance from weeks or even months to hours or minutes, depending on the amount of insurance being purchased.

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and actuary, tried to establish a new company aimed at correctly offsetting the risks of long-term life assurance policies, after being refused admission to the

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Universal life insurance policies have cash values. Paid-in premiums increase their cash values; administrative and other costs reduce their cash values.

1340:. In the case of life insurance, there is a possible motive to purchase a life insurance policy, particularly if the face value is substantial, and then 418:

in 1693, but it was only in the 1750s that the necessary mathematical and statistical tools were in place for the development of modern life insurance.

2296: 3306: 427: 396: 254: 464:, who served from 1775 to 1830. In 1776 the Society carried out the first actuarial valuation of liabilities and subsequently distributed the first 2374: 496: 1489: 250: 3321: 2586: 794:) is term insurance covering a group of people, usually employees of a company, members of a union or association, or members of a pension or 1185: 2392: 1141:

The tax ramifications of life insurance are complex. The policy owner would be well advised to carefully consider them. As always, both the

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beneficiary, any beneficiary changes, policy assignments, or cash value borrowing would require the agreement of the original beneficiary.

265:; "burial clubs" covered the cost of members' funeral expenses and assisted survivors financially. In 1816, an archeological excavation in 219:

policies: the main objective of these policies is to facilitate the growth of capital by regular or single premiums. Common forms (in the

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American Academy of Political and Social Science; National American Woman Suffrage Association Collection (Library of Congress) (1905).

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In the United States, life insurance companies are never legally required to provide coverage to everyone, with the exception of

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amount of the principal and interest outstanding that are paid should the applicant die before the final installment is paid.

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Life insurance may be divided into two basic classes: temporary and permanent; or the following subclasses: term, universal,

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and insurable interest provisions) make it difficult, life insurance policies have been used to facilitate exploitation and

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The face amount of the policy is the initial amount that the policy will pay at the death of the insured or when the policy

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The charters, acts of Parliament, and by-laws of the corporation of the Amicable Society for a perpetual assurance office

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The charters, acts of Parliament, and by-laws of the corporation of the Amicable Society for a perpetual assurance office

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Risky activities such as parachuting, flying, professional sports, or military service are often omitted from coverage.

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Special exclusions may apply, such as suicide clauses, whereby the policy becomes null and void if the insured dies by

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to the chief official—the earliest known reference to the position as a business concern. The first modern actuary was

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is either term or permanent life insurance that insures two or more persons, with proceeds payable on the death of

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Policies are typically traditional with-profits or unit-linked (including those with unitized with-profits funds).

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created the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers in 1759;

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is life insurance that covers the remaining lifetime of the insured. A permanent insurance policy accumulates a

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Because they only cover accidents, these policies are much less expensive than other life insurance policies.

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Some policies afford the policyholder a share of the profits of the insurance company—these are termed

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happen (fire, theft, flood, etc.), while "assurance" is the provision of coverage for an event that is

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industry, and life insurers have diversified their product offerings into retirement products such as

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premiums or decrease insurance needs (by paying off debts or saving to provide for survivor needs).

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and lifestyle questions are asked, with certain responses possibly meriting further investigation.

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because of his advanced age. He was unsuccessful in his attempts at procuring a charter from the

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announced the withdrawal of the scheme in his pre-budget announcement on 6 December 2006.

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Many companies separate applicants into four general categories. These categories are

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Premiums paid by the policy owner are normally not deductible for federal and state

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or CQV), insurance companies have sought to limit policy purchases to those with an

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and non-smokers, and the CSO tables include separate tables for preferred classes.

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approved benefits, these fall under retirement or withdrawal taxation rules from

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tchinnosian, dennis jay, Jim Quiggle, Howard Goldblatt, Kendra smith, jennifer.

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are not deductible from taxable income, although premiums paid via an approved

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Accidental death insurance can also supplement standard life insurance as a

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In cases where the policy owner is not the insured (also referred to as the

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Oviatt, F. C. "Economic place of insurance and its relation to society" in

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Non-investment life policies do not normally attract either income tax or

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Whole life insurance provides lifetime coverage for a set premium amount.

3469: 3424: 3097: 2882: 1841: 1354: 1346: 1127: 712:, which is paid in regular installments for either a specified period or 384: 319: 294: 282: 257:, established in 1706, was the first life insurance company in the world. 164: 3368: 3360: 3236: 3157: 3118: 3062: 1661: 1637: 1366: 1350: 1304: in this section. Unsourced material may be challenged and removed. 1213: 1190: 1172:) at 15% (with the net premium being collected from the policyholder). 1115: 815: 411: 370: 359: 216: 171:

of an insured person. Depending on the contract, other events such as

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applicant's permission to obtain information from their physicians.

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Genetics and Life Insurance: Medical Underwriting and Social Policy

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The Annals of the American Academy of Political and Social Science

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The proceeds of a life policy will be included in the estate for

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questions as well as a check of their prescription drug history.

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expenses that the applicant has designated in a contract with a

720:

factors such as the policyholder's age, health, and occupation.

615:

Specific factors that may be considered by underwriters include:

2727: 1341: 685: 501: 483:

The sale of life insurance in the U.S. began in the 1760s. The

366: 2464:

Annals of the American Academy of Political and Social Science

1759:, Gilbert and Rivington, 1854 Amicable Society, article V p. 5 862:(also known as "traditional fixed universal life insurance"), 3387: 1337: 946:. In some cases, triple indemnity coverage may be available. 205:

Life-based contracts tend to fall into two major categories:

168: 2505: 1870:"IRS Retirement Plans FAQs regarding Revenue Ruling 2002-62" 1145:

and state legislatures can change the tax laws at any time.

3082: 1202: 1332:

Although some aspects of the application process (such as

1164:

Premiums are not usually deductible against income tax or

443:

Society for Equitable Assurances on Lives and Survivorship

1970: 1968: 1604:

The Documentary History of Insurance, 1000 B.C.–1875 A.D.

1570:

The Documentary History of Insurance, 1000 B.C.–1875 A.D.

581: 512:, and of the families of U.S. sailors who died at sea. 1992: 1965: 708:

Payment from the policy may be as a lump sum or as an

1240:

Although available before April 2006, from this date

2438: 2218:Black, Kenneth Jr.; Skipper, Harold D. Jr. (1994). 194:Modern life insurance bears some similarity to the 60:. Unsourced material may be challenged and removed. 2479: 629:Height and weight matrix, otherwise known as BMI ( 1809:"Today and History:The History of Equitable Life" 821:The three basic types of permanent insurance are 397:Amicable Society for a Perpetual Assurance Office 255:Amicable Society for a Perpetual Assurance Office 163:, where the insurer promises to pay a designated 3511: 1058:policies, which may be construed as a misnomer. 881:their greater flexibility for fewer guarantees. 2320:"2018 Insurance Industry Outlook | Deloitte US" 1482:"The Industry Handbook: The Insurance Industry" 949: 2119: 2117: 1013: 2521: 2407:"Life insurance industry under investigation" 449:and it pioneered age based premiums based on 2373:: CS1 maint: multiple names: authors list ( 2217: 1832: 1152:standard rule on retirement products by the 921:accidental death and dismemberment insurance 369:in approximately 220 AD during the reign of 322:in approximately 133 AD during the reign of 2222:(4th ed.). Prentice Hall. p. 94. 2114: 1050:With-profit policies are used as a form of 806: 2528: 2514: 2194:Life Annuity Products and Their Guarantees 1784:"Importance of the Equitable Life Archive" 850: 1721:2000, item # 2422, H. W. Wilson Company, 1711: 1320:Learn how and when to remove this message 1235: 727: 261:An early form of life insurance dates to 120:Learn how and when to remove this message 2184: 1786:. The Actuarian Profession. 2009-06-25. 1028: 528: 474: 249: 131: 2342: 1689: 872:equity-indexed universal life insurance 778: 479:Life insurance premiums written in 2005 14: 3512: 2439:Kutty, Shashidharan (12 August 2008). 2395:from the original on November 4, 2006. 2106:: CS1 maint: archived copy as title ( 2061:: CS1 maint: archived copy as title ( 1835:"Chapter 1 The Equitable Life Inquiry" 1778: 1776: 1774: 1468: 1255: 520: 2509: 2355:from the original on 13 November 2012 2141: 1635: 741:irrespective of the losses incurred. 582:Costs, insurability, and underwriting 354:detailing an historical account of a 351:Journal of the Institute of Actuaries 346:Mutual Benefit Life Insurance Company 2417:from the original on 8 December 2017 2190: 2172:from the original on 17 October 2011 1638:"Policy Contracts in Life Insurance" 1447:Servicemembers' Group Life Insurance 1302:adding citations to reliable sources 1273: 58:adding citations to reliable sources 29: 2391:. Insurance Journal. June 1, 2006. 2197:. OECD Publishing. pp. 10–13. 1826: 1771: 1746:, Gilbert and Rivington, 1854, p. 4 1511:"Industry Overview: Life Insurance" 984: 909: 657:policies are an exception to this. 373:(218–222) that was included in the 24: 2567:Accidental death and dismemberment 2432: 1880:from the original on 8 August 2012 1801: 1690:Walford, Cornelius (22 Dec 1884). 1629: 1544:"Burial Practices in Ancient Rome" 1262:Stranger-originated life insurance 445:in 1762. It was the world's first 25: 3536: 2501: 2309:Internal Revenue Code § 101(a)(1) 2151:National Vital Statistics Reports 2144:"United States Life Tables, 2001" 1683: 1474: 1159: 1154:United States Department of Labor 751: 699: 561: 340:(1870–1892), once employed as an 2693:Directors and officers liability 2299:from the original on 2011-08-28. 1993:Medical Information Bureau (MIB) 1437:Return of premium life insurance 1412:Internal Revenue Code section 79 1278: 1220:) purposes. Policies written in 1109: 971:Pre-need life insurance policies 748:, and endowment life insurance. 34: 2399: 2381: 2336: 2312: 2303: 2285: 2261: 2236: 2211: 2142:Arias, Elizabeth (2004-02-18). 2135: 2089:from the original on 2015-09-15 2069: 2044:from the original on 2016-06-16 2024: 2005: 1986: 1977: 1956: 1947: 1928: 1916:from the original on 2 May 2017 1892: 1862: 1790:from the original on 2015-09-11 1762: 1749: 1636:Fouse, L. G. (September 1905). 1492:from the original on 2018-09-07 1360:On April 17, 2016, a report by 1289:needs additional citations for 1088: 556:Liberty National Life v. Weldon 428:Amicable Life Assurance Society 399:, founded in London in 1706 by 45:needs additional citations for 2345:"Fraud: why should you worry?" 1736: 1595: 1561: 1536: 1503: 1382:Corporate-owned life insurance 714:for the beneficiary's lifetime 348:, submitted an article to the 13: 1: 2535: 1463: 1226:independent financial adviser 1170:Life Assurance Premium Relief 887: 864:variable universal life (VUL) 836: 510:Battle of the Little Big Horn 3460:Savings and loan association 1811:. 2009-06-26. Archived from 1269: 1079: 1052:collective investment scheme 996:. Another common rider is a 950:Senior and pre-need products 792:institutional life insurance 441:, was able to establish the 7: 2893:Insurance-linked securities 2480:Rothstein, Mark A. (2004). 1833:Lord Penrose (2004-03-08). 1732:members from a common fund. 1374: 1349:or actually occurring as a 1132:modified endowment contract 1061: 1014:Unit-linked insurance plans 918:Such insurance can also be 515: 506:Navy Mutual Aid Association 10: 3541: 2582:Total permanent disability 1900:"IRS Bulletin No. 2002–42" 1654:10.1177/000271620502600203 1387:Critical illness insurance 1121:estate and inheritance tax 1032: 1020:Unit-linked insurance plan 1017: 891: 840: 755: 243: 239: 3485: 3337: 3322:Health insurance coverage 3262: 3046: 2875: 2817: 2746: 2665: 2617: 2587:Business overhead expense 2552: 2543: 2445:. PHI Learning Pvt. Ltd. 2273:www.incometaxindia.gov.in 1693:History of Life Assurance 620:Personal medical history; 456:Mores also gave the name 2723:Protection and indemnity 2293:"ITAA 1936, Section 279" 2191:OECD (5 December 2016). 1136:Internal Revenue Service 1066: 868:guaranteed death benefit 856:Universal life insurance 812:Permanent life insurance 807:Permanent life insurance 788:wholesale life insurance 167:a sum of money upon the 3180:Explanation of benefits 2652:Variable universal life 2442:Managing Life Insurance 2269:"Income Tax Department" 1974:Rothstein, 2004, p. 65. 1962:Rothstein, 2004, p. 92. 1953:Rothstein, 2004, p. 38. 1548:The Great Courses Daily 1156:posed a possible risk. 957:final expense insurance 851:Universal life coverage 771:Mortgage life insurance 623:Family medical history; 558:, 267 Ala.171 (1957)). 533:Chart of life insurance 149:Commonwealth of Nations 3317:Health insurance costs 2718:Professional liability 2349:www.insurancefraud.org 2324:Deloitte United States 1242:pension term assurance 1236:Pension term assurance 1143:United States Congress 728:Insurance vs assurance 534: 480: 285:from the ruins of the 279:Nerva–Antonine dynasty 258: 137: 3173:Out-of-pocket expense 3034:Workers' compensation 2688:Collateral protection 2678:Business interruption 1041:with-profits policies 1029:With-profits policies 532: 478: 376:Digesta seu Pandectae 253: 135: 3396:Corpus Juris Civilis 1983:Kutty, 2008, p. 532. 1357:vehicular homicide. 1298:improve this article 1004:Joint life insurance 843:Whole life insurance 784:Group life insurance 779:Group life insurance 389:Eastern Roman Empire 381:codification ordered 299:prescribed the rules 246:History of insurance 147:, especially in the 54:improve this article 3455:Rochdale Principles 3450:Mutual savings bank 3445:Mutual organization 3430:Cooperative banking 3347:Mesopotamian banker 2627:Longevity insurance 1469:Specific references 1452:Term life insurance 1432:Retirement planning 1256:Stranger originated 1093:Premiums paid by a 1035:With-profits policy 758:Term life insurance 521:Parties to contract 3525:Types of insurance 3207:Insurable interest 2708:Payment protection 2609:Payment protection 2129:2007-09-28 at the 2018:2007-04-15 at the 1998:2016-08-17 at the 1940:2007-07-03 at the 1768:Price, pp. 158–171 1755:Amicable Society, 1742:Amicable Society, 1719:Famous First Facts 860:interest-sensitive 547:insurable interest 535: 481: 466:reversionary bonus 332:U.S. Supreme Court 330:. In 1851, future 287:Temple of Antinous 259: 182:Life policies are 161:insurer or assurer 138: 3507: 3506: 3352:Code of Hammurabi 3327:Vehicle insurance 3222:Replacement value 3114:Actual cash value 3078:Adverse selection 3068:Actuarial science 3042: 3041: 2974:Kidnap and ransom 2947:Extended warranty 2594:Income protection 2493:978-0-262-18236-2 2452:978-81-203-3531-8 2413:. 17 April 2016. 2204:978-92-64-26531-8 1717:Anzovin, Steven, 1614:. 1915. pp. 1580:. 1915. pp. 1515:www.valueline.com 1402:General insurance 1330: 1329: 1322: 1195:investment trusts 1177:capital gains tax 801:adverse selection 439:Edward Rowe Mores 387:(527–565) of the 338:Joseph P. Bradley 335:Associate Justice 326:(117–138) of the 130: 129: 122: 104: 16:(Redirected from 3532: 3465:Social insurance 3420:Friendly society 3312:Health insurance 3140:Short rate table 2888:Catastrophe bond 2789:Lenders mortgage 2550: 2549: 2530: 2523: 2516: 2507: 2506: 2497: 2476: 2474: 2472: 2456: 2427: 2426: 2424: 2422: 2403: 2397: 2396: 2385: 2379: 2378: 2372: 2364: 2362: 2360: 2340: 2334: 2333: 2331: 2330: 2316: 2310: 2307: 2301: 2300: 2289: 2283: 2282: 2280: 2279: 2265: 2259: 2258: 2256: 2254: 2248:Income Tax India 2240: 2234: 2233: 2215: 2209: 2208: 2188: 2182: 2181: 2179: 2177: 2171: 2148: 2139: 2133: 2121: 2112: 2111: 2105: 2097: 2095: 2094: 2088: 2081: 2073: 2067: 2066: 2060: 2052: 2050: 2049: 2043: 2036: 2028: 2022: 2009: 2003: 1990: 1984: 1981: 1975: 1972: 1963: 1960: 1954: 1951: 1945: 1932: 1926: 1925: 1923: 1921: 1915: 1904: 1896: 1890: 1889: 1887: 1885: 1866: 1860: 1859: 1857: 1856: 1850: 1844:. Archived from 1839: 1830: 1824: 1823: 1821: 1820: 1805: 1799: 1798: 1796: 1795: 1780: 1769: 1766: 1760: 1753: 1747: 1740: 1734: 1715: 1709: 1708: 1706: 1704: 1698: 1687: 1681: 1680: 1678: 1676: 1633: 1627: 1626: 1624: 1622: 1612:Prudential Press 1599: 1593: 1592: 1590: 1588: 1578:Prudential Press 1565: 1559: 1558: 1556: 1555: 1540: 1534: 1533: 1531: 1530: 1521:. Archived from 1507: 1501: 1500: 1498: 1497: 1478: 1442:Segregated funds 1392:Economic capital 1325: 1318: 1314: 1311: 1305: 1282: 1274: 994:accidental death 985:Related products 961:burial insurance 942:double indemnity 910:Accidental death 894:Endowment policy 662:Civil Rights Act 405:Sir Thomas Allen 362:compiled by the 196:asset-management 177:critical illness 173:terminal illness 157:insurance policy 125: 118: 114: 111: 105: 103: 69:"Life insurance" 62: 38: 30: 27:Type of contract 21: 3540: 3539: 3535: 3534: 3533: 3531: 3530: 3529: 3510: 3509: 3508: 3503: 3481: 3477:Insurance cycle 3440:Fraternal order 3333: 3264: 3258: 3217:Proximate cause 3212:Insurance fraud 3192:General average 3151:Claims adjuster 3093:Risk management 3088:Risk assessment 3052: 3049: 3038: 3004:Prize indemnity 2871: 2819: 2813: 2742: 2703:Over-redemption 2661: 2613: 2604:National health 2545: 2539: 2534: 2504: 2494: 2470: 2468: 2453: 2435: 2433:General sources 2430: 2420: 2418: 2405: 2404: 2400: 2387: 2386: 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1475: 1471: 1466: 1461: 1422:Life settlement 1417:Life expectancy 1407:Insurance fraud 1397:Estate planning 1377: 1326: 1315: 1309: 1306: 1295: 1283: 1272: 1258: 1238: 1218:inheritance tax 1166:corporation tax 1162: 1112: 1091: 1082: 1069: 1064: 1037: 1031: 1022: 1016: 987: 952: 912: 896: 890: 853: 845: 839: 809: 786:(also known as 781: 760: 754: 730: 702: 655:Group insurance 631:Body Mass Index 626:Driving record; 584: 564: 554:of the victim ( 523: 518: 414:was written by 356:Severan dynasty 314:established in 303:membership dues 248: 242: 184:legal contracts 126: 115: 109: 106: 63: 61: 51: 39: 28: 23: 22: 15: 12: 11: 5: 3538: 3528: 3527: 3522: 3520:Life insurance 3505: 3504: 3502: 3501: 3498:List of topics 3494: 3486: 3483: 3482: 3480: 3479: 3474: 3473: 3472: 3467: 3462: 3457: 3452: 3447: 3442: 3437: 3432: 3427: 3413: 3408: 3407: 3406: 3392: 3391: 3390: 3385: 3383:Burial society 3373: 3372: 3371: 3365:§235–238; §240 3357:§100–105; §126 3349: 3343: 3341: 3335: 3334: 3332: 3331: 3330: 3329: 3324: 3319: 3314: 3309: 3307:Climate change 3299: 3297:United Kingdom 3294: 3289: 3284: 3279: 3274: 3268: 3266: 3260: 3259: 3257: 3256: 3255: 3254: 3244: 3242:Underinsurance 3239: 3234: 3232:Self-insurance 3229: 3224: 3219: 3214: 3209: 3204: 3199: 3194: 3189: 3182: 3177: 3176: 3175: 3170: 3165: 3155: 3154: 3153: 3143: 3142: 3141: 3138: 3126: 3121: 3116: 3111: 3110: 3109: 3104: 3095: 3090: 3085: 3080: 3075: 3065: 3059: 3057: 3044: 3043: 3040: 3039: 3037: 3036: 3031: 3026: 3021: 3016: 3011: 3006: 3001: 2999:Political risk 2996: 2991: 2986: 2981: 2979:Legal expenses 2976: 2971: 2966: 2965: 2964: 2954: 2949: 2944: 2939: 2934: 2929: 2928: 2927: 2922: 2912: 2907: 2902: 2897: 2896: 2895: 2890: 2879: 2877: 2873: 2872: 2870: 2869: 2864: 2859: 2854: 2849: 2844: 2839: 2834: 2829: 2823: 2821: 2815: 2814: 2812: 2811: 2806: 2801: 2796: 2791: 2786: 2781: 2776: 2771: 2766: 2761: 2759:Builder's risk 2756: 2750: 2748: 2744: 2743: 2741: 2740: 2735: 2730: 2725: 2720: 2715: 2710: 2705: 2700: 2695: 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