Overview

decreasing term assurance


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A form of term assurance in which the amount to be paid in the event of the death of the life assured reduces with the passage of time. These policies are usually arranged in conjunction with a cash loan or mortgage and are designed to repay the loan if the life assured dies. As the amount of the loan decreases with successive repayments the sum assured reduces at the same rate.

Subjects: Financial Institutions and Services.


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