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22 May Residual Benefit

In disability insurance, a benefit paid when you suffer a loss of income due to covered disability or if loss of income persists. The benefit is based on a formula specified in your policy; it’s generally a percentage of the full benefit. A residual benefit...

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22 May Replacement Cost

The dollar amount required to replace damaged personal property or dwelling property without deducting for depreciation. The payout is limited by the maximum dollar amount declared in the policy....

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22 May Renters Insurance

A form of property insurance that covers a policyholder’s belongings against perils. It also provides personal liability coverage and additional living expenses. Possessions can be covered for their replacement cost or for their cash value, including depreciation....

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22 May Re-entry Option

An option in a renewable term life policy under which the policy owner is guaranteed, at the end of the term, to be able to renew his or her coverage without evidence of insurability, at a premium rate specified in the policy....

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