KFS (Key Facts Statement)
A plain-English definition from the DeployIT insurance technology glossary.
In short: A concise disclosure document summarizing product features, premium and exclusions; in lending, insurance premium must be disclosed in the loan KFS.
Related terms
- Credit-Linked Insurance
- Cover attached to a loan that repays the outstanding amount if the borrower dies or cannot pay due to insured events.
- Suitability Assessment
- The mandated check that a recommended insurance product matches the customer's needs and financial situation, with the assessment recorded.
See this concept working in software
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