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65-632: The Swiss Life Group is the largest life insurance company of Switzerland and one of Europe ’s leading comprehensive life and pensions and financial services providers, with approximately CHF 255.7 bn of assets under management . Founded in 1857 in Zurich as the Schweizerische Lebensversicherungs und Rentenanstalt cooperative, the company entered the Swiss stock market in 1997 and adopted its current name in 2002. In 2023

130-414: A cash value 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. The three basic types of permanent insurance are whole life , universal life , and endowment . Whole life insurance provides lifetime coverage for a set premium amount. Universal life insurance (ULl)

195-490: A rider . If a rider is purchased, the policy generally pays double the face amount if the insured dies from an accident. This was once called double indemnity insurance . In some cases, triple indemnity coverage may be available. Swiss Life Select Swiss Life Select Deutschland GmbH , headquartered in Hanover , is a financial advisory firm offering consultation in insurance, investment and real estate matters. It

260-479: A $ 100,000 policy in the competitive US life insurance market. 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. Group insurance policies are an exception to this. In the United States, life insurance companies are never legally required to provide coverage to everyone, with

325-425: 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 underwriting . Health and lifestyle questions are asked, with certain responses possibly meriting further investigation. Specific factors that may be considered by underwriters include: Based on

390-459: A certain age limit. Some policies also pay out in the case of critical illness. Policies are typically traditional with-profits or unit-linked (including those with unitized with-profits funds). 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. Accidental death insurance

455-463: A life 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

520-405: 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 amount of the principal and interest outstanding that are paid should the applicant die before the final installment

585-405: 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 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

650-441: A profit. The cost of insurance is determined using mortality tables calculated by actuaries . 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. In

715-518: A provider of real estate projects and funds in the Nordic region. The Swiss Life Group reports by country. Besides the three core markets Switzerland, France and Germany, the Group separately discloses its cross-border segments International and Asset Managers. Swiss Life Switzerland is a comprehensive life and pensions and financial service provider with the brands Swiss Life and Swiss Life Select , and

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780-792: 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 ( AAFMAA ) and the Navy Mutual Aid Association (Navy Mutual), inspired by the plight of widows and orphans left stranded in the West after the Battle of the Little Big Horn , and of the families of U.S. sailors who died at sea. The person responsible for making payments for

845-451: A takeover bid for AWD Holding; on 13 March 2008, it succeeded in acquiring a total of 86.2% of AWD, which became Swiss Life Select in 2013. The acquisition of Corpus Sireo, a German real estate asset management service provider, was completed in the summer of 2014, and that of Mayfair Capital, a UK real estate investment management firm, in 2016. In 2021, Swiss Life Asset Managers acquired the real estate business of Ness, Risan & Partners,

910-653: 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 interest-sensitive (also known as "traditional fixed universal life insurance"), variable universal life (VUL) , guaranteed death benefit , and has equity-indexed universal life insurance . Universal life insurance policies have cash values. Paid-in premiums increase their cash values; administrative and other costs reduce their cash values. Universal life insurance addresses

975-565: 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. Because they only cover accidents, these policies are much less expensive than other life insurance policies. Such insurance can also be accidental death and dismemberment insurance or AD&D . In an AD&D policy, benefits are available not only for accidental death but also for

1040-784: Is any coverage that determines benefits based on actual losses whereas "assurance" is coverage with predetermined benefits irrespective of the losses incurred. Life insurance may be divided into two basic classes: temporary and permanent; or the following subclasses: term, universal, whole life , and endowment life insurance. Term assurance 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 premiums or decrease insurance needs (by paying off debts or saving to provide for survivor needs). Mortgage life insurance insures

1105-1267: Is one of the leading providers with over one million insured persons. Swiss Life France specialises in personal insurance but also provides, through its Swiss Life Banque Privée subsidiary, asset management and insurance services combined with private banking for high net worth individuals . The German branch of Swiss Life, founded in 1866, is based in Munich and offers private and corporate clients services in pensions saving and financial security . Core competencies are occupational disability insurance and occupational pensions. Swiss Life's financial distribution subsidiaries (Swiss Life Select, HORBACH, Tecis and Proventus) are headquartered in Hanover . With locations in Switzerland, Luxembourg, Liechtenstein, Hongkong and Singapore, Swiss Life International offers Private placement life insurance (a form of investment with an insurance wrapper) for high-net-worth individuals in Europe and Asia, and provides employee benefits for large corporate clients. The financial advisors from Swiss Life Select Austria, Czech Republic and Slovakia, and Chase de Vere in

1170-439: Is paid. Group life insurance (also known as wholesale life insurance or institutional life insurance ) 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 superannuation fund. Individual proof of insurability is not normally a consideration in its underwriting. Rather, the underwriter considers the size, turnover, and financial strength of

1235-432: 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 cancer , diabetes , 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. People in

1300-962: Is responsible for the general direction of the Group and the supervision of the Corporate Executive Board. The Board is elected for one-year terms and is composed as follows: The group CEO directs the business operations of the group and works out the long-term objectives and strategic orientation of the group, together with the corporate executive board. According to Swiss law, shareholders are obliged to disclose information regarding their shareholdings in Swiss-based companies when these amount to or exceed 3%. Shareholders currently holding registered shares (purchasing positions included) of Swiss Life Holding Ltd., are BlackRock Inc. (over 5%), and UBS Fund Management (Switzerland) AG (over 3%). The “Perspectives Foundation” of Swiss Life, established in 2005, promotes charitable initiatives in

1365-410: Is typically determined at the time the policy is purchased, and it is based on factors such as the policyholder's age, health, and occupation. 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

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1430-491: The asset-management industry, and life insurers have diversified their product offerings into retirement products such as annuities . Life-based contracts tend to fall into two major categories: An early form of life insurance dates to Ancient Rome ; "burial clubs" covered the cost of members' funeral expenses and assisted survivors financially. In 1816, an archeological excavation in Minya, Egypt (under an Eyalet of

1495-598: The Alpenquai , where the new head office was opened in 1898. Although this building was spacious for its time, further expansion in the interwar period necessitated yet another move. During 1937–1939 a modern building designed by the Pfister firm of architects was constructed close to the old head office. It is this building, extended during 1961–1963 and later, that houses today's company head office in Zurich. In 1997, under

1560-793: The Eastern Roman Empire . 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 Amicable Society for a Perpetual Assurance Office , founded in London in 1706 by William Talbot and Sir Thomas Allen . Each member made an annual payment per share on one to three shares with consideration to age of

1625-711: The Mutual Benefit Life Insurance Company , submitted an article to the Journal of the Institute of Actuaries detailing an historical account of a Severan dynasty -era life table compiled by the Roman jurist Ulpian in approximately 220 AD during the reign of Elagabalus (218–222) that was included in the Digesta seu Pandectae (533) codification ordered by Justinian I (527–565) of

1690-767: The Ottoman Empire ) produced a Nerva–Antonine dynasty -era tablet from the ruins of the Temple of Antinous in Antinoöpolis , Aegyptus that prescribed the rules and membership dues of a burial society collegium established in Lanuvium , Italia in approximately 133 AD during the reign of Hadrian (117–138) of the Roman Empire . In 1851, future U.S. Supreme Court Associate Justice Joseph P. Bradley (1870–1892), once employed as an actuary for

1755-504: 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 smokers and non-smokers, and the CSO tables include separate tables for preferred classes. The mortality tables provide

1820-496: The CQV for the proceeds), was found liable in court for contributing to the wrongful death of the victim ( Liberty National Life v. Weldon , 267 Ala.171 (1957)). Special exclusions may apply, such as suicide clauses, whereby the policy becomes null and void if the insured dies by suicide within a specified time (usually two years after the purchase date; some states provide a statutory one-year suicide clause). Any misrepresentations by

1885-675: 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. The sale of life insurance in the U.S. began in the 1760s. The Presbyterian Synods in Philadelphia and New York City created the Corporation for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers in 1759; Episcopalian priests organized

1950-773: The Energy Agency of the Swiss Private Sector (EnAW), develop operational energy savings and climate protection systems. In March 2016, the Swiss Life Group presented its first Corporate Responsibility Report in accordance with the guidelines of the Global Reporting Initiative (GRI), as an integral part of the Annual Report 2015. The Corporate Responsibility Report focuses on business activities, society, employees and

2015-838: The Netherlands , Belgium , the United Kingdom , Spain , Luxembourg , and Italy . In 1988 it took over La Suisse insurance company of Lausanne . The first registered office of Rentenanstalt was in the Tiefenhoefe buildings on the Paradeplatz in Zurich. Rapid expansion saw the offices moving in quick succession from the Gruene Schloss on Zwingliplatz , to the Chamhaus on the Untere Zäune and finally to

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2080-610: The Swiss home market in the areas of health, science, education, culture and sport, donating between CHF 1.3 and 1.5 million every year to social and charitable projects. Swiss Life also jointly founded the Swiss Climate Foundation with eleven other companies in 2008. All partners donate their net gains from redistributed CO 2 levies to the foundation, which in turns supports projects helping small and medium-sized enterprises to reach voluntary target agreement with

2145-531: The UK also operate under the Swiss Life International umbrella. Swiss Life Asset Managers offers institutional and private investors access to investment and asset management services. In Switzerland, it is one of the largest institutional asset managers and the third largest fund provider in the country. In Germany, Swiss Life Asset Managers significantly strengthened its position in the market with

2210-469: 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). 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

2275-493: 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. 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

2340-606: The acquisition of the real estate asset management service provider Corpus Sireo in 2014. The real estate management company Livit AG is also a subsidiary of the Swiss Life Asset Management entity, along with London-based Mayfair Capital Investment which was acquired in 2016. In 2018, Swiss Life Asset Managers acquired the German real estate company BEOS AG and in 2019 Fontavis, an investment manager for clean energy and infrastructure funds. The board of directors

2405-439: The agreement of the original beneficiary. In cases where the policy owner is not the insured (also referred to as the celui qui vit or CQV), insurance companies have sought to limit policy purchases to those with an insurable interest 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

2470-528: The chief official—the earliest known reference to the position as a business concern. The first modern actuary was William Morgan , who served from 1775 to 1830. In 1776 the Society carried out the first actuarial valuation of liabilities and subsequently distributed the first reversionary bonus (1781) and interim bonus (1809) among its members. It also used regular valuations to balance competing interests. The Society sought to treat its members equitably and

2535-403: The claim. Payment from the policy may be as a lump sum or as an annuity , which is paid in regular installments for either a specified period or for the beneficiary's lifetime . 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

2600-402: The consolidated financial statements of Swiss Life Deutschland Holding, the four financial distributors Swiss Life Select Deutschland , tecis, HORBACH and Proventus generated sales of 385.5 million euros in the 2018 financial year. The number of consultants on December 31, 2017, is reported as 3538 consultants licensed under commercial law. Around 750 permanent employees currently working at

2665-504: The development of modern life insurance. James Dodson , a mathematician 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 Amicable Life Assurance Society because of his advanced age. He was unsuccessful in his attempts at procuring a charter from the government . His disciple, Edward Rowe Mores ,

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2730-784: The environment and is guided by the principle of materiality . The report is published annually. From 2004 to 2020, Swiss Life sponsored the Swiss national football team . In the field of culture, Swiss Life supports, among others, the Zurich Film Festival (ZFF), the Lucerne Festival , the Zurich Opera House , the Tonhalle Orchestra Zurich and the Davos Festival. Since the 2015/16 season, Swiss Life has been supporting

2795-498: The exception of Civil Rights Act 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. Many companies separate applicants into four general categories. These categories are preferred best , preferred , standard , and tobacco . Preferred best

2860-661: The group declared an adjusted profit from operations of CHF 1.50 billion, a 1% increase compared to the previous year. Net profit increased by 8% to CHF 1.11 billion. Swiss Life is one of the twenty companies listed under the Swiss Market Index , as SLHN. Conrad Widmer established the Schweizerische Rentenanstalt ("Swiss annuity institution") in 1857 as the first life insurance company in Switzerland, backed by guarantees from Schweizerische Kreditanstalt . Prominent Zurich politician Alfred Escher

2925-427: The group. Contract provisions will attempt to exclude the possibility of adverse selection . 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. Permanent life insurance is life insurance that covers the remaining lifetime of the insured. A permanent insurance policy accumulates

2990-573: The ice hockey club ZSC Lions as general sponsor. Swiss Life Arena , the hockey and sports arena for 12,000 fans of the ZCS Lions club in Altstetten , is also named after Swiss Life. The opening took place in October 2022. 47°21′46″N 8°32′03″E  /  47.36278°N 8.53417°E  / 47.36278; 8.53417 Life insurance Life policies are legal contracts and

3055-410: The insured on the application may also be grounds for nullification. Most US states, for example, specify a maximum contestability period, often no 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. The face amount of

3120-487: The last seven years. As part of the application, the insurer often requires the applicant's permission to obtain information from their physicians. 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 sale distribution and can shorten

3185-558: The loss of limbs or body functions such as sight and hearing. 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. Risky activities such as parachuting, flying, professional sports, or military service are often omitted from coverage. Accidental death insurance can also supplement standard life insurance as

3250-534: The management of Manfred Zobl, Rentenanstalt changed from a mutual into a publicly traded proprietary company, with Rentenstalt/Swiss Life shares debuting in the Swiss Market Index in 1998. Swiss Life then embarked on an expansionary strategy, acquiring Livit, Banca del Gottardo, the Lloyd Continental and UTO Albis in 1999, and Schweizerische Treuhandgesellschaft in 2000, and taking over the real estate properties of Oscar Weber Holding AG in 2001. In 2002,

3315-436: 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. The first life table was written by Edmund Halley in 1693, but it was only in the 1750s that the necessary mathematical and statistical tools were in place for

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3380-448: 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 their greater flexibility for fewer guarantees. "Flexible death benefit" means the policy owner can choose to decrease the death benefit. The death benefit can also be increased by

3445-504: The person to pay for the policy. The insured is a participant in the contract, but not necessarily a party to it. 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 beneficiary, any beneficiary changes, policy assignments, or cash value borrowing would require

3510-440: The policy is the initial amount that the policy will pay at the death of the insured or when the policy matures , 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). The insurance company calculates the policy prices (premiums) at a level sufficient to fund claims, cover administrative costs, and provide

3575-420: 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

3640-458: 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. 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

3705-541: The premiums paid if they outlive the policy. 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 might happen (fire, theft, flood, etc.), while "assurance" is the provision of coverage for an event that is certain 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"

3770-449: The purchaser will actually suffer some kind of loss if the CQV dies. Such a requirement prevents 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

3835-641: The rapid acquisitions ceased as the company looked to restructuring and going back to its core business. In 2002, the company changed its name to Swiss Life for all its operations except in the Netherlands, where it remained under the old name Zwitser Leven (Dutch for "Swiss Life"); the Netherlands company was sold in 2007 to SNS Reaal together with the Belgium business. In 2004, it sold its British operations to Resolution Life Group. In November 2007, Swiss Life sold off Banca del Gottardo for 1.775 billion CHF. On 3 December 2007, Swiss Life announced that it had launched

3900-526: 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 suicide , 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. Modern life insurance bears some similarity to

3965-423: The time frame for issuance from weeks or even months to hours or minutes, depending on the amount of insurance being purchased. 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,

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4030-407: 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 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

4095-472: Was able to establish the Society for Equitable Assurances on Lives and Survivorship in 1762. It was the world's first mutual insurer and it pioneered age based premiums based on mortality rate 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". Mores also gave the name actuary to

4160-698: Was closely involved in the development of the cooperative, whose goal was to provide Swiss families with insurance against the uncertainties of life: the company's board included representatives of most Swiss cantons . In 1866, Widmer obtained a license in Prussia , and a year later, the Rentenanstalt had business operations in Hamburg and Bremen . Beginning in 1894, it was one of the first insurance institutions to offer occupational insurance. Between 1866 and 1987, Rentenanstalt expanded to Germany , France ,

4225-425: Was initially created under the name AWD Holding by Carsten Maschmeyer and acquired in 2007 by Swiss Life. Via Swiss Life Deutschland Holding, Swiss Life Select is a wholly owned subsidiary of the listed Swiss financial advisory and insurance group Swiss Life . Swiss Life Select does not publish separate financial figures, but is included in the consolidated financial statements of Swiss Life Deutschland Holding. In

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