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Insurance

Automatic coverage

In the world of insurance, an insurer will often agree to provide coverage for accidents caused by any machinery that falls under the same category as the one specifically mentioned in the endorsement. This means that if a particular type of machinery is listed in the endorsement, any accidents caused by similar types of machinery will also be covered. This is a crucial aspect to understand when dealing with insurance policies in the context of finance.

Incurred but not reported losses (IBNR)

A knowledgeable professor of finance must be well-versed in the concept of "incurred but not reported" (IBNR) losses, which refers to claims that are not reported to the i...

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Occupational Hazard

Occupational hazard refers to a risk factor associated with a particular job that increases the chances of accidents, sickness, or even death. This can result in higher insu...

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Peril

Insurance policies can be categorized as either named-peril or all-risk. A named-peril policy provides coverage for specific risks, such as fire, windstorm, flood, or theft....

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Concealment

Insurance contracts require full disclosure of all material facts by the applicant prior to their formation. Failure to do so constitutes concealment, which can be deemed as...

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