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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.

Severity

is the size of a loss. When assessing insurance premiums, one crucial factor to consider is the size of potential losses. This refers to the magnitude of financial damages t...

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Surety bond

In the world of finance, there exists a concept known as a surety bond. This is a legally binding agreement between three parties - the surety company, the owner or creditor...

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Risk reduction

Uncertainty reduction refers to the reduction of overall ambiguity in a given scenario. This can be achieved through various means, such as gathering more information, utili...

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Involuntary coverage

In finance, there exists a concept known as 'mandatory insurance'. This pertains to the government's requirement for specific groups or individuals to purchase insurance unde...

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