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Insurance

Collateral

Life insurance policy loans are a common financing option, where the policy acts as collateral. If the borrower defaults, the lender can only recover the amount equivalent to their interest. This temporary assignment is a safety measure for creditors to protect their investment. It is important to understand this concept when considering life insurance policy loans to make informed financial decisions.

Inherent nature of the goods

Product liability refers to the responsibility of a manufacturer or seller for any harm caused by their product. It is considered a cause of loss and can release the carrier...

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Straight life

A permanent life insurance policy that requires premiums to be paid for the entire duration of the insured's life is known as a whole life policy. This type of policy offers...

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Compulsory auto insurance

In the world of finance, there exists a minimum threshold for auto liability insurance that is mandated by law. This coverage protects individuals from financial losses in c...

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Cost-to-repair basis

When we talk about replacement cost, we refer to the expenses involved in replacing a property after a loss, but not necessarily with the same materials and labor. This is a...

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