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Insurance

Consideration

This is typically done to protect individuals and businesses from financial loss due to unforeseen events. An insurance contract entails a fixed premium and a mutual understanding of the terms and conditions that ensue. The purpose behind this arrangement is to safeguard individuals and organizations against potential economic setbacks caused by unexpected circumstances.

Punitive damages

When a defendant is found to have acted in a grossly negligent manner, they may be assessed punitive damages as a way to set an example and discourage others from behaving s...

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Lifetime maximum

Insurance plans often have a limit that applies to all benefits. This limit, also known as the maximum, can have the potential to be restored over time. This means that the ...

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Insuring agreement

Insurance policies have a crucial component called the insuring agreement. This section outlines the responsibilities of the insurer and the terms under which they are bound ...

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Blanket bond

A fidelity bond is a type of insurance that provides coverage for all employees within a specific group or category. It not only protects against infidelity, but may also ex...

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