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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.

Unilateral contract

A legal agreement, like an insurance contract, where one party is obligated to fulfill promises that are legally binding. This type of contract is known as a unilateral cont...

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Prospect

As a knowledgeable professor in the field of finance, it is important to understand the concept of a potential new customer. This refers to an individual who has the potenti...

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Earnings multiple approach

A commonly used term in employee benefits, a group life plan provides an employee with a predetermined amount of life insurance coverage, typically one or two times their a...

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Aggregate deductible

One important term to understand in the world of finance is the annual aggregate deductible. This type of deductible requires the insured to cover all losses for the entire ...

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