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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.

Social insurance

Publicly operated insurance plans are commonly mandatory and provide coverage for individuals. These plans are often established by government agencies and can vary in terms...

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Outstanding balance on loans

A crucial financial concept to understand is the loan balance, which refers to the remaining amount that a policyholder owes on a loan. This balance includes both the princi...

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Offer and Acceptance

When applicants seek insurance coverage, they must sign an application and pay the initial premium. If required, they may also undergo a physical examination. The issuance o...

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All-risk agreement

When discussing property or liability insurance contracts, it's important to understand that there are two types: named perils and open perils. A named perils policy only co...

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