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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.

Guaranteed Addition

Guaranteed additions, a key concept in finance, are calculated by multiplying a predetermined rate with the sum assured. These additions are then added to the basic sum assu...

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Alternative dispute resolution (ADR)

When faced with a dispute, there are alternatives to the traditional route of heading straight to court. These methods, known as alternative dispute resolution (ADR), can pr...

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IRDA

As a finance professor, I would like to introduce you to the Insurance Regulatory and Development Authority of India (IRDAI). This governing body serves as the backbone of t...

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Notice of loss

An essential document mandated by insurance companies following an accident or any other form of loss. This is a typical clause that outlines the policyholder's obligations ...

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