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Insurance

Contingent liability

The concept of vicarious liability refers to the legal responsibility of individuals, corporations, or partnerships for accidents caused by individuals who are not their employees. This means that the corporations or partnerships can be held accountable for the actions or omissions of individuals who are under their control. It is important for businesses to understand this concept as it can have significant financial implications. Let's dive deeper into the details of vicarious liability and its impact on the world of finance.

Risk retention

Risk management involves making strategic decisions on how to handle risk. One approach is to bear the consequences of risk, rather than trying to avoid or transfer it. This...

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Policyholder

An insurance policy is a contract between the insurer and the insured. The insured is the individual or entity who purchases the policy from the insurer, typically paying a ...

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Bailment

When an individual entrusts their personal property to someone else, it is known as a bailment. This can occur in various scenarios, such as when you leave your car at a val...

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Robbery

The acquisition of property through force, the threat of force, or violence is known as theft. This illegal act involves taking possession of another person's property witho...

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