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Insurance

Contract of adhesion

In finance, there exists a type of contract known as an insurance contract. This specific agreement holds a crucial factor that we must pay attention to - the wording. Any vague or unclear language within this contract will be interpreted in a way that is not in favor of the drafter, in this case, the insurer. It is important to understand this concept in order to fully grasp the implications of insurance contracts.

Straight deductible

In the realm of finance, there exists a concept known as a deductible. This is a fixed amount that is applicable to every loss and is deducted before any loss payment is dis...

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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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Claim

An essential aspect of insurance policies is the notification of payment due to the insurance company. This request for payment of contractual benefits is initiated by eithe...

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Hard market

A seller's market refers to a situation in the insurance industry where the demand for insurance is high, while the availability of insurance is limited. This results in ins...

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