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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.

Business interruption insurance

As a business owner, you may have heard of the term "business interruption insurance". This type of coverage provides reimbursement for lost profits and fixed expenses durin...

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Irrevocable beneficiary

A restrictive beneficiary designation is a legally binding agreement that cannot be altered without the expressed permission of the designated beneficiary. This means that o...

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Third-party Owner

In the world of finance, it is important to understand the distinction between a policy owner and a prospective insured. While these terms may seem interchangeable, they hol...

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Kidnap/ransom insurance

As students of finance, it's important to familiarize ourselves with the concept of coverage for ransom and extortion payments, along with related expenses. This type of ins...

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