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Insurance

Earnings multiple approach

A commonly used term in employee benefits, a group life plan provides an employee with a predetermined amount of life insurance coverage, typically one or two times their annual salary. This type of plan is offered by an employer to their employees as a form of financial protection in the event of an employee's death.

Fixed annuity

An annuity is a financial instrument in which the annuitant receives a fixed payment every month for a specified period of time. This payment is guaranteed by the insurance ...

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Total loss

When an automobile or other property suffers damage to such an extent that the cost of repairing it exceeds its value, we refer to this as a total loss. This can occur due t...

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Large-loss principle

When it comes to purchasing insurance, it is important to prioritize your coverage for serious loss exposures over less serious ones. This rule ensures that you are adequate...

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Involuntary coverage

In finance, there exists a concept known as 'mandatory insurance'. This pertains to the government's requirement for specific groups or individuals to purchase insurance unde...

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