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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.

Protection and Indemnity (P&I) clause

"Let's discuss the importance of marine liability insurance for ocean-going vessels. This type of insurance provides protection against financial losses resulting from third...

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Automatic treaty

Reinsurance is a crucial concept in the world of finance. It refers to a contractual agreement between a ceding company and a reinsurer, where the former agrees to transfer ...

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Automatic coverage

In the world of insurance, an insurer will often agree to provide coverage for accidents caused by any machinery that falls under the same category as the one specifically m...

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Unearned premium

One key concept in insurance is the unearned premium, which refers to the portion of the premium that has been received by the insurer but has not yet been used to provide c...

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