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Insurance

Grace Period

A grace period is a timeframe provided to policyholders after the due date for premium payments. This allows them additional time to make the payment without the risk of their policy being terminated. During this period, the policy remains active and the premium is still required to be paid. This provision offers flexibility and protection to policyholders who may need more time to make their payments.

Asymmetric information

One important concept in the world of finance is an insured's knowledge of potential losses, which is not accessible to insurance companies. This understanding plays a cruci...

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Completed operations coverage

Liability insurance covers the cost of any bodily injury or property damage caused by a completed project or job. This is a crucial protection for businesses that offer serv...

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Free-of-capture-and-seizure (FC&S) clause

Marine insurance often contains a clause that specifically excludes coverage for losses incurred due to war. This means that any damages or losses resulting from a war or mi...

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Cession

Reinsurance refers to the practice of transferring a portion of risk from primary insurance companies to reinsurers. This is a common tool used in the finance industry to ma...

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