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Negligence

Negligence is the legal term used to describe the lack of care shown by an individual in carrying out their duties. This failure to meet the standard of care required can result in legal consequences. It is important to understand the concept of negligence as it is a crucial aspect in the world of finance. Let's delve deeper into this topic and explore its various implications.

Date of commencement

The commencement date refers to the starting point of a policy's coverage, which occurs once the insurer has accepted the risk. This is a crucial aspect in the insurance wor...

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Punitive damages

When a defendant is found to have acted in a grossly negligent manner, they may be assessed punitive damages as a way to set an example and discourage others from behaving s...

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Retrospective rating

Risk premium adjustment, a technique allowing for the adjustment of the ultimate premium for a risk, with a predetermined upper and lower limit based on the real loss experi...

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Surplus

In the world of finance, we often come across the term "surplus". This refers to the remaining amount after deducting an insurer's liabilities from its assets. It serves as ...

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