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Insurance

Pooling

of investors is known as pro rata Pro rata refers to the practice of distributing total losses among a group of investors. This is done in proportion to each investor's stake in the venture. In other words, the bigger the investment, the greater the share of the losses. This concept is commonly used in the world of finance and is essential to understand for any investor. It ensures that everyone bears a fair share of the risks and rewards. So, always keep pro rata in mind when making investment decisions.

Void

A policy contract may be rendered null and void if certain conditions specified within the contract are not met. For instance, if a policyholder provides false information, ...

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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 v...

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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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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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