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Insurance

Principle of indemnity

In the realm of insurance, there exists a doctrine that sets a cap on the amount an insured individual can receive - the actual cash value of their insured property. This principle aims to provide fair compensation, taking into account the depreciation and wear and tear of the property. This limitation is a crucial aspect to consider in the world of finance, as it can greatly impact an individual's financial recovery after a loss.

Reserves

In the world of finance, a company's estimated expenditure on claims is known as its loss reserve. This reserve is an important indicator of a company's financial health and...

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Constructive total loss

A common term used in the world of finance is "economic loss." This refers to a situation where property has not been completely destroyed, but the cost of restoring it exce...

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Conditional contract

A fundamental concept in finance is the idea of a contract, where one party agrees to perform certain actions in exchange for another party's compensation. This is particula...

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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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