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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.

Implied warranties

In the realm of finance, there is a concept known as implied warranties. These are not explicitly stated in a contract, but rather inferred by the parties involved to be tru...

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Hazards

Perils are potential events that could result in financial loss. These losses are often influenced by certain conditions that increase the likelihood of occurrence. For inst...

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Incurred but not reported losses (IBNR)

A knowledgeable professor of finance must be well-versed in the concept of "incurred but not reported" (IBNR) losses, which refers to claims that are not reported to the i...

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Exposure doctrine

One must be familiar with the concept of liability limit, which protects individuals in case they are exposed to hazardous substances or products. It is important to underst...

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