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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.

Actual loss ratio

Insurance companies use a key metric called Loss Ratio to measure their financial performance. It reflects the proportion of claims paid out to the amount of premiums collec...

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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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Automatic coverage

In the world of insurance, an insurer will often agree to provide coverage for accidents caused by any machinery that falls under the same category as the one specifically m...

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Medical

In the world of finance, it is important to understand the concept of a medical evidence document. This document, completed by a physician or approved examiner, serves as pr...

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