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Insurance

Surety bond

In the world of finance, there exists a concept known as a surety bond. This is a legally binding agreement between three parties - the surety company, the owner or creditor, and the third party. The purpose of this bond is to ensure that the third party's obligations are fulfilled. This is especially relevant for contractors working on public projects, as they are often required to obtain a surety bond. In the event that the contractor fails to fulfill their duties, the surety company steps in and is held responsible for either completing the work or compensating for any losses up to the bond's penalty amount.

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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Dynamic risks

One of the fundamental concepts in finance is the idea of risk. It refers to the uncertainties that arise due to changes in the world around us. Whether these risks are pure...

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Named peril

Insurance policies often include specific risks that are covered, known as perils. These can range from natural disasters such as floods and earthquakes, to man-made events ...

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Term Life Insurance

Let's discuss term life insurance, a type of protection that is designed to provide coverage for a set period of time without accumulating any cash value. Unlike permanent l...

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