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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.

Credit insurance

In the realm of finance, there exists a crucial concept known as commercial coverage. This type of coverage protects businesses from financial losses incurred due to the ina...

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Named insured

The policyholder is the person who holds the insurance contract and is the designated individual covered under the policy. This individual is specifically identified and nam...

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Other insurance clauses

In the world of finance, it is essential to understand the clauses found in indemnity contracts and valued contracts. These clauses often limit the liability of the insurer i...

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Surrender Charge

When a policyholder decides to terminate their life insurance policy or annuity and receive its cash value, they are charged a fee known as a surrender charge. This charge i...

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