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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.

Group insurance

A group insurance policy is a type of coverage that encompasses a collective of individuals, typically employees from a single company or members of a particular association...

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Catastrophe deductible

Property insurers often require homeowners to pay a deductible before their insurance policy covers damages caused by a major natural disaster. This deductible can be either...

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Inherent nature of the goods

Product liability refers to the responsibility of a manufacturer or seller for any harm caused by their product. It is considered a cause of loss and can release the carrier...

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Excess of loss reinsurance

A fruitful collaboration between an insurer and a reinsurer, where the insurer undertakes to cover a certain portion of a claim and the reinsurer to cover all or a partial a...

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