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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.

Manifestation doctrine

When a claimant's illness or injury is discovered, there is a liability limit in place that offers coverage. This limit is crucial for protecting both the individual and the...

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Admitted company

A licensed and authorized insurance company operates within a specific state or country. This entity is responsible for providing insurance coverage to individuals and busin...

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Double Indemnity

In the field of finance, there exists the concept of providing a payment that is twice the basic benefit in the event of a loss. This is applicable only under certain circum...

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Guaranteed Term

In the world of finance, there exists a type of renewable term insurance that endures as long as the premiums are promptly paid. This is known as guaranteed term insurance, ...

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