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Insurance

Additional insureds

As we delve into the world of finance, it is crucial to understand the concept of insurable interest. This refers to individuals who have a stake in the property or person covered by an insurance policy. These individuals are protected against the specific losses outlined in the policy. However, it is important to note that they typically receive less coverage than the primary named insured. Let's explore this further to gain a better understanding.

Chance of loss

Loss frequency refers to the likelihood of a loss occurring in the long term. It can be measured by comparing the number of expected losses to the total number of potential ...

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Third-party Owner

In the world of finance, it is important to understand the distinction between a policy owner and a prospective insured. While these terms may seem interchangeable, they hol...

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Pure premium

In the realm of insurance, there exists a concept known as the "basic loss ratio." This refers to the portion of an insurance premium that is purely representative of the co...

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Face amount

A life insurance contract contains a crucial element known as the death benefit. This refers to the predetermined amount of money that will be paid out to the designated ben...

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