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Insurance

Automatic coverage

In the world of insurance, an insurer will often agree to provide coverage for accidents caused by any machinery that falls under the same category as the one specifically mentioned in the endorsement. This means that if a particular type of machinery is listed in the endorsement, any accidents caused by similar types of machinery will also be covered. This is a crucial aspect to understand when dealing with insurance policies in the context of finance.

Catastrophe

In the realm of finance, there exists a term known as "catastrophe". This term is commonly used for statistical purposes to denote a single event or a string of closely linke...

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Sum Assured

As a professor of finance, I want to ensure that you understand the concept of assured amount. This refers to the agreed upon sum that an insurance company will pay out in t...

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Physical hazard

When we talk about material characteristics, we're referring to the properties of an object that can affect its behavior or impact its surroundings. For example, a wet or ic...

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Automatic treaty

Reinsurance is a crucial concept in the world of finance. It refers to a contractual agreement between a ceding company and a reinsurer, where the former agrees to transfer ...

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