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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.

Vicarious liability

As a finance professional, it is important to understand the concept of vicarious liability. This refers to the legal responsibility one may have for the actions or wrongdoi...

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Insurable risk

Insurance is a crucial component of financial planning, providing protection against potential risks. Some risks, however, are easier to insure than others. In order for insu...

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Rated

An additional charge is added to the standard rate when issuing coverages due to pre-existing health conditions or impairments of the insured. This is known as a substandard...

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Pair-and-set clause

Insurance companies often use a method called "pair and set" valuation to determine the amount of compensation for lost items. This approach takes into account the differenc...

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