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Insurance

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 a portion of its business to the latter. This exchange is based on predetermined terms and conditions, and helps mitigate risk for the ceding company by distributing it to the reinsurer. This is just one example of the intricate and important concepts that make up the world of finance.

Inland marine insurance

In the realm of insurance, there exists a type of coverage that encompasses shipments not involving ocean transport. This coverage extends to articles in transit via land an...

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Unilateral contract

A legal agreement, like an insurance contract, where one party is obligated to fulfill promises that are legally binding. This type of contract is known as a unilateral cont...

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Lapse

When a policy owner fails to pay the premium within the grace period, the policy is terminated. This means that the coverage will end and the policy will no longer be in eff...

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Subrogation

Insurance subrogation is a crucial term in the world of finance. It refers to the legal process in which an insurance company recovers the amount it has paid for a loss from...

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