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Captive agent

A captive agent is an individual who exclusively represents a single insurance company and is bound by contract to only submit business to that company. They are not allowed to work with any other insurance company unless their captive company declines the business first. This arrangement often limits the options available to the client, as the captive agent is not able to provide quotes from other companies.

Claims management

Loss claims are an essential aspect of managing financial risk. As a knowledgeable finance professor, it is imperative for you to understand the functions involved in handl...

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Noncancellable

A non-cancelable policy is a type of insurance that cannot be terminated by the insurer until a specific age is reached. In other words, the policy remains in force as long ...

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Underinsurance

As we delve into the area of insurance, it is important to understand the concept of underinsurance. This refers to the situation where a policyholder has not purchased enou...

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Leasehold

A lease is a legal agreement that grants a tenant the right to use and enjoy a property for a designated period of time. This interest in real property is known as a leasehol...

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