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Insurance

Consideration

This is typically done to protect individuals and businesses from financial loss due to unforeseen events. An insurance contract entails a fixed premium and a mutual understanding of the terms and conditions that ensue. The purpose behind this arrangement is to safeguard individuals and organizations against potential economic setbacks caused by unexpected circumstances.

Adjuster

A key player in the insurance industry is the adjuster, who works for a property/casualty insurer. Their main responsibility is to assess damages and determine appropriate c...

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Mortgage clause

In insurance contracts, there exists a clause which grants the mortgagor of a property the first right of recovery. This essentially means that in the event of a claim, the ...

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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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Experience rating

Insurance rating is a method of determining the cost of insurance based on the insured's past claims. This means that the premium for future coverage is influenced by the in...

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