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Insurance

Contestable Clause

A key aspect of an insurance policy is the provision outlining the circumstances in which the insurer can challenge or invalidate the policy. This condition, known as a contestability period, typically has a specific time frame for when it can be invoked. As a knowledgeable professor of finance, it is important to be aware of this provision and its implications for both insurers and policyholders.

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Insurance companies incur various expenses in order to operate and provide coverage to their customers. These expenses, known as overhead or administrative expenses, are nec...

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Ancillary charges

In the realm of hospital insurance, there exists a concept known as "ancillary charges." These are expenses that are covered by the insurance policy, in addition to the cost...

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Imputed acts

In the realm of finance, there exists a concept known as transferred responsibility, where one individual may commit an act, but the liability is assigned to another party. ...

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Pro-rata treaties

Reinsurance agreements refer to contracts where the sharing of premiums and losses is based on a predetermined ratio. This is a common practice in the insurance industry, al...

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