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Insurance

Floor-of-protection concept

Social insurance is based on the principle that it should only provide limited protection, rather than meeting all of one's needs. This means that individuals are expected to supplement their social insurance benefits with their own resources. The purpose of social insurance is to provide a safety net, rather than fully supporting individuals. This principle is important to understand when considering the role of social insurance in financial planning.

Ceding company

In the world of finance, we often come across the term "insurer". This refers to a primary insurer, who assumes a portion of risk under the insurance policies they have acce...

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Named-perils agreement

A vital aspect of insurance contracts is the specification of covered perils. This refers to the events or risks that the insurer agrees to protect the policyholder against....

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Surety bond

In the world of finance, there exists a concept known as a surety bond. This is a legally binding agreement between three parties - the surety company, the owner or creditor...

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Marine insurance

Marine insurance, specifically for goods in transit and the commercial vehicles that carry them, applies to both water and land transport. While it can refer to inland marin...

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