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Insurance

Involuntary coverage

In finance, there exists a concept known as 'mandatory insurance'. This pertains to the government's requirement for specific groups or individuals to purchase insurance under certain circumstances. This insurance serves as a safety net, providing financial protection in case of unforeseen events. It is crucial for individuals to understand their obligations and the benefits of such insurance, as it can greatly impact their financial well-being. Let us explore this topic further.

Aggregate limits

In the realm of insurance, it is important to understand the difference between a yearly limit and a per occurrence limit. A yearly limit refers to the maximum amount an ins...

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Conditional Receipt

A policy owner will receive a receipt upon paying a premium at the time of application. This receipt serves as a binding agreement between the insurance company and the owne...

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Intestate

A will is a legal document that outlines a person's final wishes regarding their assets and property. It is crucial for individuals to have a valid will in place to ensure t...

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Bind

An important concept in property and liability insurance is the authority given to agents to accept offers from potential insured individuals without consulting the insurer....

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