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Loss reserves

and are an important factor in determining the company?s financial stability. The insurer's financial stability is influenced by the company's estimated amount for claims, which is regularly adjusted. These estimations are recorded as a liability on the balance sheet and play a crucial role in evaluating the company's overall performance. As changes in the market and other factors can impact the company's claim payments, these estimates require periodic reassessment. Such financial terms are essential in understanding the dynamics of the insurance industry and its impact on a company's financial health.

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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Incontestability clause

A valuable aspect of life insurance is the incontestability clause. This provision prohibits the insurer from denying liability after two years for misrepresentations or con...

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Common disaster clause

Life insurance policies often include a clause known as the "common disaster provision". This provision specifies what will happen to the life insurance proceeds if the name...

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Errors and omissions coverage (E&O)

As a finance professor, it is important to understand the concept of professional liability insurance. This policy protects professionals from claims of negligence that may ...

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