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Misrepresentation

Let's talk about the process of creating and distributing an estimate, illustration, circular, or statement that does not accurately represent the terms, dividends, or share of surplus for a policy. This is known as issuing or circulating a false representation. It can also refer to using an incorrect name or title for a policy. As finance professionals, it is important to understand the implications of false representations and how they can impact the industry as a whole.

Cost-to-repair basis

When we talk about replacement cost, we refer to the expenses involved in replacing a property after a loss, but not necessarily with the same materials and labor. This is a...

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Pollution insurance

In the world of finance, there are important policies that cover potential property loss and liability due to pollution-related damages. These policies are specifically desig...

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Positive act

One common term used in the world of finance is "tort," which refers to an action that can potentially cause harm or injury to another person or their property. This term is...

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Term

It can be for a specific period of time or for a lifetime Insurance coverage is typically provided for a defined period known as a term. This period could be for a set numb...

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