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Insurance

Mortgage clause

In insurance contracts, there exists a clause which grants the mortgagor of a property the first right of recovery. This essentially means that in the event of a claim, the mortgagor has priority over the insurer to receive compensation for damages or losses to the property. This clause is crucial in providing security and protection to the mortgagee, ensuring that they do not suffer financial loss in case of any unfortunate events. So, it is important for individuals to understand the concept of first right of recovery and its implications when entering into any insurance agreements.

Third-party administrator

An employer often appoints an administrator to oversee various tasks related to employee benefits such as managing claims. Alternatively, an external group may be hired by a...

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Loss ratio

As an expert in finance, it is crucial to understand the concept of "loss ratio," which refers to the percentage of each premium rupee that an insurer spends on claims. This...

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Aviation insurance

Commercial airlines carry property insurance for their planes and liability insurance for any negligent actions that may cause harm or damage to passengers or third parties....

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Rated

An additional charge is added to the standard rate when issuing coverages due to pre-existing health conditions or impairments of the insured. This is known as a substandard...

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