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Insurance

Multiple peril policy

A package policy, commonly known as a homeowners or business insurance policy, offers protection against various perils. This type of policy combines both property and liability coverage into one comprehensive plan. In simpler terms, it offers a one-stop solution for insurance needs, making it a convenient and cost-effective option for individuals and businesses alike. As we delve deeper into the world of finance, understanding the concept of package policies will prove to be a valuable asset.

Retention

The concept of "retained risk" refers to the level of risk that an insurance company is willing to take on without seeking protection through reinsurance. In other words, it...

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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 ...

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Catastrophe

In the realm of finance, there exists a term known as "catastrophe". This term is commonly used for statistical purposes to denote a single event or a string of closely linke...

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Irrevocable beneficiary

A restrictive beneficiary designation is a legally binding agreement that cannot be altered without the expressed permission of the designated beneficiary. This means that o...

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