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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.

Expiry

Let's talk about the concept of policy termination in finance. As a knowledgeable professor, I want to make sure you understand the importance of this term. Policy terminati...

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Large-loss principle

When it comes to purchasing insurance, it is important to prioritize your coverage for serious loss exposures over less serious ones. This rule ensures that you are adequate...

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Loss adjustment expenses

Insurance companies must account for the expenses incurred in investigating and resolving insurance claims, which also includes the costs of defending a lawsuit in court. Th...

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Kidnap/ransom insurance

As students of finance, it's important to familiarize ourselves with the concept of coverage for ransom and extortion payments, along with related expenses. This type of ins...

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