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Negligence

Negligence is the legal term used to describe the lack of care shown by an individual in carrying out their duties. This failure to meet the standard of care required can result in legal consequences. It is important to understand the concept of negligence as it is a crucial aspect in the world of finance. Let's delve deeper into this topic and explore its various implications.

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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Respondeat superior

In the world of finance, there exists a legal principle known as "vicarious liability" that holds a principal accountable for the actions of their agent. This means that the...

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Risk management policy

A financial strategy is a carefully designed plan that outlines the steps and guidelines to ensure consistent and effective actions over a certain period of time. It is cruc...

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Term insurance

Term life insurance is a type of insurance that provides coverage for a specific period, or term, as stated in the policy. This coverage only pays out to a designated benefi...

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