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Insurance

Principle of indemnity

In the realm of insurance, there exists a doctrine that sets a cap on the amount an insured individual can receive - the actual cash value of their insured property. This principle aims to provide fair compensation, taking into account the depreciation and wear and tear of the property. This limitation is a crucial aspect to consider in the world of finance, as it can greatly impact an individual's financial recovery after a loss.

Replacement cost

When discussing personal property and dwelling property insurance, we must understand the concept of replacement cost coverage. This type of insurance provides the full amou...

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Imputed acts

In the realm of finance, there exists a concept known as transferred responsibility, where one individual may commit an act, but the liability is assigned to another party. ...

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Hospice

In the world of finance, there exists a concept known as end-of-life care, which refers to the provision of compassionate and respectful treatment to those nearing the end o...

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Authority

The IRDA, created under the Insurance Regulatory and Development Authority Act of 1999, serves as the governing body for the insurance industry. Its main responsibility is t...

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