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Insurance

Quota share treaties

In the world of insurance, there exists a practice known as reinsurance. This involves multiple insurers coming together to share the risk and responsibility of covering a particular line of insurance. Each insurer agrees to take on a certain percentage of both premiums and losses, creating a strong safety net for all parties involved. This collaboration allows for a more efficient and secure approach to managing risk in the insurance industry.

Lapse

When a policy owner fails to pay the premium within the grace period, the policy is terminated. This means that the coverage will end and the policy will no longer be in eff...

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Manifestation doctrine

When a claimant's illness or injury is discovered, there is a liability limit in place that offers coverage. This limit is crucial for protecting both the individual and the...

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Punitive damages

When a defendant is found to have acted in a grossly negligent manner, they may be assessed punitive damages as a way to set an example and discourage others from behaving s...

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Business interruption insurance

As a business owner, you may have heard of the term "business interruption insurance". This type of coverage provides reimbursement for lost profits and fixed expenses durin...

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