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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.

Salvage

When an insurer pays a claim, they may take over damaged property in order to minimize their loss. This is known as salvage. Insurers have salvage rights over property they ...

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Contract construction bond

A key element in construction projects is the use of surety bonds, which serve as a guarantee that the parties involved will fulfill their obligations as outlined in the con...

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Marine insurance

Marine insurance, specifically for goods in transit and the commercial vehicles that carry them, applies to both water and land transport. While it can refer to inland marin...

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Tertiary Beneficiary

When it comes to life insurance, it's important to understand the concept of a third beneficiary. This is the individual who is next in line to receive the benefits if the p...

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