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Insurance

Surety bond

In the world of finance, there exists a concept known as a surety bond. This is a legally binding agreement between three parties - the surety company, the owner or creditor, and the third party. The purpose of this bond is to ensure that the third party's obligations are fulfilled. This is especially relevant for contractors working on public projects, as they are often required to obtain a surety bond. In the event that the contractor fails to fulfill their duties, the surety company steps in and is held responsible for either completing the work or compensating for any losses up to the bond's penalty amount.

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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Para-med (paramedical) Examination

Life insurance companies conduct medical examinations on potential policyholders to assess their health and determine the risk associated with insuring them. This examinatio...

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Facultative reinsurance

Reinsurance is a crucial aspect of the insurance industry, ensuring that insurers are protected against large or unique risks. Facultative reinsurance is a specific type of ...

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Blanket coverage

When discussing insurance, it is important to understand the concept of a "blanket policy". This refers to coverage for multiple items of property at one location, or for tw...

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