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Loss reserves

and are an important factor in determining the company?s financial stability. The insurer's financial stability is influenced by the company's estimated amount for claims, which is regularly adjusted. These estimations are recorded as a liability on the balance sheet and play a crucial role in evaluating the company's overall performance. As changes in the market and other factors can impact the company's claim payments, these estimates require periodic reassessment. Such financial terms are essential in understanding the dynamics of the insurance industry and its impact on a company's financial health.

Utmost good faith

Understanding the concept of utmost good faith in insurance contracts is crucial in the world of finance. This doctrine requires a higher level of honesty and disclosure fro...

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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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Activities of daily living

Long-term care insurance policies often include specific activities that must be impeded in order for the policyholder to receive payment. These activities, including eating...

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Hull insurance

A marine insurance policy provides coverage for ships that traverse the ocean. This type of insurance protects against damage or loss of the vessel, as well as any damage or...

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