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10 hours ago · The principle ensures that insurance serves its primary purpose: providing financial protection rather than a means of profit. To have an insurable interest, the insured must demonstrate a relationship to the subject of the insurance, whether it be life, property, or liability, that could result in a financial loss if the insured event occurs.
5 days ago · Business interruption insurance definition. Business interruption insurance (also known as ‘business continuity insurance’ or ‘business disruption insurance) provides cover for loss of income - or the additional costs of keeping your business running - following an incident that interrupts your normal activities.
3 days ago · Actual Cash Value (ACV) is the current market value of an insured item minus depreciation. This means you'll receive less than the item's replacement cost if it's damaged or stolen. Understanding the difference between ACV and replacement cost is crucial for choosing the right insurance coverage. To make an informed decision, evaluate your ...
3 days ago · Employers’ liability insurance covers you if your employees or ex-employees develop a work-related illness or get injured on the job and they make a claim against you. What does it cover? It covers legal costs, medical costs, lost income and possible court-ordered compensation. Is employers’ liability insurance compulsory in the UK?
4 days ago · Often referred to as the “pitfalls” of a quote, insurance subjectivities are certain conditions you must follow to ensure the coverage you need. It’s the insurance carrier’s way of guaranteeing your business upholds to a particular standard. Insurance subjectivities make covering you less of a risk.
5 days ago · It is a type of business insurance that protects employers from financial loss in the event of employee injury or illness arising from work-related activities. It protects you against compensation claims if an employee becomes ill or injured because of the work they do for you. It’s a legal requirement for almost all UK businesses.
3 days ago · Intuitively, it means that every risk-averse expected utility agent with insurable loss X would accept to purchase the insurance contract with payoff I (X) at some price higher than or equal to the mean of I (X); the insurance price being no less than the mean of the payoff is a natural requirement for the insurance provider to participate (see Arrow (1963)); later we will discuss a few ...
