CORPORATE INSURANCE

Definition: An aleatory contract is a contract in which the future contingent event is the subject matter of the contract and its completion hangs entirely on the happening or non-happening of that event. Characteristics: Examples: Key Points: FAQs

Balance Sheet Reserves Balance sheet reserves are amounts set aside by banks to meet potential future withdrawals and liabilities. They are typically held in the form of cash or other highly liquid assets. Reserves are required by law for most banks, and the amount required varies by country. Types of Balance Sheet Reserves: Statutory reserves: […]

Professional Liability Insurance (PLI) Professional liability insurance (PLI) protects professionals against claims of negligence or errors in their work. It is often required by state law for certain professions, such as doctors, lawyers, and architects. Key Features: Broad coverage: Covers a wide range of professional activities, including consulting, engineering, design, and more. Defense costs: Pays […]

Cost, Insurance, and Freight (CIF) is a international trade term that describes the price of a specific product at the point of origin, including all costs associated with its transportation to the destination country. Breakdown of CIF Cost: Cost: This includes the cost of the product itself, as well as any associated costs such as […]

Alternative Dispute Resolution (ADR) Alternative Dispute Resolution (ADR) refers to a variety of conflict resolution mechanisms that aim to resolve disputes outside of traditional court proceedings. These mechanisms include: 1. Mediation:– Neutral third party facilitates discussions between parties.- Focuses on finding mutually acceptable solutions.- Can be used for a wide range of disputes. 2. Arbitration:– […]

Definition: Cession is the act of transferring ownership or control of land or other assets from one party to another. It is a legal process that creates a new owner or controller. Elements of Cessation: Transferor: The party who owns or controls the asset being ceded. Transferee: The party who receives the asset. Asset: The […]

Actuarial Science Actuarial science is a specialized field of mathematics that involves the use of statistical techniques and mathematical modeling to predict future financial outcomes. Actuaries play a crucial role in various industries, including insurance, pensions, and financial services. Key Concepts: Probability: Probability is a fundamental concept in actuarial science, as it allows actuaries to […]

Business Insurance Business insurance, also known as commercial insurance, is a type of insurance that protects businesses against losses resulting from various risks. It provides coverage for a wide range of business operations, including: Types of Business Insurance: General Liability Insurance: Covers liabilities arising from property damage, injuries, or negligence. Property Damage Insurance: Insures business […]

Apportionment Apportionment is the process of dividing a set of resources or items among various groups or individuals based on a specific formula or criteria. It involves allocating a portion of the resources or items to each group or individual in proportion to their share or representation. Key Principles of Apportionment: Fairness: The apportionment process […]

Definition: Accidental means are those that occur unintentionally and without malice. They are caused by an act that is not intended to cause harm, but results in harm nonetheless. Examples: Slips and falls Car accidents Electrical shocks Fire accidents Medical malpractice (where the harm is not intended, but occurs due to negligence) Elements of Accidental […]