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In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay.
Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. [1] Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are reluctant to insure.
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury.
The economy of Poland is an emerging and developing, [1] high-income, [24] industrialized, mixed economy that serves as the sixth-largest in the European Union by nominal GDP and fifth-largest by GDP (PPP). [25]
Insurance in the United States refers to the market for risk in the United States, the world's largest insurance market by premium volume. [1] According to Swiss Re, of the $6.782 trillion of global direct premiums written worldwide in 2022, $2.959 trillion (43.6%) were written in the United States.
Several features of IFRS 17 have been criticized by preparers. One example is the volatility caused by applying current rates for time value of money. [10] IFRS 17 permits presenting the effects of changes in the discount rate under Other Comprehensive Income to eliminate the volatility from the P&L.
Illustration of the partial payout of Sum Insured against probability of occurrence. Condition of average (also called underinsurance [1] in the U.S., or principle of average, [2] subject to average, [3] or pro rata condition of average [4] in Commonwealth countries) is the insurance term used when calculating a payout against a claim where the policy undervalues the sum insured.
Self insurance is a risk management method in which an organization that is liable for some risk does not take out any third-party insurance, but rather chooses to bear the risk itself.