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A sinking fund is a fund established by an economic entity by setting aside revenue over a period of time to fund a future capital expense, or repayment of a long-term debt. In North America and elsewhere where it is common for government entities and private corporations to raise funds through the issue of bonds , the term is normally used in ...
A peculiarity of marine insurance, and insurance law generally, is the use of the terms condition and warranty. In English law, a condition typically describes a part of the contract that is fundamental to the performance of that contract, and, if breached, the non-breaching party is entitled not only to claim damages but to terminate the ...
The insurance policy is generally an integrated contract, meaning that it includes all forms associated with the agreement between the insured and insurer. [2]: 10 In some cases, however, supplementary writings such as letters sent after the final agreement can make the insurance policy a non-integrated contract.
The term does not imply in any way that the ship is privately owned. privateer. Also private man of war. A privately owned ship authorised by a national power (by means of a letter of marque) to conduct hostilities against an enemy. prize A property captured at sea in virtue of the rights of war, e.g. an enemy warship or merchant vessel. prize crew
A policyholder (or policy holder) is the person who owns the insurance policy. Policyholders affect how much the car insurance costs and, in most cases, the policyholder is the only person who can ...
An insurance broker typically doesn’t know all the policy details for every policy type and insurance company. There could be policy exclusions, terms and conditions they may not be aware of ...
Inland marine insurance is an insurance category in the United States that indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance. The term marine is of historical origin and the insurance definition has evolved to include a wide range of property and materials that are ...
The property damage liability portion of your policy pays for the other driver’s vehicle damages and your bodily injury liability insurance is designed to pay for the other driver’s and ...