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So far there have been five notable mass extinctions on Earth. A growing number of scientists argue that we’re now in the midst of a sixth. Postcards from the 6th Mass Extinction is a podcast hosted by John P. Rafferty that attempts to personalize extinction, emphasizing the survival challenges that familiar forms of life currently face, while at the same time considering the pivotal roles

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Insurance | Britannica

Details: Insurance, a system under which the insurer, for a consideration usually agreed upon in advance, promises to reimburse the insured or to render services to the insured in the event that certain accidental occurrences result in losses during a given period. It thus is a method of coping with risk.

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Insurance - Insurance practice | Britannica

Details: Insurance - Insurance - Insurance practice: The two basic functions in insurance are underwriting and rating, which are closely related to each other. Underwriting deals with the selection of risks, and rating deals with the pricing system applicable to the risks accepted. Underwriting has to do with the selection of subjects for insurance in such a manner that general company objectives are met.

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Insurance - Contract law | Britannica

Details: Insurance - Insurance - Contract law: In general, an insurance contract must meet four conditions in order to be legally valid: it must be for a legal purpose; the parties must have a legal capacity to contract; there must be evidence of a meeting of minds between the insurer and the insured; and there must be a payment or consideration. To meet the requirement of legal purpose, the insurance

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Insurance - Historical development of insurance | Britannica

Details: Insurance - Insurance - Historical development of insurance: Insurance in some form is as old as historical society. So-called bottomry contracts were known to merchants of Babylon as early as 4000–3000 bce. Bottomry was also practiced by the Hindus in 600 bce and was well understood in ancient Greece as early as the 4th century bce. Under a bottomry contract, loans were granted to merchants

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Insurance - Rate making | Britannica

Details: Insurance - Insurance - Rate making: Closely associated with underwriting is the rate-making function. If, for example, the underwriter decides that the most important factor in discriminating between different risk characteristics is age, the rates will be differentiated according to age. The rate is the price per unit of exposure. In fire insurance, for example, the rate may be expressed as

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Life insurance | Britannica

Details: Life insurance, method by which large groups of individuals equalize the burden of financial loss from death by distributing funds to the beneficiaries of those who die. Life insurance is most developed in wealthy countries, where it has become a major channel of saving and investment. Upon the

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Motor vehicle insurance | Britannica

Details: Motor vehicle insurance, a contract by which the insurer assumes the risk of any loss the owner or operator of a car may incur through damage to property or persons as the result of an accident. There are many specific forms of motor vehicle insurance, varying not only in the kinds of risk that

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Social insurance | Britannica

Details: Social insurance, public insurance program that provides protection against various economic risks (e.g., loss of income due to sickness, old age, or unemployment) and in which participation is compulsory. Social insurance is considered to be a type of social security (q.v.), and in fact the two

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Marine insurance | Britannica

Details: Marine insurance is the oldest form of insurance known. Indeed, the institution of general average (q.v.), under which the participants in a maritime venture contribute to losses incurred by some for the benefit of all, may itself be looked on as a primitive form of self-insurance.Marine insurance in a discernibly modern form made its appearance in the Middle Ages in Europe; many of the

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Theft insurance | Britannica

Details: In insurance: Theft insurance. Theft generally covers all acts of stealing. There are three major types of insurance contracts for burglary, robbery, and other theft. Burglary is defined to mean the unlawful taking of property within premises that have been closed and in which there are visible…

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Liability insurance | Britannica

Details: Liability insurance, insurance against claims of loss or damage for which a policyholder might have to compensate another party. The policy covers losses resulting from acts or omissions which are legally deemed to be negligent and which result in damage to the person, property, or legitimate

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Insurance - Suretyship | Britannica

Details: Insurance - Insurance - Suretyship: Surety contracts are designed to protect businesses against the possible dishonesty of their employees. Surety and fidelity bonds fill the gap left by theft insurance, which always excludes losses from persons in a position of trust. A bond involves three contracting parties instead of two. The three parties are the principal, who is the person bonded; the

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Insurance - Renewability | Britannica

Details: Insurance - Insurance - Renewability: An important condition of health insurance is that of renewability. Some contracts are cancelable at any time upon short notice. Others are not cancelable during the year’s term of coverage, but the insurer may refuse to renew coverage for a subsequent year or may renew only at higher rates or under restrictive conditions.

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Group insurance | Britannica

Details: Group insurance, insurance provided to members of a formal group such as employees of a firm or members of an association. Group insurance is distinguished from individual insurance in which single policies are sold to one person at a time and from social insurance (e.g., unemployment insurance,

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health insurance | Definition, Plans, & Types of Health

Details: A health insurance system that is organized and administered by an insurance company or other private agency, with the provisions specified in a contract, is known as private, or voluntary, health insurance. Private health insurance is usually financed on a group basis, but most plans also provide for individual policies.

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Deposit insurance | Britannica

Details: Deposit insurance, special type of insurance, under which depositors are guaranteed against loss in the event of a bank failure. It was developed in the United States during the Great Depression of the 1930s to meet the serious problems created by frequent bank suspensions. Between 1863 and 1933,

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Insurance - Excluded perils | Britannica

Details: Insurance - Insurance - Excluded perils: Among the excluded perils (or exclusions) of homeowner’s policies are the following: loss due to freezing when the dwelling is vacant or unoccupied, unless stated precautions are taken; loss from weight of ice or snow to property such as fences, swimming pools, docks, or retaining walls; theft loss when the building is under construction; vandalism

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Insurance - Types of contracts | Britannica

Details: Insurance - Insurance - Types of contracts: The major types of life insurance contracts are term, whole life, and universal life, but innumerable combinations of these basic types are sold. Term insurance contracts, issued for specified periods of years, are the simplest. Protection under these contracts expires at the end of the stated period, with no cash value remaining.

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Travelers Insurance | American corporation | Britannica

Details: Travelers Insurance, leading American insurance company with a history of mergers, acquisitions, and spin-offs, largely in the insurance and financial services industries.. The Travelers Insurance Company was founded in 1864 by James Batterson, a stonecutter. That year it sold the first accident insurance in the United States, and in 1865 it began selling life insurance, thus becoming the

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National Insurance Act | United Kingdom [1911] | Britannica

Details: The National Insurance Act of 1911 was especially notable. It introduced two independent contributory schemes of health and unemployment insurance. Both involved a tripartite financial structure, in which contributions for each insured person came from the insured person, the employer, and the state. The health insurance… Read More

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Insurance - Costs | Britannica

Details: Insurance - Insurance - Costs: Following the publication in the early 1970s of about 40 studies revealing inadequacies in workers’ compensation in the United States, most states passed laws increasing the number of workers covered, raising weekly benefits to equal or exceed 66 23 percent of the average weekly wage, and making other improvements.

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Excluded peril | insurance | Britannica

Details: In insurance: Excluded perils. Among the excluded perils (or exclusions) of homeowner’s policies are the following: loss due to freezing when the dwelling is vacant or unoccupied, unless stated precautions are taken; loss from weight of ice or snow to property such as fences, swimming pools, docks,…

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Insurance - Reinsurance | Britannica

Details: Insurance - Insurance - Reinsurance: A significant insurance practice is that of reinsurance, whereby risk may be divided among several insurers, reducing the exposure to loss faced by each insurer. Reinsurance is effected through contracts called treaties, which specify how the premiums and losses will be shared by participating insurers. Two main types of treaties exist—pro rata and excess

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Medicare and Medicaid | United States health insurance

Details: Medicare and Medicaid, two U.S. government programs that guarantee health insurance for the elderly and the poor, respectively. They were formally enacted in 1965 as amendments (Titles XVIII and XIX, respectively) to the Social Security Act (1935) and went into effect in 1966. The Medicare program

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Insuring clause | liability insurance | Britannica

Details: In insurance: Liability insurance. One is the insuring clause, in which the insurer agrees to pay on behalf of the insured all sums that the insured shall become legally obligated to pay as damages because of bodily injury, sickness or disease, wrongful death, or injury to another person’s property.

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Unemployment insurance | Britannica

Details: Unemployment insurance, a form of social insurance (q.v.) designed to compensate certain categories of workers for unemployment that is involuntary and short-term. Unemployment insurance programs were created primarily to provide financial assistance to laid-off workers during a period deemed long

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Insurance - Business liability insurance | Britannica

Details: Insurance - Insurance - Business liability insurance: Business liability contracts commonly written include the following: liability of a building owner, landlord, or tenant; liability of an employer for acts of negligence involving employees; liability of contractors or manufacturers; liability to members of the public resulting from faulty products or services; liability as a result of

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Insurance - Japan | Britannica

Details: Insurance - Insurance - Japan: Insurance in Japan is mainly in the hands of private enterprise, although government insurance agencies write crop, livestock, forest fire, fishery, export credit, accident and health, and installment sales credit insurance as well as social security. Private insurance companies are regulated under various statutes.

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insurance - Students | Britannica Kids | Homework Help

Details: Liability insurance is the most important kind of business insurance. A liability is a duty one person owes another, or is liable for, for some special reason. Liability insurance pays an individual or a business for liabilities that result from unforeseen situations.

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Lloyd's | insurance company | Britannica

Details: Lloyd’s, international insurance marketing association in London, known for insuring unusual items and distinguished by its affluent members (individuals, partnerships, and corporate groups) who underwrite and accept insurance for their own account and risk. The corporation—which provides generally

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Fire insurance | Britannica

Details: Fire insurance, provision against losses caused by fire, lightning, and the removal of property from premises endangered by fire. The insurer agrees, for a fee, to reimburse the insured in the event of such an occurrence. The standard policy limits coverage to the replacement cost of the property

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Insurance policy | Britannica

Details: Other articles where Insurance policy is discussed: insurance: Very often contracts can be drawn in such a way that an “uninsurable risk” can be turned into an “insurable” one through restrictions on losses, redefinitions of perils, or other methods.

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Insurance - Perils clause | Britannica

Details: Insurance - Insurance - Perils clause: Until 1978 the main insuring clause of modern ocean marine policies was preserved almost unchanged from the original 1779 Lloyd’s of London form. The clause is as follows: Although the clause reads as if it were an all-risk agreement, courts have interpreted it to cover only the perils mentioned. Essentially, the clause insures the voyage from perils

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Insurance - Inland marine insurance | Britannica

Details: Insurance - Insurance - Inland marine insurance: Although there are no standard forms in inland marine insurance, most contracts follow a typical pattern. They are usually written on a named-peril basis covering such perils of transportation as collision, derailment, rising water, tornado, fire, lightning, and windstorm. The policies generally exclude losses resulting from pilferage, strike

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Managed care | health insurance and system | Britannica

Details: Managed care, type of health insurance and system of delivering health care services that is intended to minimize costs. Managed care is specific to health care in the United States. The origins of managed care in the United States can be traced to the late 19th century, when a small number of

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Claims-made basis | liability insurance | Britannica

Details: In insurance: Limits of liability …on a per-occurrence or a claims-made basis. In the former, which gives the most comprehensive coverage, the policy in force in year one covers a negligent act that took place in year one, no matter when a claim is made.

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Insurance - Aviation insurance | Britannica

Details: Insurance - Insurance - Aviation insurance: Aviation insurance normally covers physical damage to the aircraft and legal liability arising out of its ownership and operation. Specific policies are also available to cover the legal liability of airport owners arising out of the operation of hangars or from the sale of various aviation products.

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Insurance - Other provisions | Britannica

Details: Insurance - Insurance - Other provisions: Life insurance policies contain various clauses that protect the rights of beneficiaries and the insured. Perhaps the best-known is the incontestable clause, which provides that if a policy has been in force for two years the insurer may not afterward refuse to pay the proceeds or cancel the contract for any reason except nonpayment of premiums.

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Casualty insurance | Britannica

Details: Casualty insurance, provision against loss to persons and property, covering legal hazards as well as those of accident and sickness. Major classes of casualty insurance include liability, theft, aviation, workers’ compensation, credit, and title.. Liability insurance contracts may cover liability arising out of the use of an automobile, the operation of a business, professional negligence

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FAI Insurance, Ltd. | Australian company | Britannica

Details: Other articles where FAI Insurance, Ltd. is discussed: Lawrence James Adler: (later renamed FAI Insurance, Ltd.) and one of the 10 richest men in the country.

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Coinsurance | Britannica

Details: In insurance: Limitations on amount recoverable …less than 80 percent, a coinsurance clause is triggered, the operation of which reduces the recovery amount to the value of the loss times the ratio of the amount of insurance actually carried to the amount equal to 80 percent of the value of the property.

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Express warranty | insurance | Britannica

Details: In insurance: Warranties …warranties that must be considered: express and implied. Express warranties are promises written into the contract. There are also three implied warranties, which do not appear in written form but bind the parties nevertheless.

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Universal life insurance | Britannica

Details: In insurance: Types of contracts. The universal life plan, which earns interest at a rate roughly equal to that earned by the insurer (approximately the rate available in long-term bonds and mortgages), may be used as a convenient vehicle by which to save money.

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Plate glass insurance | Britannica

Details: In insurance: Miscellaneous insurance. The extensive use of plate glass in modern architecture has produced a special comprehensive insurance that covers not only plate glass but glass signs, motion-picture screens, halftone screens and lenses, glass bricks, glass doors, and so forth.

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Free of particular average clause | insurance clause

Details: In insurance: FPA clause. The FPA, or “free of particular average,” clause excludes from coverage partial losses to the cargo or to the hull except those resulting from stranding, sinking, burning, or collision. Under its provisions, losses below a given percentage of value, say 10 percent, are… Read More

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Prepaid group practice | health insurance | Britannica

Details: Other articles where Prepaid group practice is discussed: health maintenance organization: …main types of HMOs, the prepaid group practice model and the medical care foundation (MCF), also called individual practice association. The prepaid group practice type of health care plan was pioneered by the Ross-Loos Medical Group in California, U.S., in 1929.

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Term life insurance | Britannica

Details: Other articles where Term life insurance is discussed: life insurance: …of life insurance contracts are term life, whole life, variable life, and universal life. Under term insurance contracts, a set amount of coverage, such as $50,000 or $500,000, is issued for a specified period of time. The premiums on such policies tend to increase with age, meaning that premium costs…

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Implied warranty | insurance | Britannica

Details: In insurance: Warranties …must be considered: express and implied. Express warranties are promises written into the contract. There are also three implied warranties, which do not appear in written form but bind the parties nevertheless.

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Per-occurrence basis | liability insurance | Britannica

Details: In insurance: Limits of liability. Limits may apply on a per-occurrence or a claims-made basis. In the former, which gives the most comprehensive coverage, the policy in force in year one covers a negligent act that took place in year one, no matter when a claim is made.

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Indirect loss | insurance | Britannica

Details: Other articles where Indirect loss is discussed: insurance: Indirect losses: An entirely different branch of the insurance business has been developed to insure losses that are indirectly the result of one of the specified perils. A prominent example of this type of insurance is business income insurance. The insurer undertakes to reimburse the…

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