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Compensatory Damages
Financial compensation awarded to a plaintiff to cover actual losses and harm suffered due to another party's actions or negligence.
Punitive Damages
Monetary compensation awarded in lawsuits over and above actual damages, intended to punish the defendant for particularly egregious conduct.
Policy Limits
The highest sum an insurer will disburse for a claim covered by the policy.
Subrogation Clause
A clause in an insurance policy that allows the insurer to assume the legal rights of the insured to seek recovery from third parties responsible for causing an insured loss.
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