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In India,Muslims
Liability Insurance Policy
A financial product that provides the insured party with protection against claims resulting from injuries and damage to people and/or property.
Insurable Interest
The stake or financial interest an individual or entity has in the potential loss of something insured, ensuring they suffer a direct loss if an insured event occurs.
Good Faith
A sincere intention to deal fairly with others without any intention to deceive or commit fraud.
Coinsurance Clause
A provision in an insurance policy requiring the policyholder to bear a portion of the costs of a claim, reducing the insurer’s risk.
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