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A start-up company may prefer to rely on independent contractors instead of employees because it is more expensive to hire and train employees.
Real Property
Land and anything permanently attached to it, such as buildings and fixtures.
Insurable Interest
A legal requirement for obtaining insurance policies, stipulating that the policyholder must stand to suffer a financial or personal loss from the insured event.
Appraisal Clause
A provision in insurance policies allowing for a neutral party to determine the value of property or the extent of damage in case of disagreement.
Insurance Policy
A contract between an insurance company and the policyholder which outlines the terms, coverage, and conditions under which the insurer agrees to compensate the insured for losses.
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