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Why Is Term Insurance Important?
In the United States within the wake of 9/11, the Terrorism Risk Insurance Act set up a federal program providing a clear system of shared public and private compensation for insured losses resulting from acts of terrorism. The program was prolonged till the end of 2014 by the Terrorism Risk Insurance Program Reauthorization Act 2007 . At the same time, the first insurance schemes for the underwriting of business ventures turned out there.
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Crime insurance is a form of casualty insurance that covers the policyholder towards losses arising from the criminal acts of third parties. For example, a company can acquire crime insurance to cowl losses arising from theft or embezzlement. In managing the claims handling function, insurers search to balance the elements of customer satisfaction, administrative dealing with expenses, and claims overpayment leakages.