Natural Disasters

Act of God
An 'Act of God' refers to violent and catastrophic events caused by natural forces which could not have been prevented or avoided by human foresight or prudence. In legal terms, such events can excuse the performance of a contractual duty if that performance is rendered impossible.
Catastrophe Hazard
Catastrophe Hazard refers to circumstances where there is a significant deviation of the actual aggregate losses from the expected aggregate losses, such as a major natural disaster where whole units or blocks of businesses are threatened. These hazards are often uninsurable by commercial insurance companies due to the extremity of the risk involved or the prohibitive actuarial premiums.
Comprehensive Insurance
Comprehensive insurance coverage in automobile insurance provides protection from physical damage (other than collision) and theft of the insured vehicle, covering events like fire damage, vandalism, and natural disasters.
Hazard Insurance
Hazard insurance is a form of insurance that protects property owners against damages inflicted by certain risks, such as fires, storms, and other natural disasters.
Involuntary Conversion
Involuntary conversion refers to the forced disposition of property, where the property owner is reimbursed for the property taken or destroyed.
Pure Risk
Pure Risk refers to situations where there is a risk of loss with no opportunity for gain. These conditions, such as fires, natural disasters, and liability issues, are where the need for insurance coverage is clearly indicated since there is only the risk of loss with no possibility of beneficial gain.
Total Loss
Total loss refers to damage that is so extensive that repair is not economical. Typically seen in contexts like insurance claims, accidents, and natural disasters, total loss indicates that the cost to reconstruct, repair, or salvage an item exceeds its replacement value.
Windfall Profit
Windfall profit is a sudden, unexpected gain resulting from an event that is not controlled by the person or company benefiting from it. These profits often arise due to external factors such as natural disasters, government regulation changes, or sudden shifts in market dynamics.

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