WinsurTech Blog | Insurance Concepts and Practical Solutions

What does Guaranteed Benefit mean in Insurance?

Author - Webner
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4:35 am
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Investing in an insurance policy through any insurance company is the way to create financial stability to cover the uncertainty of the future for the insured and his/her family.

A guaranteed benefit in insurance (especially in the case of life insurance) policy is that the investment will grow as shown and the insured person will get a pre-stated amount on the invested amount as described in the benefit illustration. Moreover, if the policy offers guaranteed benefits, then that should be clearly marked in the policy document or in the benefit illustration table as ‘guaranteed’

When a customer applies […]

What is a driver training credit in auto insurance?

Author - Webner
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4:38 am
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Driver training credit is the discount or reduction provided to a student within the insurance premium. Young drivers become eligible for driver training credits upon completion of a driver training course. Most public school systems provide these sorts of courses.

Insurance companies within the U.S. offer a reduction to new drivers of a particular age that have completed a driver training course. This course teaches the basics of how a car works, principles of traffic, and methods to remain safe while driving.

More than any other demographic, drivers between the ages of 16 and 20 are at the highest […]

Stacked Vs. Unstacked Motorist Coverage

Author - Webner
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5:01 am
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Stacked Insurance:

The term “stacking” refers to the ability to combine coverage limits for several automobiles. The highest amount your insurance will pay toward a covered claim is known as the coverage limit. As a result, merging several coverage limits into a single larger limit can provide more protection in the event of an automobile accident involving an uninsured or underinsured motorist. Uninsured and underinsured motorist coverage is often covered by stacked insurance.

Uninsured/Underinsured motorist coverage: Uninsured and uninsured driver compensation is insurance coverage that helps cover medical costs and vehicle repair or replacement costs […]

What is Towing and Labor Costs Coverage?

Author - Webner
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4:49 am
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Introduction

Towing and labor cost coverage is an optional coverage that pays the cost of towing the vehicle to a repair shop when it is unable to be driven. It also covers a specified amount of necessary labor charges at the place of the breakdown

By adding this coverage to the car insurance policy, insureds can protect themselves against some of the costs and hassles associated with common roadside breakdowns like dead batteries, flat tires, or even an embarrassing lockout. An insured must ask the insurer while buying the policy as some the insurers automatically fold this coverage […]

Insurance Claims

Author - Webner
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4:39 am
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When a policyholder requests compensation for a covered loss or policy event from an insurance company, it is known as an insurance claim. The insurance company has the authority to validate the claims so they can approve or denies the claims according to the policy term and conditions.

If it is denied then the company will not pay any amount for that loss or if it is approved then the company will issue the payment to the insured according to the loss amount.

Most commonly, Insurance claims involve the cost of medical goods and services, physical damage, loss of life […]

Coverages Other Than Liability In Auto Insurance

Author - Webner
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4:13 am
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Apart from liability insurance, which is required by Rhode Island law, an auto policy might include a variety of additional coverages.

Physical Damage to the Automobile

Comprehensive coverage covers damage to your vehicle caused by practically any other cause, such as fire, hail, windstorm, vandalism, flood, and theft. It also covers broken glass, such as damage to a windshield. Because comprehensive coverage is less expensive than collision coverage, many people opt for it. The lender who is financing your car will almost certainly need you to carry comprehensive insurance.
Collision coverage compensates you for damage to your car […]

Risk Management in Insurance Industry

Author - Webner
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4:38 am
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Difference between risk management and insurance?

Risk Management
Risk management is a proactive process that involves identifying and planning for different types of risks, including financial losses, reputational damage, and operational disruption. This can be compared to insuring against future damages or losses by taking preventive measures now.

Insurance
Comparatively, insurance is a contract between two parties in which one party agrees to pay for damages resulting from specified events below certain thresholds at predetermined intervals in exchange for periodic payments from the other party.

Importance of Risk Management in the Insurance Industry […]

What Are Insurance Premiums, Deductibles, And Limits?

Author - Webner
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4:36 am
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INSURANCE PREMIUM

An insurance premium is the sum of money an individual or a business unit pays to the insurance company for an insurance policy. These policies cover home, automobile, health, or life insurance. The premiums are paid to get coverage against the loss arising from death, accidents, health issues, natural calamity, etc. The insurance premium must be paid regularly as per the conditions mentioned in the insurance contract i.e, it can be paid monthly, quarterly, half-yearly, or annually. In case of failure of payment of insurance premium, the insurance policy may be canceled by the […]

Multi-Car Credit In Auto Insurance

Author - Webner
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10:58 am
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What Is a Multi-Car Insurance Policy?

A multi-car insurance policy covers multiple cars, trucks, or other vehicles. You can save money by bundling your automobiles.

This strategy is also known as a “schedule of cars” policy or a “many vehicle policy.” These policies are usually only offered for “passenger” cars. When you combine additional types of vehicles, such as RVs, boats, motorbikes, and scooters, your insurer may offer discounts.

Discount of multi car insurance?

Your cost will almost certainly vary if you add a car in the middle of a policy year, just as […]

What does a Rated Driver mean in insurance?

Author - Webner
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10:24 am
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Rated driver is someone who is mentioned on the policy, they don’t have coverage elsewhere and they regularly drive one or more cars mentioned in the policy.

A primary driver is often the named insured or their spouse who drives one of the covered cars or autos,
rated and primary drivers may affect the premiums if they are inexperienced, young and have accidents
Or have moving violations […]

What is Property Damage Liability and in which AL3 group its details can be found in Personal Lines policies? Which elements are important in this group to get the details?

Author - Webner
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4:38 am
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PROPERTY DAMAGE LIABILITY:

Automobile insurance covers property damage liability. If the person (insured) is at fault who caused damage to another person’s property or vehicle, it helps in covering damage charges of another person which took place in a car accident. In most states, it is mandatory to take property damage liability coverage. However minimum amount requirement of property damage liability depends upon the state in which the insurance policy has been taken.

INCLUSIONS IN PROPERTY DAMAGE LIABILITY:

PRIVATE PROPERTY: vehicles, houses, lawn, fence.
PUBLIC PROPERTY: street lights, fencing, building, road […]

What is Comprehensive Coverage and in which AL3 group its details can be found in Personal Lines policies? Which elements are important in this group to get the details?

Author - Webner
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4:40 am
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Insurance Coverage: Insurance Coverage is defined as the amount of risk or a potential loss including liability that has been protected by an insurance policy. Coverage mainly helps to recover the financial losses, damages that occur to property, and any health issues. For this kind of Coverages, an Individual pay an Insurance premium for a particular policy.

Comprehensive Coverage: Comprehensive coverage helps to cover the cost of damage to the vehicle when the accident is not caused by a collision and the insurance holder is also involved in that accident. It mainly covers losses like theft […]

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