WinsurTech Blog

Commercial Insurance – Introduction and Types

Author - Webner
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12:26 pm
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Commercial Insurance- Introduction and Types

Commercial Insurance:- Commercial lines insurance includes property and casualty insurance products for businesses. Commercial lines Insurance protects businesses from potential losses caused by accidents, natural disasters and other adverse events.
Here are the list of Commercial Insurances and their Line of Business (LOB) codes:

1. Inland Marine Insurance: Inland Marine insurance generally covers property that is movable or transportable in nature.
LOB Code : INMRC

Example – Transportation coverage for property shipped by or to you via common carriers.

Excel Macros at Low Cost for CPAs, Financial Advisers and Data Analysts

Author - Webner
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11:28 am
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Those who work with data in Excel know they need custom functions from time to time. Custom functions or macros can make their life so much easy and their productivity will go up substantially. As an example – a simple custom function which could operate over an input sheet, take few filters into account to leave out some rows and generate output from the rest of them in a desired format would be handy to have. But finding a VBA programmer who could develop very specific custom functions at reasonable price can be a major challenge. We understand this challenge and […]

ACORD Form Number 1 – Purpose and Some Important Fields

Author - Webner
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11:37 am
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ACORD Form Number 1 – Purpose and Some Important Fields

Primary Purpose – The ACORD 1 form: Property Loss Notice, is used to document the personal lines property losses including Homeowners, Dwelling Fire, Inland
Marine, Commercial Property, Flood, Wind and others, happened to the insured locations so as to file a claim.

It is important that all of the agent’s clients file the insurance claims immediately after an incident occurs. Any delay in filing a claim can delay the claims process and the time it takes to receive funds.

In case a customer does not want to […]

Personal Lines Insurance – Introduction and Types

Author - Webner
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12:18 pm
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Personal Lines Insurance – Introduction and Types

Personal lines insurance covers insurance products related to casualty and property that protect individuals from losses they couldn’t afford to cover on their own. Insurance lines like this make it possible to do things like drive a car and own a home without financial risk.

It includes products such as flood insurance, renters insurance, automobile insurance, homeowners insurance, life insurance, disability insurance, earthquake insurance, umbrella insurance and health insurance. These insurance protect individuals and families against financial losses caused by theft, natural disasters, death, accidents, lawsuits, fire and illness […]

Acord 27 form – Purpose and some important Fields

Author - Webner
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11:23 am
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Purpose and some important Fields of Acord 27 form

(Evidence of Property Insurance)
ACORD 27 form provides information about the coverage statement for mortgagees and loss payees who provide mortgages or loans on the residential property, personal property, or small commercial properties and are named in the policy.

This form reveals the requirements of mortgagees and its primary concern is the amount of insurance sufficient to cover the amount of the loan. Additionally, space is provided in the Coverage and Remarks sections of the form to include any additional information that may be required […]

What does STARR convey in Insurance

Author - Webner
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2:22 pm
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STARR has a full form in insurance. It is Share, Transfer, Avoid, Reduce and Retain. STARR is related to Risk Management. One can share risk (like group insurance so that risk is divided among the members and loss of individual goes down), transfer risk (like buying a comprehensive insurance policy and transfer the risk to insurance company), avoid risk (like living without the article to be insured), reduce risk (by taking appropriate measures so that risk of loss goes down – for example by following traffic rules while driving) and retain the risk (which means not buying an insurance policy and […]

Avoiding Risk vs Reducing Risk in Insurance

Author - Webner
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2:05 pm
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Avoiding Risk is very different from Reducing Risk. Let’s understand it with an example. Suppose James has a car and has an insurance policy for it. James double checks everyday that the car is in perfect condition. He ensures that air pressure in the tires is appropriate, brake oil, engine oil, oil filter, front and back lights, car battery etc are always well maintained. James also drives the car following all the traffic rules to the best of his ability and remains extra vigilant to avoid accident even if someone else on the road makes mistake. What is James […]

Moral vs Morale vs Physical Hazards

Author - Webner
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12:32 pm
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In Insurance, a Hazard is something that increases the risk of occurrence of loss. For example driving recklessly, living near the forest that catches fire every summer, bad intentions to claim insurance are examples of different types of hazards. Moral hazards are intentional claims with bad intent like projecting higher than actual loss, intentionally burning poor crop to claim insurance etc. Morale hazards are which increase the risk due to unsafe acts of the person although person is not intentionally trying to cause the damage to claim money from insurance company. Morale hazards arise out of an insured’s indifference […]

Pure Risk vs Speculative Risk

Author - Webner
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12:11 pm
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Risk is the uncertainty that a loss may occur. Pure Risk mean it is certain that gain cannot be made out of the situation – only loss or no loss will occur. Like death in accident is a pure risk. Speculative risk is that a loss, no loss or gain – all 3 are possible. Like in gambling or stock market investments all 3 are possible so risk in these is an example of speculative risk. Pure risk can be insured by speculative risk cannot be insured […]

Insurance Agency Management System Major Feature and Other Details

Author - Webner
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11:28 am
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This post tries to give a short introduction to most of the core features inside an Agency Management System. It is compiled based on our experience of developing multiple AMS. Check our website https://winsurtech.com/ to learn more about us or write to us at our development email id dev@webners.com in case you need help with development or enhancement of your own AMS. Also check our free Web based AL3 viewer at http://al3.webnerserver.com/ and Our Proposal Management System (https://www.proposalways.com/).

As you will read below AMS […]

Understanding Employee / Group Benefits Insurance Policies

Author - Harinder Jakhar
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12:26 pm
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Employee / Group Benefits

A group health plan/insurance policy bought by an employer or by an employee organization (such as a union), or both, for its employees or participants or their dependents, is called as employee/group benefits policy.

Some of the important terms are as follows:

1) Fiduciary
A fiduciary is a person who owns a plan, means he will take care of plans so that if there is any type of loss then it should be minimal. In layman’s term, he/she can […]

Mapping signature image to ACORD FORM

Author - Ashish Gautam
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12:44 pm
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Mapping signature image to ACORD FORM

In most of the ACORD forms we’ve Authorized signature box in which we fill the name of some Authorized person and we can also map the signature image of the person along with the text name of the authorized person.

To map the image we first create a PDF of image and place the signature image at the required position (position depends upon the ACORD form) in the PDF. After converting the image to PDF we merge both the PDFs (Image PDF and already mapped ACORD FORM pdf) using […]

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