Insurance companies use transaction categories to track every stage of a policy’s lifecycle. Each code represents a specific event—whether it’s starting, updating, renewing, canceling, or auditing a policy. Here’s a [...]
Entrustment exclusions are a type of clause found in many insurance policies. No coverage will be provided for losses or damages originating from dishonest or illegal conduct by the [...]
The maximum amount of money an Insurance Company will pay for a covered claim to the insured is known as Coverage. An insurance policy is a collection of coverages [...]
Introduction Business insurance is a type of insurance that provides coverage to the insured business against any damage or loss due to any misshapen like natural disasters, thefts, vandalism, [...]
What is an insurance producer? An Insurance producer also called an insurance agent is an individual that works as a salesperson for any insurance agency. An insurance producer must [...]
What is Personal Umbrella Insurance? Personal Umbrella Insurance is a type of insurance that is designed to provide an extra layer of protection beyond existing limits and coverages of [...]
Both life insurance and accident insurance policies include double indemnity clauses. According to these clauses, insurance carriers agree to pay twice the policy amount in the event of accidental [...]
There are some common reasons due to which Motor Insurance Claim can be declined by the insurance company. So an Insured should take care of these things. Driving Licence [...]
The elimination period term refers to the period between an injury and receipt of benefits. We can say that it is the time between the beginning of injury and [...]
Transaction Category (TRCAT) - The Transaction Category data element specifies that the current transaction belongs to which department, process or category. Common values are below: A - Accounting C [...]
The main difference between personal and commercial auto insurance depends on who owns the vehicle. If your business owns a vehicle that is used for business purposes, it will [...]
Dwelling Insurance: Dwelling coverage is a part of a home insurance policy and sometimes it is also called Dwelling Insurance. This policy may help to rebuild and repair the [...]
A web-based Insurance Agency Management System or AMS is a Software as a Service (SaaS) tool that can optimize the existing agency business processes and run, and help the [...]
