ACORD forms are the industry standard for collecting and sharing information between agents, carriers, and insureds. While most people are familiar with the main ACORD forms like ACORD 125 (Applicant [...]
The insurance declarations page is a document provided by your insurance company that summarizes the information on your insurance coverage. It contains name and address, descriptions of the insured [...]
Introduction As a responsible driver, it is required to have auto insurance to protect yourself in case of an accident. But not everyone is so scrupulous. The Insurance Information [...]
What is Risk-Based Capital? The method for measuring the least measure of capital appropriate for a reporting entity to maintain its overall business operations in a reflection of its [...]
Introduction to Payee and Payable Interest in Insurance When a lender makes a loan secured by personal property, the lender receives its interest in the collateral under the applicable [...]
Terms Related To Payments in Insurance Actual Cash Value: The real cost of lost or spoiled properties Insurance minus the depreciation of the property at the time of the [...]
Direct Loss In insurance, the direct loss is the damage inflicted by a disaster, accident, or another event, referred to as "perils" in insurance language. For eg: loss to [...]
Introduction In other blogs, we have already discussed the commercial auto insurance policy. An auto insurance policy is a coverage policy that protects a person or a business against [...]
Agency and Agent: An Insurance Agency sometimes called an insurance agent - is an individual or company authorized by a carrier (insurance provider or insurance company) to sell the [...]
Ceded Reinsurance Leverage The ratio of ceded insurance balanced to policyholders’ surplus is known as Ceded Reinsurance Leverage. The limit to which an insurance company depends on ceding risk [...]
Introduction to collision coverage Collision coverage is an add-on coverage policy that helps to pay for the damage to your vehicle caused by contact with another vehicle or object, [...]
Actual cash value means replacement cost less depreciation. An insurance company determines the worth of the car after accounting for the depreciation and what we get is Actual Cash [...]
What is a Claim The state of insurance when the insured (who bought insurance plan) asks the carrier (Insurance company) for money (in case of a covered loss) in [...]
