The ACORD 155 form is the Boiler and Machinery Section, used in commercial insurance to capture information about a business's boiler, machinery, and equipment exposures. This type of coverage, also [...]
Introduction Insurance is the “promise” that insurers make to policyholders in exchange for premiums. The insurance industry is built on policyholder’s confidence that insurance contracts will be fulfilled and [...]
In the insurance industry, policy binding refers to insurance coverage, and means that coverage is in place even if the policy has yet to be issued by the insurer. [...]
Bodily Injury (BI) includes bodily harm, sickness, or disease, including resulting death. Bodily Injury in P&C insurance (like in auto insurance) refers to the other person’s injury - who [...]
Personal injury protection (PIP), also known as “no-fault insurance” in US (applicable to no-fault states) is a component of an automobile insurance plan that covers the medical expenses of [...]
The insurance deductible is the amount of money you will pay in an insurance claim before the insurance coverage kicks in. Like if your deductible is US $300 and [...]
Insured is a person whose interests are protected by an insurance policy, means he/she is the person who has got the insurance done for his/her interests (interests means the [...]
The name of “named insured” is mentioned there in the policy as an insured. A Named Insured is any person, firm, or organization, or any of its members specifically [...]
Introduction In insurance terminology, Additional Interest means an uninsured or insured third party that is named in the insurance policy as having an interest in the insurance policy of [...]
Introduction A personal auto policy also known as PAP is an insurance policy that is purchased by a vehicle owner to provide insurance coverage for damage or injury to [...]
Introduction A mortgage is defined as a loan from a bank or other financial institution that helps a borrower to purchase a property. The borrower and the lender(usually a [...]
Introduction Commercial package policy commonly known as a CPP is an insurance policy that is designed to protect a business from various types of commercial risks. It combines coverage for [...]
Introduction to Multi-car insurance As we all understand that bulk buying in day to day purchases can save our money, but did you know this methodology also works on [...]
