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 [...]
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 [...]
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 [...]
When purchasing property damage insurance for a home or business, you will be given the option of having your policy cover the real cash value of your lost belongings or the replacement cost value. Unfortunately, failing to fully comprehend these phrases frequently leaves property owners [...]
Introduction: No-fault auto insurance, also known as personal injury protection (PIP) coverage, helps the policyholder pay the costs of medical expenses for you and their passengers after a car accident. The coverage benefits apply to all the passengers in your vehicle, regardless of who is [...]
Property and casualty insurance is a type of coverage that helps to protect you and your belongings. It is also known as P&C insurance. It's an umbrella phrase for a variety of insurance policies that cover your personal belongings and provide liability protection. Property insurance [...]
“Insured Information” in an AL3 file. How can we get separate data of Insured from the complete AL3 file? AL3 file: AL3 stands for Automation level- 3. AL3 is a batch communication method designed by ACORD for both policy and commission data. A complete overview [...]
Insurance Agency: An insurance agency, also known as an insurance agent, is an individual or company authorized by a carrier to sell the insurer’s products in exchange for commission or compensation. Insurance agencies or agents are regulated by the insurance laws of the country or [...]
Insurance Broker: An insurance broker is a mediator between the insurer and the customer. Insurance brokers are insurance experts who advise clients about their insurance needs and then interact with insurers on their behalf to get them the most suitable insurance. Insurance brokers work on [...]
The term "loss of income" refers to a situation in which a person's primary source of income for expenses or living expenses, such as a job wage or company income, is interrupted or their business fails. In this case, They have experienced a loss of [...]
The National Association of Insurance Commissioners is an organization that represents insurance commissioners across the country. In the United States, as the insurance sector is very highly regulated, the National Association of Insurance Commissioners was founded in 1871. The U.S. standard-setting organization is governed by [...]
Insurance agency An insurance agency is a firm authorized to sell insurance products to the insured in exchange for compensation (commission) from a carrier. Insurance firm agents always work under the guidance of the state in which they work. Most insurance agencies are independent and [...]
