Basic Structure of an AL3 file: AL3 file includes two types of groups: Transaction Groups: Carries data related to the transaction between the source and destination Data groups: Carries the data of the policy. Transaction Groups: 1MHG: The Message Header Control Group This is the first [...]
Overview Personal inland marine insurance protects personal property that may not be covered under the traditional homeowners' insurance policy due to the various exclusions and limitations on homeowners’ coverage. Personal Inland Marine Insurance can provide you with added protection for your valuable property, whether it [...]
Introduction Collision coverage is a type of automobile coverage that pays for the repair or replacement of a vehicle in case of an accident caused by a collision with another vehicle or object such as a tree, fence, or pole. This coverage also covers the [...]
When you or your company is held financially liable for the activities of another group or person, this is known as vicarious liability. This is the legal structure that is most usually used when you are accused of mistakes committed by your contractors, employees, or [...]
What is AL3? AL3 is one of the P&C standards created by ACORD. This standard was developed in the early 1980s. AL3 is designed as a batch communication method for policy and commission data. Data dictionaries and supporting documentation of AL3 standards are stored in [...]
As the name implies, intentional acts are those acts that you intend to perform. For example, if you swing a fist at someone during a fight it would be an intentional act. Your fist does not accidentally swing towards someone’s face, but it's intentional and [...]
What is Bodily Injury Liability and in which AL3 group its details can be found in Personal Lines policies? Introduction to Bodily Injury coverage: If you get into a car accident and injure another person, bodily injury liability covers the expenses involved in treating that [...]
What does Hazardous Occupation mean in Insurance? When you work in a hazardous occupation, your risk of injury or death increases. Occupational risk insurance provides financial resources to you or your loved ones if you are injured or die while doing your job. It is [...]
Employee benefits include many types of non-wage compensation given to employees in addition to their usual wages or salaries. Employers offer insurance to their current employees in the form of a group insurance scheme, which is referred to as an employee benefit insurance plan. It [...]
Explanation: Agent: An insurance agent sells or promotes insurance products on behalf of their organization. It is a person who represents an organisation and sells its product. An insurance agent is responsible for filling the forms and processing them correctly and they ensure that premiums [...]
If you want to hire a car, the first thing you need to do is read the car-sharing agreement. You must first see your insurance agent before engaging in a rental automobile arrangement with an insurance provider. If you have your own vehicle insurance, inquire [...]
Overview A job insurance policy insures the insured family by providing financial aid. This Policy is useful in case the primary source of income in the family losses the job. An Insured individual can claim the benefits of the policy upon losing the job within [...]
