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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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. [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
