Tangible damages are economic damages including medical and rehabilitation expenses and lost wages. They are basically the physical damage to assets like Direct damages- Building contents infrastructure Indirect loss industrial production traffic disruption emergency costs The tangible damages can be easily quantified. Intangible Damages Intangible [...]
Introduction To Insurance: Insurance is a contract between two entities whereby one entity is called an insurer and the other is called an insured. In other words, an Insurance contract is represented as a policy. Insurance mainly provides financial protection or reimbursement against losses to [...]
A collision damage waiver (CDW) is a different type of insurance that is often given when we are taking the vehicle on rent and is sold by a rental car company. This covers damage/loss should an accident occur. Typically, a vehicle rental company charges you [...]
Definition of 'Investment Risk' Definition: Investment risk is defined as the chance or likelihood of losses occurring in relation to the projected return on a certain investment. Description: Simply put, it measures the degree of risk associated with attaining the investor's expected returns. It refers [...]
What is a latent defect? Damage to real estate property or a building project that is not visible upon the first inspection and is found when the property or project is passed over to new owners is known as a latent defect. What is a [...]
A Funeral or Death benefit is a payout to the nominee of an insurance policy, annuity, or pension when the insured person dies. This type of insurance plan specifically covers funeral expenses. The spouse or partner of the policyholder can get the benefits upfront for [...]
An IRA is not a type of investment in and of itself. It's a type of account that serves as a holding account for your assets. Within a single account, you can invest in a variety of assets. Your IRA provider is the custodian of [...]
Crime Insurance is a type of Insurance Coverage that helps protect any business from Employee Dishonesty, robbery, burglary, or Forgery. Crime Coverage can be part of a commercial package insurance policy or can be taken separately. Most of the time companies forget to purchase any [...]
Uninsured and Underinsured coverage is a type of auto liability coverage that covers the expenses in case someone meets with an accident with an uninsured or underinsured driver. According to a 2017 report by the Insurance Research Council, one in eight drivers is uninsured meaning [...]
What is the Inflation guard in HOME Insurance? The premium amount of the HOME INSURANCE POLICY is determined by a number of factors, including property value, housing status, claims history, local climate, and crime rate in the area. But there is one more important factor [...]
Dwelling Insurance: Dwelling is a physical structure, area, and part of the residence which includes building Apartments, houses, and attached structures to the house (generally garage, fence, and deck). So dwelling Insurance Policy is a part of the Homeowners Insurance policy which will pay for [...]
Managing General Agent(MGA) is a specialized type of insurance agent/broker that is authorized with different insurance companies. We can say that these types of agents can work as a broker or agent on the behalf of an Insurer. While an insurance broker works for the [...]
