Insurance companies use transaction categories to track every stage of a policy’s lifecycle. Each code represents a specific event—whether it’s starting, updating, renewing, canceling, or auditing a policy. Here’s a [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
