ACORD AL3 Archives - Insurance Software development

AL3 Downloads Policy Reconciliation Overview

Author - Webner
12/19/2022
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4:35 am
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ACORD AL3
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In AL3 downloads, if a policy matches more than one policy record in AMS/CRM, that means we need to take a look at the downloaded transaction record and manually merge it to the correct original policy. This is where the Policy Reconcile process comes into the picture. All such policy transactions are put into manual reconciliation mode and the user gets a screen to take a look at each such policy. Users can search in the original policy list at this point and match the duplicate with the correct policy. This process is called Policy Reconcile Process or Policy […]

Is insurance coverage provided only within predefined locations or globally?

Author - Webner
12/14/2022
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4:51 am
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ACORD AL3, Insurance
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Insurance Coverage Area: The insurance coverage area can be defined as the geographic area in which an insurance policy’s benefits will apply to the insured. In other words, it can be the area in which an insurance company is authorized/licensed to do business and write policies.
Insurance is a location-based business. In every type of policy, it is assumed that it will be in force in a stated geographical area, called the coverage territory. Most liability policies will only cover incidents that occur in the coverage territory.

What Is Worldwide Coverage?

Worldwide coverage […]

What is Towing and Labor Costs Coverage?

Author - Webner
06/24/2022
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4:49 am
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ACORD AL3, Insurance
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Introduction

Towing and labor cost coverage is an optional coverage that pays the cost of towing the vehicle to a repair shop when it is unable to be driven. It also covers a specified amount of necessary labor charges at the place of the breakdown

By adding this coverage to the car insurance policy, insureds can protect themselves against some of the costs and hassles associated with common roadside breakdowns like dead batteries, flat tires, or even an embarrassing lockout. An insured must ask the insurer while buying the policy as some the insurers automatically fold this coverage […]

What Are Insurance Premiums, Deductibles, And Limits?

Author - Webner
06/14/2022
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4:36 am
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ACORD AL3, Insurance
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INSURANCE PREMIUM

An insurance premium is the sum of money an individual or a business unit pays to the insurance company for an insurance policy. These policies cover home, automobile, health, or life insurance. The premiums are paid to get coverage against the loss arising from death, accidents, health issues, natural calamity, etc. The insurance premium must be paid regularly as per the conditions mentioned in the insurance contract i.e, it can be paid monthly, quarterly, half-yearly, or annually. In case of failure of payment of insurance premium, the insurance policy may be canceled by the […]

What is Property Damage Liability and in which AL3 group its details can be found in Personal Lines policies? Which elements are important in this group to get the details?

Author - Webner
02/24/2022
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4:38 am
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ACORD AL3, Insurance
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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 is mandatory to take property damage liability coverage. However minimum amount requirement of property damage liability depends upon the state in which the insurance policy has been taken.

INCLUSIONS IN PROPERTY DAMAGE LIABILITY:

PRIVATE PROPERTY: vehicles, houses, lawn, fence.
PUBLIC PROPERTY: street lights, fencing, building, road […]

Insured Information in an ACORD AL3

Author - Webner
01/06/2022
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4:42 am
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ACORD AL3
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“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 of AL3 standards is available in the Access database with supporting data dictionaries and documentation as well.
We can also say that AL3 is an EDI standard for the insurance industry. ACORD AL3 is a library that implements AL3 messaging standards for communication between the property and casualty insurers, their agents […]

How to open ACORD AL3 files

Author - Webner
11/25/2021
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4:32 am
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ACORD AL3
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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 the Access database maintained by ACORD. This database is mainly updated every 6 months with new variations and changes.

AL3 standard is widely used across the Insurance industry of the USA for property and casualty data transmission. As per ACORD, more than 500 companies are using this standard.

ACORD AL3 Library […]

Personal and Commercial AUTO Insurance and related ACORD AL3 groups

Author - Webner
05/24/2021
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5:11 am
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ACORD AL3, Insurance
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The main difference between personal and commercial auto insurance depends on who owns the vehicle. If your business owns a vehicle that is used for business purposes, it will be covered by commercial auto insurance.

Commercial auto insurance covers accidents that occur while you or your employees are driving a commercial vehicle. While both personal and commercial auto policies pay for legal and medical bills associated with auto accidents, commercial auto insurance usually covers higher claims, different types of vehicles, and more complex legal issues.

A commercial policy typically ensures all the business’s employees and additional insureds, It means […]

JSON to AL3 / DAT File Creator Details

Author - Webner
10/23/2020
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7:53 am
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ACORD AL3, Insurance
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Post Views: 2,733

Overview

WinsurTech Al3 Creator is a WinsurTech product to convert JSON or CSV format data into AL3 / DAT files. It supports all the P&C lines of business. WinsurTech AL3 Creator saves the output into an AL3 file which can be consumed by any software that can read Al3 files (like any insurance agency management system). This product also includes a bulk feature to convert any number of JSON / CSV files into AL3 format with a single command. This document will help in understanding the working of this product by going through all the commands and flags […]

What is Automobile Insurance ID Card (ACORD 50)?

Author - Webner
09/14/2020
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4:51 am
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ACORD AL3, Insurance
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Post Views: 1,365

Introduction

An automobile insurance ID card provides basic auto insurance information, such as the driver and vehicle insured and policy effective dates. The auto insurance ID card is applicable for Personal and Commercial Auto Insurance. Sometimes, It also refers to an insurance identification card or a binder.

What does an Automobile Insurance ID Card include?

Proof of insurance documentation is a little card given to the insured by his/her insurance provider that shows the insured person indeed has insurance on his/her vehicle. If someone never files an insurance claim, the piece of paper is […]

What is AUTO Personal Insurance (ACORD NY 90)?

Author - Webner
09/10/2020
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4:57 am
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ACORD AL3, Insurance
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Post Views: 977

Introduction

Automobile owners buy auto insurance policies to decrease the costs associated with getting into auto accidents. Instead of paying out of pocket for accident losses, people pay annual or monthly premiums to insurance companies, therefore the companies become responsible to pay all or most of the costs related to the accidents or other vehicle damage.

Auto insurance premiums differ depending on age, gender, years of driving experience, accident and moving violation history, and other factors.

Coverages included in an AUTO Personal Insurance Policy

In substitution for paying a premium, there is an agreement between the […]

What is Inland marine Personal Insurance (ACORD 81)?

Author - Webner
09/08/2020
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5:13 am
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ACORD AL3, Insurance
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Post Views: 1,156

Introduction

Personal inland marine insurance acts as an extension of the homeowner’s insurance policy to offer additional coverage for personal belongings ranging from jewellery to collectables, musical instruments, cameras, and fine art. Personal property can also be damaged or destroyed while being transported, that’s where personal inland marine insurance kicks in. One’s personal property is precious and valuable and hence requires adequate insurance protection, which personal inland marine can provide.

What does an Inland marine Personal Insurance policy cover?

Covered property damages in a Personal Inland Marine Insurance Floater are as follows:

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