Insurance agencies provide 2 types of billing options to their insureds. One of them is agency billing, in agency billing the insurance agency issues the bill to the insured for the policy. In agency billing the insurance agency acts as the middleman and collects the full [...]
What is a Supplementary Acord Form? Acord Forms attached to the main Acord application are labeled supplementary Acord Forms. Depending on the scenario, these forms might be linked to a Personal or a Commercial application. These supplemental forms might contain details about anything additional not mentioned [...]
5AOI: The Additional/Other interest is a joint group used to contain information relating to persons or parties other than the insured who have an interest during this policy for one reason or another. there's a code that describes the nature of the interest as being [...]
Winsurtech Web Viewer is one of the software which can be used to open AL3 files and see the data visually. You can access the AL3 Web Viewer here: https://al3viewer.winsurtech.com/. It lets you search the data as well on keywords and download the AL3 data [...]
ACORD Forms ACORD forms are used in the insurance industry to standardize the collection of information for insurance applications, quotes, and policies. Carrier questions are a section of the ACORD form that is designed to provide insurers with information about the applicant's current or previous [...]
Certificates of Insurance A Certificate of Insurance is a complete and defined document that includes all the important information about an insurance policy. It could be used, for instance, to demonstrate the policy's current status, coverage specifics, risk exposure, and third-party liability protection. You receive [...]
We can find the Insured’s name in the 5BPI group. The name of the insured can be a free-form text name, a family name, or an individual's name. The insured's name is contained in this BIS Group in the format that it will be indexed [...]
5PPH (Prior Policy History Group) This group refers to the Prior Policy History Group (like the previous carrier, policy number, etc). The relevant historical information pertaining to this policy is contained in this common element group. It has nothing to do with Loss History in [...]
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 [...]
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 [...]
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 [...]
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 [...]
