Insurance Archives | Insurance Software development

What is the SYMBOL Age Group in Auto Insurance?

Author - Webner
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5:44 am
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Introduction

SYMBOL are the age groups that Insurance agencies use to assess the premium they will be charging from their consumers. This is mainly done for comprehensive insurance policies where the insurance company typically pays for the cost of repairing or replacing a vehicle if anything happens (stolen or damaged or any natural force ending up damaging the vehicle). However, we should note here that insurance companies suggest that typically comprehensive insurance is required in addition to the Collision Insurance when financing a vehicle. Because Collision insurance covers the damage in the incident of colliding with any other […]

What does GOOD STUDENT CERTIFICATE mean in Auto insurance?

Author - Webner
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6:00 am
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Introduction

Car insurance costs tend to be higher for teenage drivers. This is because young drivers are calculated to be at a higher risk in the first few years they’re driving. Both high-school and even college students between the ages of 16 and 24 are considered as risky drivers. But what about a magical auto insurance discount that can help to save money on a student’s or young adult’s auto insurance?

Many insurance companies provide a discount to young drivers on auto insurance policies who earn good grades in school or college. The good […]

What is the rating territory code (TERR) in Auto Insurance?

Author - Webner
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6:58 am
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Introduction

Insurance companies run on the predictions made by the actuaries and data-backed information. They make profits only if they get more premiums than the insurance claims filed by the public. They are allowed to use certain criteria based on what they think would be suitable for them. So, if any particular area in a given territory is forcing them to incur losses, they are free to charge more in terms of premiums and be profitable again. However, this has been the bone of contention between insurance policymakers and law but they seem to have won the […]

What is Other Than Collision (OTC) in Auto insurance?

Author - Webner
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5:24 am
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Introduction to OTC in Auto insurance

Other Than Collision(OTC) coverage in an auto policy is also referred to as comprehensive coverage. The name of this coverage makes its definition more clear because it covers almost all other physical damage that can occur to a vehicle other than collision. Collision refers to the damage suffered by the vehicle when the vehicle is in motion. This damage may be happened by an object or other vehicle in a road accident. It does not matter who is at fault in the accident that damages the insured vehicle; the owner of […]

What is a Homeowners Insurance Policy?

Author - Webner
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5:51 am
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Introduction

Homeowners insurance also commonly known as home insurance, is a type of property insurance that covers the damages to an individual’s home, along with furnishings and other assets in the home. It helps to provide financial protection for losses to a residence and other personal belongings. Homeowners insurance also pays liability coverage against accidents that occur in residential premises.

Homeowners policy usually includes loss of interior damage, exterior damage, damage of personal assets, and injuries that arise on the insured residential property. We will discuss some more points about the Homeowners Insurance Policy.

How does […]

Why do insurance companies fail?

Author - Webner
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6:07 am
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Introduction

Insurance is the “promise” that insurers make to policyholders in exchange for premiums. The insurance industry is built on policyholder’s confidence that insurance contracts will be fulfilled and eligible claims paid. For consumers, the purchase of insurance is a key component of how they manage their financial risk. Consumer confidence in the industry is, therefore, insurance is closely linked to confidence in the solvency of their financial institutions.

Insolvency arises when insufficient assets and capital are in place to cover the claims liabilities incurred. Insurer liquidation shows claimers and policyholders to the risk of unexpected financial […]

What is Policy Binding?

Author - Webner
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10:50 am
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In the insurance industry, policy binding refers to insurance coverage, and means that coverage is in place even if the policy has yet to be issued by the insurer. Often, binding takes place through a verbal agreement, in person or over the telephone between you and your agent or insurer. It can also occur through electronic communication, such as an email or text message, though laws regarding e-commerce and digital signatures vary by state, and are subject to rapid change as technology progresses […]

What is BI (Bodily Injury) coverage?

Author - Webner
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10:38 am
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Bodily Injury (BI) includes bodily harm, sickness, or disease, including resulting death. Bodily Injury in P&C insurance (like in auto insurance) refers to the other person’s injury – who suffers injury because of the insured. Like if A has car insurance and A, while driving his car, hits B, and B gets injured, then BI means injury to B and the insurance of A has to pay for B’s medical expenses. Bodily injury liability coverage helps pay for another person’s expenses if you injure them in a car accident. This type of coverage typically […]

What is PIP (personal injury protection)?

Author - Webner
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10:37 am
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Personal injury protection (PIP), also known as “no-fault insurance” in US (applicable to no-fault states)  is a component of an automobile insurance plan that covers the medical expenses of the insured and passengers associated with a car accident. PIP covers medical expenses for both injured policyholders and passengers, even if some don’t have health insurance. PIP is mandatory in no-fault states. In those states where it is not mandatory, insurer will not pay for the medical expenses of the insured and passengers, so in such a case a separate accident policy can be taken by the […]

Who is an Insured?

Author - Webner
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9:48 am
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Insured is a person whose interests are protected by an insurance policy, means he/she is the person who has got the insurance done for his/her interests (interests means the life or assets for which the insurance is purchased). An alternative but similar wording is – a person who contracts for an insurance policy that indemnifies him against loss of property or life or health

What is Named Insured?

Author - Webner
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9:46 am
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The name of “named insured” is mentioned there in the policy as an insured. A Named Insured is any person, firm, or organization, or any of its members specifically designated by name as an insured(s) in an insurance policy. This is different from others who are insured but their name is not mentioned in the policy (like sometimes “child” is also insured but the name of the child is not mentioned, so in this case the child is not named insured […]

What does ADDITIONAL INTEREST mean in Auto insurance?

Author - Webner
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5:18 am
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Introduction

In insurance terminology, Additional Interest means an uninsured or insured third party that is named in the insurance policy as having an interest in the insurance policy of the holder. For instance: if there is any change made in the policy of the insuree (any modification or cancellation) of the policy, the party who has been labeled as additional interest is notified of the said change.

It basically means that someone who is not directly involved in the insurance but gets affected by the changes made by the insurance policy. However, this term can indicate a different […]

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