Insurance Archives - Insurance Software development

Inland Marine Insurance introduction

Author - Webner
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5:04 am
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What is the purpose of Inland Marine Insurance

How is it different in Personal Lines as compared to Commercial lines?

Purpose

Inland Marine Insurance policies are typically written on a named-peril basis, covering transportation’s potential dangers such as collision, derailment, rising water, tornado, fire, lightning, and windstorm. The policies usually exclude damages by pilferage, strike, riot, civil commotion, war, shipment slowdowns, market loss, illegal trade, or leakage and breakage.

The covered property items hold few characteristics

The asset is portable.
The property is remarkably valuable.
A homeowner’s policy property […]

Family Risk Management

Author - Webner
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4:48 am
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Family Risk Management refers to the approach that helps in the reduction of risk to the family through various risk management programs. It is a part of personal insurance.

It involves analyzing the insurance needs of a family, evaluating the risk profiles, and making suggestions for managing the overall risk exposures. Family risk management provides insurance solutions, and advice to avoid risks.

Many insurance companies offer Risk Management Programs for families to avoid risks, by evaluating the family’s current risk exposures, and advisors and experts to consult the family members.

Risk factors the family deals with:-

Serious […]

Explain Personal effects coverage in insurance of Rental cars

Author - Webner
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4:37 am
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Find out if you need to purchase rental car insurance before approaching the counter. The rental car agency will make several offers to sell you supplementary insurance. Included in this is collision coverage for the rental car itself. It also covers liability insurance in case you hurt someone else or cause damage to their property.
Both of those insurance exclude coverage for lost or stolen personal property. The theft of your laptop from the vehicle is not covered by CDW/LDW or liability insurance.
Rental car firms provide expensive Personal Effects Coverage, which has few benefits, to close this gap […]

Catastrophe Insurance

Author - Webner
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5:18 am
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Catastrophe:

A catastrophe is defined as an unexpected event that will cause significant damage or a high amount of suffering with that damage. That means this event will cause serious difficulty for a particular person or maybe for a group of people. During the1700s its definition was extended to mean “Any sudden disaster”. But nowadays it refers to very tragic and more minor events.

Catastrophe in Insurance:

This is a type of insurance that will protect the home or other structure mainly from natural disasters like floods, hurricanes tornados, volcanoes, earthquakes, etc. Sometimes several different types […]

Personal effects Insurance coverage of Rental cars

Author - Webner
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4:38 am
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Introduction

When someone rents a car, the rental car companies try to sell different types of supplemental coverages. It can include collision coverage that helps to protect the rental vehicle itself. Some rental companies can also provide liability insurance for mishappenings in which the renter (the person who pays money to rent a vehicle from a car rental supplier) causes damage to another person’s property or injury to another person.

Neither of the policies mentioned above can cover stolen or damaged personal property. Let’s assume if some expensive thing like a laptop, jewelry, or cash is […]

Major Coverage types applicable to Personal lines of business

Author - Webner
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4:49 am
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Introduction:

Any insurance that protects individuals from financial loss brought on by a person’s death, an injury, or the loss of their property is referred to as personal lines insurance. The majority of this insurance coverage is focused on protecting clients and their families from losses they are typically unable to personally cover. Being able to drive a car and own a home while avoiding financial disaster is made possible by personal lines insurance.

How personal lines insurance works:

Personal lines insurance includes any kind of insurance a person buys to protect themselves, their families […]

Cyber Insurance Overview

Author - Webner
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4:56 am
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Definition: Cyber insurance can also be called cybersecurity insurance. This insurance policy helps different businesses to cover the risks of cybercrime activities. The most common cybercrime activities are cyber attacks and data breaches. It usually protects the organization from the cost of information governance or internet-based threats and so on, these are mostly not covered in the different commercial liability policies.

Generally, we can say that cyber insurance is designed to protect companies from some of the major primary risks like Network security and privacy liability, Network business encryptions, Media Liability, and Errors […]

Flood Insurance

Author - Webner
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4:47 am
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Property insurance that expressly covers losses from water damage brought on by flooding is known as flood insurance. Floods can be brought on by persistent or severe rain, melting snow, coastal storm surges, clogged storm drains, or failing levee dams.

A flood is usually seen as a major disaster, and if you do not have insurance coverage, you will not be covered for any damage or damage it causes.

A type of property insurance called flood insurance protects a home against losses brought on by floods.

All residential and commercial properties are eligible for flood insurance plans.
Homeowners in communities […]

What is the difference between 5PPH and 5OIC groups in AL3?

Author - Webner
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4:47 am
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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 any manner (Loss History is related to Claims). Any particular transaction may employ as many groups as are necessary to include the relevant Prior Policy History.

All business lines utilize this group. If a line requires more information, it will define a line of business-specific history groups to hold the extra data […]

Deductible, Limit, and Premium and the name of the AL3 group where we can find these for AUTOP

Author - Webner
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4:44 am
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Deductible

Your policy deductible, also known as an annual deductible, is the amount you are responsible for paying out of pocket prior to your insurance policy providing support and coverage. It essentially amounts to a risk-sharing arrangement between your insurance provider and you.

Small company owners are often given a choice of deductible choices by insurance companies. Choose a modest deductible if you’d prefer to reduce your claims to a minimum. However, this usually results in a premium increase. Instead, get a high-deductible policy if you don’t mind paying extra out of pocket for […]

What is the difference between Homeowners Insurance and Renters Insurance

Author - Webner
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4:51 am
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Homeowners Insurance:

The owner of the home purchases a homeowners insurance policy. The amount of insurance generally covers both the cost of replacing the home and the personal property in it in the event of a total loss, such as furniture, appliances, clothing, jewelry, and dishes. If a home costs $2 million to rebuild and the items inside cost $0.5 million to replace, a homeowner would need to insure the property for at least $2.5 million to cover everything.

Homeowners insurance is a type of property insurance that protects a person’s home and assets from […]

What does a Totaled Car mean in Personal Auto insurance

Author - Webner
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5:20 am
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Personal auto insurance covers private vehicles. It is used to provide protection against monetary loss to an insured from bodily injury or property damage to other automobiles.

A totaled Car means if the insured met with an accident and the car gets damaged fully. Now the insurance company will call it totaled(can’t be repaired) if the car value is less than the value of the repair. In simple words, the insurance company will call it a total loss.

This means the insured car can’t be repaired and cannot be used anymore.

In the […]

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