Uncategorized Archives - Insurance Software development

What Is a Multi-Car Insurance Policy?

A multi-car insurance policy covers multiple cars, trucks, or other vehicles. You can save money by bundling your automobiles.

This strategy is also known as a “schedule of cars” policy or a “many vehicle policy.” These policies are usually only offered for “passenger” cars. When you combine additional types of vehicles, such as RVs, boats, motorbikes, and scooters, your insurer may offer discounts.

Discount of multi car insurance?

Your cost will almost certainly vary if you add a car in the middle of a policy year, just as […]

Rated driver is someone who is mentioned on the policy, they don’t have coverage elsewhere and they regularly drive one or more cars mentioned in the policy.

A primary driver is often the named insured or their spouse who drives one of the covered cars or autos,
rated and primary drivers may affect the premiums if they are inexperienced, young and have accidents
Or have moving violations […]

Transaction Category (TRCAT) – The Transaction Category data element specifies that the current transaction belongs to which department, process or category. Common values are below:

A – Accounting
C – Claim
P – Policy

Policy Type Routing Code (RTGCD) – The policy belongs to which line (P – Personal or C – Commercial for example)

Transaction Function (TRFNC) – The transaction function describes the purpose of the transaction, and sometimes the structure of the data (like a partial or full image of data). Some common values are given below:

DBR – Direct Bill Reconciliation
FMG – Master File Image
PCH – Policy Change
SYN – Database […]

NBS – New Business – This means it is a new policy from the scratch. Carriers send the detail of the new policy, its coverages, insured party info, etc back to the agent through the AL3 file.

REW – Rewrite  – This means an old policy was canceled earlier and is reactivated (could be due to any reason like major changes required, or premium schedule change, date of policy coverage to be changed, etc).

SYN – Policy Synchronization – This simply means for an existing policy carrier sends the entire information of the policy again back […]

The insurance deductible is the amount of money you will pay in an insurance claim before the insurance coverage kicks in. Like if your deductible is US $300 and your claim is US $2000, company will ask you to pay US $300 and then the rest will be paid by the company. Once you pay your deductible the insurance company will pay you the rest of the claim value up to the policy limits.

A deductible protects the insurance company against unnecessary and large number of small claims (hence saving paper work, time and money). This also ensures that people […]