WinsurTech Blog | Insurance Concepts and Practical Solutions

What is a commercial package insurance policy?

Author - Webner
06/15/2020
|
6:27 am
|
0 Comments
|
Insurance
|
Post Views: 1,424

Introduction

Commercial package policy commonly known as a CPP is an insurance policy that is designed to protect a business from various types of commercial risks. It combines coverage for multiple risks, such as liability and property risk in a single policy. Under a CPP, a business owner may combine several types of coverages and pack them so that they cover the specific risks that a business may be exposed to. The advantage of a commercial package policy is that it allows a business owner to pay out a lower amount of premiums than if the business owner […]

What is a Multi-car discount in Auto insurance?

Author - Webner
06/11/2020
|
6:09 am
|
1 Comment
|
Insurance
|
Post Views: 1,198

Introduction to Multi-car insurance

As we all understand that bulk buying in day to day purchases can save our money, but did you know this methodology also works on your car insurance? Many auto insurance providers can offer 10 to 20 percent discounts on the policy if a customer adds more than one car to the same policy. A multi-car policy can be defined by an insurance policy that bundles all the policies for the different cars with one insurer so they’re held together separately. It combines all separate vehicle policies into a single policy […]

What does YOUNG DRIVER QUESTIONNAIRE mean in Auto Insurance?

Author - Webner
06/09/2020
|
6:56 am
|
0 Comments
|
Insurance
|
Post Views: 1,607

Introduction to Driver Questionnaire

A questionnaire is defined as a research instrument devised for the purposes of a survey or statistical study. Generally, it consists of a series of questions for the idea of gathering data from respondents. The behavior of drivers plays a key role in road safety as it is important in traffic accident prevention. Therefore, to understand the behaviors of drivers, driver questionnaires are required. By answering different universal questions related to driving, they will give an estimate of the various driving patterns of people of a selected area.

These research topics are mainly conducted […]

What is a SINGLE LIMIT LIABILITY (CSL) in Auto Insurance?

Author - Webner
06/05/2020
|
5:59 am
|
0 Comments
|
Insurance
|
Post Views: 3,167

Introduction

Single limit liabilities are the insurance policies that may have combined single limits. It states a single dollar limit that would apply to any combination of property damage liability, bodily limits as compared to split limits where separate dollar amount applicable to each accident that varies from per person, per occurrence of persons injured or property damage that is the result of an accident.

It is basically a provision of an insurance policy that would limit the coverage of all the elements of the insurance policy and claim it to be a single dollar amount. It has […]

Types of Insurance Marketing Systems

Author - Webner
06/03/2020
|
6:19 am
|
0 Comments
|
Insurance
|
Post Views: 5,447

Introduction to the Marketing system

An insurance company requires a lot of customers to become successful. The basic earning of insurance companies holds on the premiums paid by the insured parties. In this concept, the insured person or organization receives financial protection and reimbursement of damages for uncertain future events from the insurer or insurance company. Meanwhile, the insured or the policyholder pay a smaller premium to the insurer in exchange for that protection on an uncertain future occurrence. An insurance company must have an effective marketing system to sell its policies and survive as a going concern […]

What is a Commercial Auto Insurance Policy?

Author - Webner
06/01/2020
|
6:27 am
|
0 Comments
|
Insurance
|
Post Views: 1,221

Introduction to Commercial Auto insurance policy

Commercial auto insurance policy is needed by a business that requires a vehicle for its operations. This policy protects small businesses when their vehicles are involved in a collision or are stolen, vandalized, or damaged. It also provides financial support to repair or replace the vehicle and covers related medical costs and third-party property damage. The premiums are higher for commercial auto insurance policy as compared to the standard motorist policy. The reason behind higher premiums is that the vehicles for business purposes are often more susceptible to risk.

Commercial auto […]

Who uses profitability ratios and why is it important?

Author - Webner
05/28/2020
|
6:07 am
|
0 Comments
|
Insurance
|
Post Views: 4,691

Introduction

In a different blog, we have already discussed the meaning and types of profitability ratios. However, it is imperative to understand the importance of these ratios for an insurance company. Profitability ratios of an insurance company allow the insurance company to measure its profitability against its revenue, cost of sales, equity, and balance sheet assets. Profitability ratios are also related to efficiency ratios as they show how well companies are using their assets to generate profits. In this blog, we will discuss the importance of different profitability ratios and how are they used by investors and creditors […]

What is a BOP (Business Owner Policy) insurance?

Author - Webner
05/26/2020
|
6:17 am
|
0 Comments
|
Insurance
|
Post Views: 1,304

Introduction to BOP

A business owner policy also known as BOP is an insurance policy that combines protection from all major property and liability risks in one package. A BOP is an insurance package policy that is designed for small to medium-size businesses to protect them from various losses. Business owner policies usually include the same kind and same degree of risks that are generally faced by a number of businesses.

A BOP reduces the amount of premium as it allows a business to receive multiple types of coverage at a lower rate than if the policies […]

What does MOTOR VEHICLE REPORT mean in Auto insurance?

Author - Webner
05/22/2020
|
6:33 am
|
0 Comments
|
Insurance
|
Post Views: 1,328

What is a Motor Vehicle Report(MVR)?

A motor vehicle report also abbreviated to MVR is the driving record of an individual. It is a history, maintained by the state’s DMV(Department of Motor Vehicles), of any past accidents or moving violations a driver has had, as well as serious vehicular crimes, like a DUI/DWI conviction.

An MVR of a driver plays a vital role during insurance. Insurance companies believe that a person’s previous driving record is a good predictor of his/her future behavior of driving. It can also be assumed that people with […]

What is a Workers Compensation Insurance Policy?

Author - Webner
05/20/2020
|
6:44 am
|
0 Comments
|
Insurance
|
Post Views: 2,162

Introduction

Almost all businesses with employees are legally obligated to take reasonable care to assure that they provide safe workplaces to their employees. Nevertheless, mishaps happen. Handling the expense and effort of meeting statutory obligations to workers who are injured or ill due to workplace exposure is an ever-present challenge to all businesses. The workers’ compensation insurance policy is a primary method by which an employer shows its ability to meet the obligation imposed by workers’ compensation laws. This policy helps a business owner to provide legal liability coverage for reimbursement to employees for bodily injury or […]

Serverless Azure

Author - Webner
05/18/2020
|
5:38 am
|
0 Comments
|
Cloud
|
Post Views: 1,447

Azure Serverless Architecture:

Serverless architecture is also known as Serverless Computing or Function as a Service(FaaS)/Backend as a Service(BaaS) depending on its utility.

Backend as a service (BaaS): The back-end cloud services (databases and storage) provide client applications with the APIs to connect directly to their services.

Functions as a service (FaaS): A function is a piece of code that is deployed on the cloud and is being run on a hosting environment, hence providing a layer of abstraction from the server running that code.

The serverless applications are hosted […]

What is the difference between admitted and non-admitted assets?

Author - Webner
05/14/2020
|
6:12 am
|
0 Comments
|
Insurance
|
Post Views: 6,234

Admitted and Non-admitted Assets

Admitted and non-admitted assets are the classifications of assets generally used by the insurance companies. For reporting of financial data, insurance companies use statutory accounting (STAT) set by the National Association of Insurance Commissioners (NAIC).

Risk is handed over to reinsurers by insurance companies in order to lessen their vulnerability to the risks connected with the policies that they endorse. The reinsurer is provided a fee, often a share of the premium in exchange for taking on some of the insurer’s risk. Thus, the reinsurer is responsible for claims made up […]

‹ Prev page1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Next page ›
➤
Contact Us