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 [...]
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 [...]
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 - [...]
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 [...]
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 [...]
Introduction A personal auto policy also known as PAP is an insurance policy that is purchased by a vehicle owner to provide insurance coverage for damage or injury to others, in the form of liability insurance. Along with the liability coverage, it can also provide [...]
Introduction A mortgage is defined as a loan from a bank or other financial institution that helps a borrower to purchase a property. The borrower and the lender(usually a bank) enter into an agreement. According to this agreement the borrower receives cash in advance from [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
