WinsurTech Blog | Insurance Concepts and Practical Solutions

What is Cyber Security? Explain its types

Author - Webner
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5:00 am
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A study by a research organization has estimated that over 33 billion records will be stolen by cybercriminals in 2023 alone. So it’s very important to consider effective cyber security testing to protect all sensitive data, personally identifiable information, health information, and financial information. Cyber threats can come from any level, so it becomes a must for an organization to get aware of some common cyber threats like malware, inside threats, Phishing and Social Engineering, ransomware attacks, and other attacks targeted to steal intellectual property or personal data.

Cyber security is the practice of securing critical systems […]

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 […]

Homeowners Insurance and its Exclusions

Author - Webner
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4:43 am
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Homeowners insurance is a type of property insurance that protects a person’s home, furniture, and other belongings from losses and damage. Additionally covered by homeowner insurance is liability protection against accidents that may occur on the land or inside the home. However, Flooding, earthquakes, termites, and mold are just a few of the exclusions that aren’t covered by most home insurance policies. Homeowners insurance doesn’t protect your property from everything. However, there are other coverage choices you may include in your policy to further enhance your protection, such as flood insurance and water backup coverage.

Some […]

Personal effects coverage insurance of Rental cars

Author - Webner
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5:10 am
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When compared to personal auto insurance, rental car insurance is a separate thing and operates differently. The benefits and coverage of rental car insurance are not the same as those of ordinary auto insurance because they rely on the rental agency and the area. Up to a certain cost amount, personal effects coverage covers the theft of belongings from the rental automobile.

Personal Effects Coverage (PEC), a supplemental insurance option for car rentals, is offered for purchase at the counter. It often covers the loss or theft of the personal possessions of the primary driver, any extra drivers, and any […]

PERSONAL AND COMMERCIAL LINE INSURANCE

Author - Webner
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4:54 am
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PERSONAL LINE INSURANCE

The term “personal insurance” refers to any type of insurance that covers an individual against loss caused by death, injury, or property loss. These insurance lines generally protect people and their families against losses they cannot afford to cover on their own. Personal insurance allows you to do things like drive a car and own a home without risking financial ruin.

KEY POINTS:

Personal insurance covers individuals against losses due to death, injury or property loss.
Personal insurance allows you to do things like drive a car and own a home without risking […]

Assigned Risk and FAIR Plans for Insurance companies in the US insurance

Author - Webner
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4:51 am
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In the present era, as we have all seen and experienced, especially in recent times, Insurance has become a necessity for everyone. Insurance, whether it be for personal or commercial purposes, has become an indispensable part of our lives. Being a vast industry, one must be aware of many things to learn and perform day-to-day or policy-related operations. In this Blogpost, a portion of those learnings will be discussed. We will discuss Assigned Risk and FAIR Plans for Insurance Companies in the US.

Assigned Risk Plan

Using the concept of assigned risk, certain […]

AL3 Downloads Policy Reconciliation Overview

Author - Webner
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4:35 am
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In AL3 downloads, if a policy matches more than one policy record in AMS/CRM, that means we need to take a look at the downloaded transaction record and manually merge it to the correct original policy. This is where the Policy Reconcile process comes into the picture. All such policy transactions are put into manual reconciliation mode and the user gets a screen to take a look at each such policy. Users can search in the original policy list at this point and match the duplicate with the correct policy. This process is called Policy Reconcile Process or Policy […]

Is insurance coverage provided only within predefined locations or globally?

Author - Webner
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4:51 am
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Insurance Coverage Area: The insurance coverage area can be defined as the geographic area in which an insurance policy’s benefits will apply to the insured. In other words, it can be the area in which an insurance company is authorized/licensed to do business and write policies.
Insurance is a location-based business. In every type of policy, it is assumed that it will be in force in a stated geographical area, called the coverage territory. Most liability policies will only cover incidents that occur in the coverage territory.

What Is Worldwide Coverage?

Worldwide coverage […]

What does Guaranteed Benefit mean in Insurance?

Author - Webner
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4:35 am
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Investing in an insurance policy through any insurance company is the way to create financial stability to cover the uncertainty of the future for the insured and his/her family.

A guaranteed benefit in insurance (especially in the case of life insurance) policy is that the investment will grow as shown and the insured person will get a pre-stated amount on the invested amount as described in the benefit illustration. Moreover, if the policy offers guaranteed benefits, then that should be clearly marked in the policy document or in the benefit illustration table as ‘guaranteed’

When a customer applies […]

What is a driver training credit in auto insurance?

Author - Webner
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4:38 am
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Driver training credit is the discount or reduction provided to a student within the insurance premium. Young drivers become eligible for driver training credits upon completion of a driver training course. Most public school systems provide these sorts of courses.

Insurance companies within the U.S. offer a reduction to new drivers of a particular age that have completed a driver training course. This course teaches the basics of how a car works, principles of traffic, and methods to remain safe while driving.

More than any other demographic, drivers between the ages of 16 and 20 are at the highest […]

Stacked Vs. Unstacked Motorist Coverage

Author - Webner
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5:01 am
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Stacked Insurance:

The term “stacking” refers to the ability to combine coverage limits for several automobiles. The highest amount your insurance will pay toward a covered claim is known as the coverage limit. As a result, merging several coverage limits into a single larger limit can provide more protection in the event of an automobile accident involving an uninsured or underinsured motorist. Uninsured and underinsured motorist coverage is often covered by stacked insurance.

Uninsured/Underinsured motorist coverage: Uninsured and uninsured driver compensation is insurance coverage that helps cover medical costs and vehicle repair or replacement costs […]

What is Towing and Labor Costs Coverage?

Author - Webner
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4:49 am
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Introduction

Towing and labor cost coverage is an optional coverage that pays the cost of towing the vehicle to a repair shop when it is unable to be driven. It also covers a specified amount of necessary labor charges at the place of the breakdown

By adding this coverage to the car insurance policy, insureds can protect themselves against some of the costs and hassles associated with common roadside breakdowns like dead batteries, flat tires, or even an embarrassing lockout. An insured must ask the insurer while buying the policy as some the insurers automatically fold this coverage […]

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