WinsurTech Blog | Insurance Concepts and Practical Solutions

What is the role of ACV and RCV in insurance coverage after loss?

Author - Webner
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4:21 am
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When purchasing property damage insurance for a home or business, you will be given the option of having your policy cover the real cash value of your lost belongings or the replacement cost value. Unfortunately, failing to fully comprehend these phrases frequently leaves property owners with significantly less than the full amount of roof damage following a hailstorm.

What is Replacement Cost Value (RCV)?

RCV coverage ensures that a policyholder will receive the full amount required to replace covered damaged products with a “like” sort of quality. For example, if you totalled a compact family car under an […]

What does no-fault coverage mean?

Author - Webner
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4:44 am
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Introduction: No-fault auto insurance, also known as personal injury protection (PIP) coverage, helps the policyholder to pay the costs of medical expenses for you and your passengers after a car accident. The coverage benefits apply to all the passengers in your vehicle, regardless of who is at fault for the collision.

No-fault insurance covers policyholder’s medical bills if he/she is injured in an accident, regardless of who is at fault. This insurance is different from other types of auto insurance, such as in liability coverage insurance company will pay only when a party is […]

Property And Casualty Insurance

Author - Webner
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4:48 am
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Property and casualty insurance is a type of coverage that helps to protect you and your belongings. It is also known as P&C insurance. It’s an umbrella phrase for a variety of insurance policies that cover your personal belongings and provide liability protection.
Property insurance helps cover things you own, such as your house or car. It is an insurance policy popular with business owners, which protects the business property in the event of damage and theft, covering the structure and its content.
Casualty insurance is a general insurance policy that protects companies from risks or liabilities that […]

Insured Information in an ACORD AL3

Author - Webner
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4:42 am
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“Insured Information” in an AL3 file. How can we get separate data of Insured from the complete AL3 file?

AL3 file:

AL3 stands for Automation level- 3. AL3 is a batch communication method designed by ACORD for both policy and commission data. A complete overview of AL3 standards is available in the Access database with supporting data dictionaries and documentation as well.
We can also say that AL3 is an EDI standard for the insurance industry. ACORD AL3 is a library that implements AL3 messaging standards for communication between the property and casualty insurers, their agents […]

What is the difference between an Insurance Agency and an MGA?

Author - Webner
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4:49 am
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Insurance Agency:

An insurance agency, also known as an insurance agent, is an individual or company authorized by a carrier to sell the insurer’s products in exchange for commission or compensation. Insurance agencies or agents are regulated by the insurance laws of the country or state in which they work. Independent agents can sell or offer products from a variety of carriers, whereas captive agents only sell the products of the single insurer to the customers.

For example, ABC Insurance is an independent insurance agency. This agency has employed insurance agents to sell the insurance products of […]

What is the difference between an Insurance Broker and an MGA?

Author - Webner
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5:08 am
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Insurance Broker:

An insurance broker is a mediator between the insurer and the customer. Insurance brokers are insurance experts who advise clients about their insurance needs and then interact with insurers on their behalf to get them the most suitable insurance.

Insurance brokers work on behalf of the client and will work with insurance companies throughout the market. They are not tied to one insurer and can therefore recommend products from any insurer.

Insurance brokers are compensated by the insurance companies, from whom they earn a commission for the business they place.

Many insurance brokers will have their […]

What does Income Loss mean in Insurance?

Author - Webner
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4:25 am
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The term “loss of income” refers to a situation in which a person’s primary source of income for expenses or living expenses, such as a job wage or company income, is interrupted or their business fails. In this case, They have experienced a loss of income. Here, An Insurance can be able to cover this financial risk. They will be compensated by their insurer if they have taken insurance against this danger.

Loss of income insurance can assist the policyholder to pay off their debts and help even restart the company in case of business failure. Income protection insurance […]

NAIC (National Association of Insurance Commissioners)

Author - Webner
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4:46 am
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The National Association of Insurance Commissioners is an organization that represents insurance commissioners across the country.
In the United States, as the insurance sector is very highly regulated, the National Association of Insurance Commissioners was founded in 1871. The U.S. standard-setting organization is governed by the chief insurance regulators from all over the country, including the 50 states, the District of Columbia, and five U.S. territories, to coordinate the regulation of multistate insurers. It is a nonprofit, nonpartisan organization. It provides the data, expertise, and analysis to the insurance commissioners to effectively regulate the industry […]

What is the difference between an Insurance Agency and a Brokerage firm?

Author - Webner
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4:42 am
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Insurance agency

An insurance agency is a firm authorized to sell insurance products to the insured in exchange for compensation (commission) from a carrier. Insurance firm agents always work under the guidance of the state in which they work. Most insurance agencies are independent and sell products from different carriers, but there are some agencies that only sell the products of one insurer, so they are not able to compare prices and features of other products on the market. An insurance agent is paid a salary by the insurance business, as well as a commission or bonus based […]

Basic Structure of AL3 File

Author - Webner
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4:18 am
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Basic Structure of an AL3 file:

AL3 file includes two types of groups:

Transaction Groups: Carries data related to the transaction between the source and destination
Data groups: Carries the data of the policy.

Transaction Groups:

1MHG: The Message Header Control Group
This is the first group where the transaction starts indicating the logical start of the message. This group includes the address of the sender and receiver (Agency-Company) of the message along with the message text carrying the instruction of what to follow to receive the message and […]

What kind of data is collected and coverage is provided in inland marine personal insurance?

Author - Webner
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4:16 am
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Overview

Personal inland marine insurance protects personal property that may not be covered under the traditional homeowners’ insurance policy due to the various exclusions and limitations on homeowners’ coverage. Personal Inland Marine Insurance can provide you with added protection for your valuable property, whether it is in transit or at your insured location.

The Property that can be Insured under Inland marine Insurance:

The property value must be high.
The property must be portable.

The personal Inland marine insurance protects your valuables such as:

Jewellery
Fur coats,
Antique furniture: Under antique furniture, we have […]

Collision Coverage

Author - Webner
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4:33 am
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Introduction

Collision coverage is a type of automobile coverage that pays for the repair or replacement of a vehicle in case of an accident caused by a collision with another vehicle or object such as a tree, fence, or pole. This coverage also covers the damages in case the vehicle flips or rolls. Collision coverage also covers the damages under a hit and run case or if there is a collision where no one is at fault. Damage caused to a vehicle by potholes is also covered under this coverage. The damages are paid up to the limit […]

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