The North American Industry Classification System (NAICS) is a company classification system designed through a collaboration between the United States, Canada, and Mexico. This classification method makes it possible to [...]
Property and Casualty insurance (or P & C as it is usually called), are the types of insurance that cover the following: Property - Property insurance protects the insured [...]
Suppose someone has a medical insurance policy from an insurer. He visits hospital and bill is of $25. He claims it from the insurance company. Company pays but they [...]
Policy Downloads is the process of bringing policy related information and transaction details from Insurance Carriers into agency management system in use by the agency. An insurance agency can [...]
When polices are downloaded from carriers (like through IVANS downloads, EBix Team-up Downloads or other 3rd party download applications) what should be done with each policy? Basically policy download [...]
Indemnity in insurance means in case the loss (financial or death) happens the insurer has to bring the state (in whole or part) of the insured back to what [...]
Insurable interest means if the person who wants insurance to be done has any interest in the item being insured or not. For example a human being has natural [...]
Law of Large Numbers is the basis for successfully running Insurance Business. If historical data is collected for several years for life insurance for example and the information like [...]
In Life insurance the risk is that person may die before the insurance policy matures. In Car insurance the risk is that car may get damaged during the tenure of [...]
Insurance is to cover the financial risk but what type of risk can be insured? Can risk in gambling be insured or a startup business or a stock investment? No [...]
Business of insurance runs on probability. If there are 10000 cars each driven by a different driver, there is a certain possibility (risk) that 1 or more of these [...]
Insurance industry of United Stated is very much different from any other country and also it is the largest market in terms of premium amount according to federal Insurance [...]
Basics first - Client is the insured person or who gets himself, his property or vehicle insured by the insurance company. Insurance company is also known as Insurance Carrier [...]
