WinsurTech Blog | Insurance Concepts and Practical Solutions

What Is a Policyholder Surplus? How is it calculated?

Author - Webner
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6:04 am
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Policyholder Surplus

If we subtract liabilities of a policyholder-owned insurance company from its assets, we get the Policyholder surplus. The financial strength of a company can be determined through its Policyholder surplus as it indicates the financial ability of a company. If an insurance company needs to pay a higher than expected amount of claims, this surplus serves as an additional source of funds other than the company’s reserves and reinsurance. In the case of a publicly owned insurance company, the Policyholder surplus is known as shareholder’s equity.

While building the simple letter ratings ranking […]

What are the various channels of distribution of Insurance products in the US?

Author - Webner
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6:22 am
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Insurance distribution Channels:

Distribution is the process of delivering your products or services into your target markets. Distribution channels are key to success for all insurance companies. They ensure that products and services provided by insurers reach target customers in the most linear and cost-efficient manner. A variety of distribution channels with various strategies and positions are available in the market. Distribution channels are divided into the following two types:

Direct channels:

These channels make direct contact between insurers and customers. In the direct channel total control over how the product is marketed and sold […]

What does BILL OF SALE mean in Auto insurance?

Author - Webner
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6:24 am
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Introduction

A bill of sale is a document that signifies a person or organization has sold goods to another person or customer. It is regarded as a legal document and can be used as valid proof in all legal matters. It also signifies that the ownership of goods has been transferred to another party.

In simple terms, the bill of sale is like a receipt that can be used as proof to signify a sale. It is required that the party who is purchasing a car or any other asset should make sure that the bill of sale […]

Update Record Type Assignment For Chatter Profiles

Author - Webner
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5:55 am
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Introduction

While creating record types in SalesForce, sometimes we do not want to give access to a few profiles. But somehow we have given the access of record type to all profiles. Now if we want to revoke permission of record type from some profiles, we can update Record Type Settings by opening profiles. But if we want to update these settings for Chatter profiles. We can not do this directly with a Chatter profile.

To change the record typesetting for chatter profiles

We have to use some URL hacks to change the record typesetting for […]

What is the SYMBOL Age Group in Auto Insurance?

Author - Webner
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5:44 am
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Introduction

SYMBOL are the age groups that Insurance agencies use to assess the premium they will be charging from their consumers. This is mainly done for comprehensive insurance policies where the insurance company typically pays for the cost of repairing or replacing a vehicle if anything happens (stolen or damaged or any natural force ending up damaging the vehicle). However, we should note here that insurance companies suggest that typically comprehensive insurance is required in addition to the Collision Insurance when financing a vehicle. Because Collision insurance covers the damage in the incident of colliding with any other […]

What does GOOD STUDENT CERTIFICATE mean in Auto insurance?

Author - Webner
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6:00 am
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Introduction

Car insurance costs tend to be higher for teenage drivers. This is because young drivers are calculated to be at a higher risk in the first few years they’re driving. Both high-school and even college students between the ages of 16 and 24 are considered as risky drivers. But what about a magical auto insurance discount that can help to save money on a student’s or young adult’s auto insurance?

Many insurance companies provide a discount to young drivers on auto insurance policies who earn good grades in school or college. The good […]

What is the rating territory code (TERR) in Auto Insurance?

Author - Webner
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6:58 am
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Introduction

Insurance companies run on the predictions made by the actuaries and data-backed information. They make profits only if they get more premiums than the insurance claims filed by the public. They are allowed to use certain criteria based on what they think would be suitable for them. So, if any particular area in a given territory is forcing them to incur losses, they are free to charge more in terms of premiums and be profitable again. However, this has been the bone of contention between insurance policymakers and law but they seem to have won the […]

What is Other Than Collision (OTC) in Auto insurance?

Author - Webner
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5:24 am
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Introduction to OTC in Auto insurance

Other Than Collision(OTC) coverage in an auto policy is also referred to as comprehensive coverage. The name of this coverage makes its definition more clear because it covers almost all other physical damage that can occur to a vehicle other than collision. Collision refers to the damage suffered by the vehicle when the vehicle is in motion. This damage may be happened by an object or other vehicle in a road accident. It does not matter who is at fault in the accident that damages the insured vehicle; the owner of […]

What is a Homeowners Insurance Policy?

Author - Webner
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5:51 am
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Introduction

Homeowners insurance also commonly known as home insurance, is a type of property insurance that covers the damages to an individual’s home, along with furnishings and other assets in the home. It helps to provide financial protection for losses to a residence and other personal belongings. Homeowners insurance also pays liability coverage against accidents that occur in residential premises.

Homeowners policy usually includes loss of interior damage, exterior damage, damage of personal assets, and injuries that arise on the insured residential property. We will discuss some more points about the Homeowners Insurance Policy.

How does […]

Lightning Datatable Jump Issue On Row Actions

Author - Webner
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6:25 am
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SalesForce Lightning

SalesForce Lightning is a new advanced platform for SalesForce users to build extensive experiences. It is a component-based framework with some other tools to develop applications for users. Even users with no coding knowledge can use the already existing Lightning applications present. Though Lightning is highly extensive with new features, there are bugs in some of the new features provided by Lightning. One of them is in the Lightning datatable i.e if we delete the last row from the datatable using row actions then the control jumps to the last column of the second […]

Why do insurance companies fail?

Author - Webner
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6:07 am
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Introduction

Insurance is the “promise” that insurers make to policyholders in exchange for premiums. The insurance industry is built on policyholder’s confidence that insurance contracts will be fulfilled and eligible claims paid. For consumers, the purchase of insurance is a key component of how they manage their financial risk. Consumer confidence in the industry is, therefore, insurance is closely linked to confidence in the solvency of their financial institutions.

Insolvency arises when insufficient assets and capital are in place to cover the claims liabilities incurred. Insurer liquidation shows claimers and policyholders to the risk of unexpected financial […]

What is Policy Binding?

Author - Webner
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10:50 am
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In the insurance industry, policy binding refers to insurance coverage, and means that coverage is in place even if the policy has yet to be issued by the insurer. Often, binding takes place through a verbal agreement, in person or over the telephone between you and your agent or insurer. It can also occur through electronic communication, such as an email or text message, though laws regarding e-commerce and digital signatures vary by state, and are subject to rapid change as technology progresses […]

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