WinsurTech Blog | Insurance Concepts and Practical Solutions

How to open ACORD AL3 files

Author - Webner
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4:32 am
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What is AL3?

AL3 is one of the P&C standards created by ACORD. This standard was developed in the early 1980s. AL3 is designed as a batch communication method for policy and commission data. Data dictionaries and supporting documentation of AL3 standards are stored in the Access database maintained by ACORD. This database is mainly updated every 6 months with new variations and changes.

AL3 standard is widely used across the Insurance industry of the USA for property and casualty data transmission. As per ACORD, more than 500 companies are using this standard.

ACORD AL3 Library […]

Intentional Act

Author - Webner
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4:38 am
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As the name implies, intentional acts are those acts that you intend to perform. For example, if you swing a fist at someone during a fight it would be an intentional act. Your fist does not accidentally swing towards someone’s face, but it’s intentional and you do the swing knowing that it will cause harm to another person. Thus, it is an intentional act for the purpose of causing harm and knowing that it’s a deliberate act.

Any time a party acts with the intention to cause direct harm to another party, the law categorizes that act […]

Bodily Injury Liability in Personal Lines policies

Author - Webner
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4:41 am
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What is Bodily Injury Liability and in which AL3 group its details can be found in Personal Lines policies?

Introduction to Bodily Injury coverage:

If you get into a car accident and injure another person, bodily injury liability covers the expenses involved in treating that person. This insurance coverage pays the hospital bills and the lost income of the individual as a result of the accident. In case, if the injured person sues you for the accident, It will also cover the legal fees for that.

Bodily injury coverage is subject to a limit, which is […]

What does Hazardous Occupation mean in Insurance

Author - Webner
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4:52 am
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What does Hazardous Occupation mean in Insurance?

When you work in a hazardous occupation, your risk of injury or death increases. Occupational risk insurance provides financial resources to you or your loved ones if you are injured or die while doing your job. It is the protective covering that gives you peace of mind.

Who is Eligible for Occupational Hazard Insurance?

Employees working in hazardous occupations are eligible for occupational risk insurance. However, each insurance carrier has different qualification requirements.
Generally, you must be between 18 and 70 years of age to qualify for coverage. Additionally […]

What does Employee Benefits mean in Insurance?

Author - Webner
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4:32 am
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Employee benefits include many types of non-wage compensation given to employees in addition to their usual wages or salaries. Employers offer insurance to their current employees in the form of a group insurance scheme, which is referred to as an employee benefit insurance plan. It could also be used to attract and retain employees in a firm. These benefits are also called fringe benefits, perquisites, or perks.

Basic health insurance, group term life insurance, prescription drug coverage, and accidental death and dismemberment policies are generally included in an employee benefits insurance plan. Other companies could provide a more comprehensive […]

The difference between an Insurance Broker and an Insurance Agent

Author - Webner
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4:42 am
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Explanation:

Agent: An insurance agent sells or promotes insurance products on behalf of their organization. It is a person who represents an organisation and sells its product. An insurance agent is responsible for filling the forms and processing them correctly and they ensure that premiums are timely paid. In addition to this, agents also focus on improving the image of the company.
An Insurance Broker: An insurance broker sells, buys, or negotiates various financial products best suited to their individual client needs. Brokers are finding out what’s best for their clients from several […]

Rental Car Insurance: Do I need to buy it?

Author - Webner
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4:22 am
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If you want to hire a car, the first thing you need to do is read the car-sharing agreement. You must first see your insurance agent before engaging in a rental automobile arrangement with an insurance provider. If you have your own vehicle insurance, inquire as to whether or not the rental car can be covered under your policy. Based on your homeowner or auto insurance coverage, your insurance agent will recommend the right plans for your rented car. Car insurance plans and coverage varies from state to state. Traditional insurance companies provide the following coverage, which customers may […]

Loss of Job Insurance

Author - Webner
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4:30 am
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Overview

A job insurance policy insures the insured family by providing financial aid. This Policy is useful in case the primary source of income in the family losses the job.

An Insured individual can claim the benefits of the policy upon losing the job within the policy term, under the condition that the loss of the job is due to one of the reasons mentioned in policy terms and conditions.

Policy cover

This policy cover can be tailored according to the needs of the policyholder. The policyholder can enhance the benefits by add-on like critical […]

Tangible and Intangible Damages

Author - Webner
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4:17 am
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Tangible damages are economic damages including medical and rehabilitation expenses and lost wages.

They are basically the physical damage to the assets like

Direct damages-

Building
contents
infrastructure

Indirect loss

industrial production
traffic disruption
emergency costs

The tangible damages can be easily quantified.

Intangible Damages

Intangible damages are harms like pain and suffering. They don’t have any monetary value assigned to them. It is more challenging to evaluate intangible losses because they are not easily identified as bills.

The intangible damages could be
Direct damages-

Loss of life
Health effects

Pain […]

Personal accident insurance and Personal effects coverage

Author - Webner
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5:07 am
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Introduction To Insurance:

Insurance is a contract between two entities whereby one entity is called an insurer and the other is called an insured. In other words, an Insurance contract is represented as a policy. Insurance mainly provides financial protection or reimbursement against losses to an individual or entity. Her Insured usually received a contract called an Insurance policy.
Insurance protects the insured from financial losses. While insurance is being filled, the amount of money charged by the insurer for the particular coverage is called the premium.

If the insured experiences any loss which is covered in their […]

Collision Damage Waiver (CDW)

Author - Webner
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4:50 am
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A collision damage waiver (CDW) is a different type of insurance that is often given when we are taking the vehicle on rent and is sold by a rental car company. This covers damage/loss should an accident occur. Typically, a vehicle rental company charges you about $20 per day for this insurance, and there are some considerations and points that you will want to understand when getting this insurance

Covering under Collision Damage Waiver:
The car’s bodywork.

It does NOT cover, following:
windows and mirrors
Wheels and radial covers
engine
Interior of vehicle
undercarriage […]

What does investment risk in Insurance mean?

Author - Webner
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4:15 am
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Definition of ‘Investment Risk’

Definition: Investment risk is defined as the chance or likelihood of losses occurring in relation to the projected return on a certain investment.

Description: Simply put, it is a measure of the degree of risk associated with attaining the investor’s expected returns. It refers to the extent to which unexpected outcomes will be realised.

Investment Risk Insurance

There is a danger whenever there is an investment. The spectrum of danger, on the other hand, might be rather wide. Risky investments can be highly appealing since they often […]

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