WinsurTech Blog | Insurance Concepts and Practical Solutions

What is BI (Bodily Injury) coverage?

Author - Webner
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10:38 am
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Bodily Injury (BI) includes bodily harm, sickness, or disease, including resulting death. Bodily Injury in P&C insurance (like in auto insurance) refers to the other person’s injury – who suffers injury because of the insured. Like if A has car insurance and A, while driving his car, hits B, and B gets injured, then BI means injury to B and the insurance of A has to pay for B’s medical expenses. Bodily injury liability coverage helps pay for another person’s expenses if you injure them in a car accident. This type of coverage typically […]

What is PIP (personal injury protection)?

Author - Webner
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10:37 am
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Personal injury protection (PIP), also known as “no-fault insurance” in US (applicable to no-fault states)  is a component of an automobile insurance plan that covers the medical expenses of the insured and passengers associated with a car accident. PIP covers medical expenses for both injured policyholders and passengers, even if some don’t have health insurance. PIP is mandatory in no-fault states. In those states where it is not mandatory, insurer will not pay for the medical expenses of the insured and passengers, so in such a case a separate accident policy can be taken by the […]

Compulsory Deductible versus Voluntary Deductible

Author - Webner
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10:20 am
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The insurance deductible is the amount of money you will pay in an insurance claim before the insurance coverage kicks in. Like if your deductible is US $300 and your claim is US $2000, company will ask you to pay US $300 and then the rest will be paid by the company. Once you pay your deductible the insurance company will pay you the rest of the claim value up to the policy limits.

A deductible protects the insurance company against unnecessary and large number of small claims (hence saving paper work, time and money). This also ensures that people […]

Who is an Insured?

Author - Webner
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9:48 am
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Insured is a person whose interests are protected by an insurance policy, means he/she is the person who has got the insurance done for his/her interests (interests means the life or assets for which the insurance is purchased). An alternative but similar wording is – a person who contracts for an insurance policy that indemnifies him against loss of property or life or health

What is Named Insured?

Author - Webner
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9:46 am
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The name of “named insured” is mentioned there in the policy as an insured. A Named Insured is any person, firm, or organization, or any of its members specifically designated by name as an insured(s) in an insurance policy. This is different from others who are insured but their name is not mentioned in the policy (like sometimes “child” is also insured but the name of the child is not mentioned, so in this case the child is not named insured […]

What does ADDITIONAL INTEREST mean in Auto insurance?

Author - Webner
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5:18 am
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Introduction

In insurance terminology, Additional Interest means an uninsured or insured third party that is named in the insurance policy as having an interest in the insurance policy of the holder. For instance: if there is any change made in the policy of the insuree (any modification or cancellation) of the policy, the party who has been labeled as additional interest is notified of the said change.

It basically means that someone who is not directly involved in the insurance but gets affected by the changes made by the insurance policy. However, this term can indicate a different […]

What is a Personal Auto Insurance Policy?

Author - Webner
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5:50 am
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Introduction

A personal auto policy also known as PAP is an insurance policy that is purchased by a vehicle owner to provide insurance coverage for damage or injury to others, in the form of liability insurance. Along with the liability coverage, it can also provide coverage for injuries or damages to the insured. Personal auto insurance policy is a contract between the vehicle owner and the insurance company that protects the owner against financial loss in the event of an accident or theft. The name of the policy clarifies that only personal motor vehicles that are not primarily […]

What does mortgage insurance mean?

Author - Webner
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6:10 am
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Introduction

A mortgage is defined as a loan from a bank or other financial institution that helps a borrower to purchase a property. The borrower and the lender(usually a bank) enter into an agreement. According to this agreement the borrower receives cash in advance from the bank(or lender) then makes payments over a set time span until he/she pays back the lender in full. A mortgage is usually referred to as a home loan when it is used for the purchase of a home. The guarantee for the mortgage loan is the home itself. It […]

What is a commercial package insurance policy?

Author - Webner
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6:27 am
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Introduction

Commercial package policy commonly known as a CPP is an insurance policy that is designed to protect a business from various types of commercial risks. It combines coverage for multiple risks, such as liability and property risk in a single policy. Under a CPP, a business owner may combine several types of coverages and pack them so that they cover the specific risks that a business may be exposed to. The advantage of a commercial package policy is that it allows a business owner to pay out a lower amount of premiums than if the business owner […]

What is a Multi-car discount in Auto insurance?

Author - Webner
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6:09 am
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1 Comment
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Introduction to Multi-car insurance

As we all understand that bulk buying in day to day purchases can save our money, but did you know this methodology also works on your car insurance? Many auto insurance providers can offer 10 to 20 percent discounts on the policy if a customer adds more than one car to the same policy. A multi-car policy can be defined by an insurance policy that bundles all the policies for the different cars with one insurer so they’re held together separately. It combines all separate vehicle policies into a single policy […]

What does YOUNG DRIVER QUESTIONNAIRE mean in Auto Insurance?

Author - Webner
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6:56 am
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Introduction to Driver Questionnaire

A questionnaire is defined as a research instrument devised for the purposes of a survey or statistical study. Generally, it consists of a series of questions for the idea of gathering data from respondents. The behavior of drivers plays a key role in road safety as it is important in traffic accident prevention. Therefore, to understand the behaviors of drivers, driver questionnaires are required. By answering different universal questions related to driving, they will give an estimate of the various driving patterns of people of a selected area.

These research topics are mainly conducted […]

What is a SINGLE LIMIT LIABILITY (CSL) in Auto Insurance?

Author - Webner
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5:59 am
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Introduction

Single limit liabilities are the insurance policies that may have combined single limits. It states a single dollar limit that would apply to any combination of property damage liability, bodily limits as compared to split limits where separate dollar amount applicable to each accident that varies from per person, per occurrence of persons injured or property damage that is the result of an accident.

It is basically a provision of an insurance policy that would limit the coverage of all the elements of the insurance policy and claim it to be a single dollar amount. It has […]

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