WinsurTech Blog | Insurance Concepts and Practical Solutions

What are different types of coverages in Personal Auto Application and their purpose?

Author - Webner
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4:40 am
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Personal auto insurance application helps in providing financial protection to you, your family, other passengers, and your vehicle. You can choose the amount of protection by Selection of coverages and limits.

Six common auto coverages are:

Auto Liability coverage
Uninsured and Underinsured Motor coverage
Comprehensive coverage
Collision coverage
Medical Payments coverage
Bodily Injury Protection

Depending on the state where you live, some of these coverages are mandatory and some are optional.

Liability coverage: Liability coverage is mandatory in most US states as a legal requirement to drive a car. Liability coverage has two components:

Bodily […]

What are TOWING & LABOR limits under Coverages and Limits in Auto Insurance?

Author - Webner
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4:40 am
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Introduction

Insurance is all about just in case. Liability insurance is purchased just in case you have an at-fault accident and someone gets hurt or property gets damaged. Collision and comprehensive coverages provide help to the insured just in case the vehicle of the policyholder gets damage in a crash. Some other types of insurance coverages also protect the policyholder—just in case—such as uninsured/under-insured insurance helps the insured to pay the extra expenses, if the liability insurance of other drivers is not sufficient to pay the bills. Similarly, just in case the insured […]

What are MEDICAL PAYMENTS under Coverages and Limits in Auto Insurance?

Author - Webner
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4:21 am
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Introduction

Auto insurance is defined as a contract between the insured and insurance carrier that protects the insured against financial loss in the case of an accident or theft. The insured person or the policyholder has to pay premiums for the coverage set forth in the insurance policy.

All states have regulations that set the minimum amounts of insurance or other financial security the vehicle owners have to pay for the loss caused by their negligence behind the wheel if an accident occurs. All vehicle owners are legally bounded to buy at least the minimum amount of liability […]

What are credits and surcharge in Auto Insurance?

Author - Webner
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4:39 am
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Introduction

While offering auto insurance to vehicle owners, insurance company’s credits consider many aspects to calculate and present premium. Obviously, these companies do not want to go into loss but still want to provide insurance. So, they want to find out if the insured person is more likely to cause an accident for which the company will have to provide an insurance claim. If it is so, a higher premium will be offered to adjust the risks. Some of the factors that affect the premium amount are:

Driving experience
Nature of vehicle use
Driving and claims history […]

What are Coverage Limits and Deductibles in Auto Insurance?

Author - Webner
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4:30 am
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Introduction

Auto insurance is defined as a contract between the insured and the insurance company that protects the insured against financial loss in the case of an accident or theft. The insured person or the policyholder has to pay premiums for the coverage set forth in the insurance policy.

All states have regulations that set the minimum amounts of insurance or other financial security the vehicle owners have to pay for the loss caused by their negligence behind the wheel if an accident occurs. An individual has to select the coverage limits and deductible while buying an auto […]

What Is an Insurance Declarations Page

Author - Webner
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4:51 am
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The insurance declarations page is a document provided by your insurance company that summarizes the information on your insurance coverage. It contains name and address, descriptions of the insured property, and premium. It also covers some other information about your policy’s limits, coverages, discounts, deductibles, and relevant insurance policy forms and endorsements.

Each different insurance policy such as (homeowners, car, renters, etc.) will have a separate declaration page, usually located on the first page of the policy. Let’s take a look at what you’ll find on the page.

Named insured:- At the start of the […]

Uninsured or Underinsured Motorists Coverages in Auto insurance

Author - Webner
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4:39 am
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Introduction

As a responsible driver, it is required to have auto insurance to protect yourself in case of an accident. But not everyone is so scrupulous. The Insurance Information Institute states that 13 percent or one in eight drivers is uninsured. Getting into an accident with one of those drivers can be an expensive mistake, especially if you rely on the insurance of other drivers to cover your costs. To resolve these circumstances, uninsured and underinsured motorist insurances are there. Most of the time these two types of insurances are bundled together. In this blog, we will discuss […]

Explain the ‘Risk-Based Capital Model Act’ and how is it important?

Author - Webner
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5:40 am
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What is Risk-Based Capital?

The method for measuring the least measure of capital appropriate for a reporting entity to maintain its overall business operations in a reflection of its size and risk outline is known as Risk-Based Capital Model or RBC. It puts a limit on the quantity of risk that an organization can take. According to RBC, a company having a higher amount of risk should hold a higher amount of capital. A cushion is provided by capital to a company against solvency. It is not necessarily the whole sum of capital that an insurer […]

Loss Payee and Lender’s Loss Payable Additional Interest in Insurance

Author - Webner
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5:11 am
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Introduction to Payee and Payable Interest in Insurance

When a lender makes a loan secured by personal property, the lender receives its interest in the collateral under the applicable law of the state in which the lender lives. To further protect the value of the security supporting its loan, the lender also requires proof of insurance and occupies an endorsement on the borrower’s insurance policy. When a lender gets an endorsement as a “loss payee” as compared to a “lender’s loss payee”, it makes all the difference if the insured borrower’s policy is for some […]

A few basic Insurance Terms and Concepts

Author - Webner
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4:27 am
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Terms Related To Payments in Insurance

Actual Cash Value: The real cost of lost or spoiled properties Insurance minus the depreciation of the property at the time of the loss, for purposes of determining reimbursement.

Annual Limit: The Highest amount of money an insurer (a company providing you with financial coverage) is required to pay per year.

Annuity: A fixed sum of money paid to someone every year, outspread a full benefit.

Appraisal: The act of giving an expert estimate of the value of the property.

Assessed Value:

What is the difference between Direct and Indirect loss in Insurance?

Author - Webner
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5:24 am
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Direct Loss

In insurance, the direct loss is the damage inflicted by a disaster, accident, or another event, referred to as “perils” in insurance language.

For eg: loss to your building or contents due to fire, smoke, shock damage from an earthquake or wind damage from a hurricane, etc. If a tornado strikes and it takes the roof off the building, a direct loss would include damage to the structure, as well as to equipment and other items inside.

Indirect Loss

Indirect losses, (“consequential losses” in business insurance policies) are not inflicted by the peril itself […]

Transportation expense or rental reimbursement coverages and limits in auto insurance

Author - Webner
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4:42 am
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0 Comments
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Introduction

In other blogs, we have already discussed the commercial auto insurance policy. An auto insurance policy is a coverage policy that protects a person or a business against loss arising from the destruction of or damage to the insured motor. In simple words, it can be said that insurance coverage is the financial support to the policyholder if any kind of damage mentioned in the policy happens to the policyholder. Some insurance coverages like liability coverage are obligatory, while other coverages may be optional in a state.

Car insurance or auto insurance is mandatory by […]

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