WinsurTech Blog | Insurance Concepts and Practical Solutions

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 […]

What is a latent defect in Insurance?

Author - Webner
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5:27 am
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What is a latent defect?

Damage to real estate property or a building project that is not visible upon the first inspection and is found when the property or project is passed over to new owners is known as a latent defect.

What is a latent defect in Insurance?

It is a first-party policy that is commonly used for commercial real estate and new construction, such as housing, retail, and offices. It can also be used for new construction on older or existing buildings.

It mostly addresses structural damage that was not visible at the […]

What is the meaning of Funeral Benefits in Insurance?

Author - Webner
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4:42 am
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A Funeral or Death benefit is a payout to the nominee of an insurance policy, annuity, or pension when the insured person dies. This type of insurance plan specifically covers funeral expenses. The spouse or partner of the policyholder can get the benefits upfront for the funeral expenses until the complete benefit is processed. Funeral Benefit basically covers the costs of organizing and carrying out a funeral and the process of receiving a death benefit from an insurance policy to named recipients or nominees as a pension, or annually or a fixed amount. For insurance policies, Funeral benefits are not […]

What is an Individual Retirement Account (IRA) in insurance?

Author - Webner
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4:38 am
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An IRA is not a type of investment in and of itself. It’s a type of account that serves as a holding account for your assets. Within a single account, you can invest in a variety of assets. Your IRA provider is the custodian of your account and will invest the funds according to your terms and objectives. It is a straightforward method to get a head start on saving for the future while also offering tax benefits.

How Does an IRA Work?

An IRA account can be opened at a bank, a brokerage firm, a mutual […]

Crime Insurance and its coverages

Author - Webner
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4:23 am
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Crime Insurance is a type of Insurance Coverage that helps protect any business from Employee Dishonesty, robbery, burglary, or Forgery. Crime Coverage can be part of a commercial package insurance policy or can be taken separately.

Most of the time companies forget to purchase any coverage against the crime. But seriously, Crime Insurance is more trustworthy than any senior staff or employee.

Crime Insurance Include different type of coverages that are listed below:

Computer Frauds: Computer frauds mainly cover money, securities, and property. In this coverage, any fraudulent activity […]

Uninsured and Underinsured Coverages

Author - Webner
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4:32 am
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Uninsured and Underinsured coverage is a type of auto liability coverage that covers the expenses in case someone meets with an accident with an uninsured or underinsured driver. According to a 2017 report by the Insurance Research Council, one in eight drivers is uninsured meaning they do not have any insurance policy. An Underinsured driver is the one whose policy limit is too low to cover the total expenses of the person they are in an accident with. Hence, uninsured and underinsured insurance coverage becomes very important to protect you from irresponsible drivers on the road.

Working of Uninsured […]

Inflation guard in HOME Insurance

Author - Webner
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4:27 am
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What is the Inflation guard in HOME Insurance?

The premium amount of the HOME INSURANCE POLICY is determined by a number of factors, including property value, housing status, claims history, local climate, and crime rate in the area. But there is one more important factor to consider: inflation.

The level of construction and renovation in the area could increase year on year as it continues to improve infrastructure and decoration, or simply for economic reasons. Inflation can cause equipment to become more expensive or workers to pay higher wages.

Keeping this in mind, insurance companies (subject to a […]

Dwelling Insurance and its Covered Items

Author - Webner
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4:54 am
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Dwelling Insurance:

Dwelling is a physical structure, area, and part of the residence which includes building Apartments, houses, and attached structures to the house (generally garage, fence, and deck). So dwelling Insurance Policy is a part of the Homeowners Insurance policy which will pay for the physical structure of the home while damaged by the covered hazards. This Policy may Include the dwelling coverage which will help to repair and rebuild the building. Or we can say that dwelling Insurance protects the home, where the person (Insured) lives, and also protects its attached structure like a garage or […]

Managing General Agent (MGA)

Author - Webner
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4:16 am
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Managing General Agent(MGA) is a specialized type of insurance agent/broker that is authorized with different insurance companies. We can say that these types of agents can work as a broker or agent on the behalf of an Insurer. While an insurance broker works for the policyholder, an MGA works for the insurance company.

These independent agents have specific skill sets or knowledge that the insurance company doesn’t have amongst their regular staff. As a result, they’re often assigned duties an insurer won’t be able to fulfill.

MGA’s can also perform certain functions that are […]

Actual Cash Value

Author - Webner
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4:27 am
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In insurance, the actual cash value is the value of the asset at the current time based on current conditions.
There are some factors by which actual cash value can be evaluated:

Age
Current Condition
Location
Class of construction
Built-in additional features
Square footage area (In case of Property)

These terms can be easily understood with the help of a scenario:

If a person bought a computer 5 years ago for $500 and got it insured. Now it got damaged, so the insured wants to buy another one. But the coverage that the Insured takes for this one is […]

Flood Insurance

Author - Webner
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4:26 am
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Definition: Flood Insurance is a type of Property Insurance that usually covers Home/Dwelling for the different types of losses which will be sustained by water damage and specifically due to flooding caused by heavy rain, melting of snow, storms surges in a coastal region or levee dam failure.

Flood Insurance coverages are different from the basic hazard coverages contained in the homeowners policy. For example, the Homeowner policy covers interior wall damage which may happen due to unconditional weather events like tornadoes and rainstorms. But this policy doesn’t cover the destruction caused by flood waters. So […]

Coverages and Premium (Auto and Homeowners)

Author - Webner
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4:46 am
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Insurance Coverage and Premium:

Insurance coverage is the amount of risk or liability that’s covered for a private or entity by way of insurance services. It helps a person to recover financially from unexpected events, like car accidents or property damages. To get the return for any coverage, the insured pays a premium to the insurance company. So later in return, the insurance company will pay the Insured for the financial damages in case the person or object insured is damaged.

Premium:

An insurance premium is the amount of money an individual or firm must […]

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