WinsurTech Blog | Insurance Concepts and Practical Solutions

What does Hazardous Occupation mean in Insurance

Author - Webner

11/16/2021

4:52 am

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Post Views: 530

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

11/12/2021

4:32 am

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Insurance

Post Views: 722

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

11/10/2021

4:42 am

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Insurance

Post Views: 920

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

11/03/2021

4:22 am

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Insurance

Post Views: 664

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

11/01/2021

4:30 am

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Insurance

Post Views: 688

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

10/29/2021

4:17 am

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Insurance

Post Views: 606

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

10/26/2021

5:07 am

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Insurance

Post Views: 801

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

10/22/2021

4:50 am

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Insurance

Post Views: 695

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

10/20/2021

4:15 am

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Insurance

Post Views: 734

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

10/18/2021

5:27 am

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Insurance

Post Views: 539

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

10/13/2021

4:42 am

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Insurance

Post Views: 516

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

10/11/2021

4:38 am

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Insurance

Post Views: 460

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 […]