WinsurTech Blog | Insurance Concepts and Practical Solutions

Inflation guard in HOME Insurance

Author - Webner

10/01/2021

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4:27 am

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Insurance

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Post Views: 498

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

09/29/2021

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4:54 am

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Post Views: 441

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

09/27/2021

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4:16 am

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Post Views: 594

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

09/23/2021

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4:27 am

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Post Views: 441

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

08/24/2021

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4:26 am

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Post Views: 822

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

08/19/2021

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4:46 am

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Insurance

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Post Views: 839

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 […]

What is Entrustment in Insurance?

Author - Webner

08/17/2021

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4:15 am

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Insurance

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Post Views: 567

Entrustment exclusions are a type of clause found in many insurance policies. No coverage will be provided for losses or damages originating from dishonest or illegal conduct by the insured, agents, or anyone to whom the insured has entrusted the insured’s covered property, according to a standard entrustment exclusion clause. Entrustment exclusions are designed to prevent an insured from receiving benefits from an insurance contract for losses caused by dishonest conduct, such as theft, committed by either the insured or anybody with whom the insured has entrusted the insured property. Insurance companies do not want to pay for catastrophes […]

Personal Automobile Coverages

Author - Webner

08/13/2021

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3:55 am

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Post Views: 815

The maximum amount of money an Insurance Company will pay for a covered claim to the insured is known as Coverage. An insurance policy is a collection of coverages with each coverage having a limit to which the amount will be paid. Coverage tells you the extent of damage that will be taken care of by the Carrier and the limit i.e. the maximum amount that will be paid for the same. Coverage is one of the deciding factors for the premium you pay hence it becomes important for you to understand these coverages. These are a few of […]

Business Insurance and its types

Author - Webner

08/11/2021

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4:49 am

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Insurance

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Post Views: 1,009

Introduction

Business insurance is a type of insurance that provides coverage to the insured business against any damage or loss due to any misshapen like natural disasters, thefts, vandalism, lawsuits, losses due to illnesses of employees’ illness, injury or death.

Some unforeseen incidents may lead to partial or complete closure of a business. In such cases, the Business Insurance policies play their role. Business Insurance helps enterprises by covering their financial assets, intellectual property and physical location from an unexpected incident causing financial losses.

Types of Business Insurance:

There are several options available to protect businesses […]

Producer, Agency, Carrier and Other Basic Insurance Terms

Author - Webner

08/05/2021

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4:47 am

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Post Views: 1,163

What is an insurance producer?

An Insurance producer also called an insurance agent is an individual that works as a salesperson for any insurance agency. An insurance producer must be licensed by a State’s Insurance Division or Department to sell insurance in that State. The insurance sector is divided into various categories and hence an insurance producer must be licensed for each category in which he/she wants to transact business. Most of the time, producers provide service to the policies that they have written but the main intention of the producer is to sell the insurances […]

Personal Umbrella Insurance Policy and its Coverages

Author - Webner

07/01/2021

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4:14 am

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Insurance

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Post Views: 1,009

What is Personal Umbrella Insurance?

Personal Umbrella Insurance is a type of insurance that is designed to provide an extra layer of protection beyond existing limits and coverages of other policies such as auto or homeowners insurance.
Umbrella insurance helps you to add extra liability coverage for injuries, property damage, certain lawsuits, and personal liability situations.

How does an umbrella insurance policy work?

A personal umbrella policy sometimes referred to as umbrella insurance may provide coverages to you and your assets in two important ways:

When you have exhausted the liability limits under home or auto […]

What is double indemnity

Author - Webner

06/29/2021

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6:46 am

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Insurance

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Post Views: 773

Both life insurance and accident insurance policies include double indemnity clauses. According to these clauses, insurance carriers agree to pay twice the policy amount in the event of accidental death. Double indemnity clauses can provide many benefits to grieving families, but it is important to have proper knowledge of how insurance carriers handle these clauses and why these claims may be denied.

What is Considered an Accidental Death?

First, we need to know what “accidental death” means. To qualify for double indemnity benefits, the relatives of the deceased will need to prove that the death was accidental. Different […]