WinsurTech Blog | Insurance Concepts and Practical Solutions

Personal Umbrella Insurance Policy and its Coverages

Author - Webner

07/01/2021

4:14 am

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Post Views: 1,017

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

6:46 am

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Insurance

Post Views: 776

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 […]

Some common reasons for Motor Insurance Claim Rejection

Author - Webner

06/24/2021

4:12 am

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Insurance

Post Views: 659

There are some common reasons due to which Motor Insurance Claim can be declined by the insurance company. So an Insured should take care of these things.

Driving Licence Not present at the accident time.
The vehicle is driven by another person at the accident time.
The driving Licence is expired at the accident time.
Drive the vehicle after consuming alcohol.
Negligent Driving or Behaviour (like parking at the wrong place, the driver leaving the key in the vehicle, driving on the damaged or flooded road)
Using the personal vehicle for commercial use
Modify vehicle without informing the insurance company […]

Elimination Period

Author - Webner

06/22/2021

4:26 am

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Insurance

Post Views: 789

The elimination period term refers to the period between an injury and receipt of benefits. We can say that it is the time between the beginning of injury and receiving the benefit of payment from an insurer. This term is also specified as a waiting or qualifying period. Before the payment of the benefit of claim, the policyholder has to qualify through this waiting period which is also a requirement of most insurance companies.
The elimination period can vary but commonly it is of 30 to 180 days, though sometimes maybe longer. This term is commonly used in disability and […]

Transaction Category, Function, Policy Type, and Business Purpose in AL3

Author - Webner

06/02/2021

8:41 am

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Uncategorized

Post Views: 750

Transaction Category (TRCAT) – The Transaction Category data element specifies that the current transaction belongs to which department, process or category. Common values are below:

A – Accounting
C – Claim
P – Policy

Policy Type Routing Code (RTGCD) – The policy belongs to which line (P – Personal or C – Commercial for example)

Transaction Function (TRFNC) – The transaction function describes the purpose of the transaction, and sometimes the structure of the data (like a partial or full image of data). Some common values are given below:

DBR – Direct Bill Reconciliation
FMG – Master File Image
PCH – Policy Change
SYN – Database […]

Personal and Commercial AUTO Insurance and related ACORD AL3 groups

Author - Webner

05/24/2021

5:11 am

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ACORD AL3, Insurance

Post Views: 1,076

The main difference between personal and commercial auto insurance depends on who owns the vehicle. If your business owns a vehicle that is used for business purposes, it will be covered by commercial auto insurance.

Commercial auto insurance covers accidents that occur while you or your employees are driving a commercial vehicle. While both personal and commercial auto policies pay for legal and medical bills associated with auto accidents, commercial auto insurance usually covers higher claims, different types of vehicles, and more complex legal issues.

A commercial policy typically ensures all the business’s employees and additional insureds, It means […]

Dwelling Insurance and Its Coverage’s

Author - Webner

05/19/2021

4:20 am

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Insurance

Post Views: 863

Dwelling Insurance:

Dwelling coverage is a part of a home insurance policy and sometimes it is also called Dwelling Insurance. This policy may help to rebuild and repair the building if the building may be damaged by covered hazards. Or we can say that this coverage protects the home where the person (Insured) lives with an attached structure like a garage or a porch with some added coverages.

Dwelling Insurance Coverage

There are certain hazards that are covered by most homeowner insurance policies. So coverage can vary from state to state and may also depend on […]

Introduction to Agency Management System

Author - Webner

05/17/2021

4:51 am

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Insurance

Post Views: 1,318

A web-based Insurance Agency Management System or AMS is a Software as a Service (SaaS) tool that can optimize the existing agency business processes and run, and help the operations effectively. It tracks details of the policy, improves agent productivity, and provides instant access to client data. It also helps in managing claims for purchasers and handling commissions for the agents. It automates multiple processes, making the agency operations quick and efficient. The agency management system allows storing a huge amount of information under a single umbrella. As a result, the agents don’t need to use multiple applications […]

Multiple examples of Insurance Policy Endorsements

Author - Webner

05/12/2021

4:30 am

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Insurance

Post Views: 1,576

What is an insurance endorsement?

Insurance endorsements allow you to change standard property and casualty insurance. It is mainly used for any kind of additions, subtractions, and other updates to your coverage. It can also be used to clarify language or change administrative stuff like address, email or names, etc.

In life and health insurance, an endorsement is known as “Rider”

An endorsement may have its own deductible and limits. It can be added anytime whether the policy is issued, during the policy term, or at the time of renewal of the policy. It may affect your insurance […]

How to choose the Best Car Insurance Quotes at Affordable Prices?

Author - Webner

05/10/2021

4:26 am

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Insurance

Post Views: 911

Introduction

Irrespective of the kind of insurance coverages you are looking for, the ability to get the best auto insurance quotes at reasonable rates in the U.S. is not an easy task. Several insurance providers offer ‘unbeatable quotes’ and ‘best prices in the industry, therefore an insured should do thorough research before making his/her decision. Here are some points that you should consider while purchasing car insurance quotes-

Figure Out the Exact Coverage You Need

When it comes to choosing the auto insurance quotes, there are boundaries each company’s policies have. The insured […]

Parking or Garage locations and effect on Premium in insurance

Author - Webner

04/29/2021

3:50 am

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Insurance

Post Views: 695

Parking –

Parking is the primary parking location for the vehicle. It is the main parking area where vehicles are parked when not in use. Usually, it’s the house address or where the car is parked for a maximum number of hours.
For example –
It can be home or it can be office parking.

Garaging Location-

Garaging locations are the locations where vehicles are parked but occasionally or less frequently or in some cases an equal number of hours.
For example –
Apart from home parking, If someone used to park their vehicle […]

What is MVR and what kind of data is there in it?

Author - Webner

04/27/2021

4:07 am

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Insurance

Post Views: 798

MVR Stands for Motor Vehicle Record/Report. In a Motor Vehicle Report a summary of a person’s driving records like past accidents, traffic violations are noted. The MVR is used for background checks of the driver’s driving history. A motor vehicle report (MVR) is used by the insurer to determine the risk level of providing coverage to the person by assessing his/her MVR and determining the amount of premium on it.

If the person applying for the policy has a clean record then chances of getting approved for a policy are high and may get a better […]