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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
