WinsurTech Blog | Insurance Concepts and Practical Solutions

What is the difference between Direct and Indirect loss in Insurance?

Author - Webner
02/19/2021
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5:24 am
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0 Comments
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Insurance
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Post Views: 5,427

Direct Loss

In insurance, the direct loss is the damage inflicted by a disaster, accident, or another event, referred to as “perils” in insurance language.

For eg: loss to your building or contents due to fire, smoke, shock damage from an earthquake or wind damage from a hurricane, etc. If a tornado strikes and it takes the roof off the building, a direct loss would include damage to the structure, as well as to equipment and other items inside.

Indirect Loss

Indirect losses, (“consequential losses” in business insurance policies) are not inflicted by the peril itself […]

Transportation expense or rental reimbursement coverages and limits in auto insurance

Author - Webner
02/17/2021
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4:42 am
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0 Comments
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Insurance
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Post Views: 1,123

Introduction

In other blogs, we have already discussed the commercial auto insurance policy. An auto insurance policy is a coverage policy that protects a person or a business against loss arising from the destruction of or damage to the insured motor. In simple words, it can be said that insurance coverage is the financial support to the policyholder if any kind of damage mentioned in the policy happens to the policyholder. Some insurance coverages like liability coverage are obligatory, while other coverages may be optional in a state.

Car insurance or auto insurance is mandatory by […]

What is the difference among Agency, Agent, Producer and Broker in the US insurance industry?

Author - Webner
02/15/2021
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5:06 am
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0 Comments
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Insurance
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Post Views: 1,438

Agency and Agent:

An Insurance Agency sometimes called an insurance agent – is an individual or company authorized by a carrier (insurance provider or insurance company) to sell the insurer’s products in exchange for compensation. Agents are regulated by the laws of the state in which they work.

Agents act as representatives of insurance companies and may be captive or independent. A captive agent represents a single insurer. An independent agent represents multiple insurers. For example, Pacific Life in California is an independent agent. Western-Southern Life and New York Life are […]

Ceded Reinsurance Leverage & Insurance Leverage

Author - Webner
02/11/2021
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4:10 am
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0 Comments
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Insurance
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Post Views: 919

Ceded Reinsurance Leverage

The ratio of ceded insurance balanced to policyholders’ surplus is known as Ceded Reinsurance Leverage. The limit to which an insurance company depends on ceding risk to reinsurers is provided by Ceded Reinsurance Leverage. Net balances for unpaid losses, unearned premiums and ceded premiums are included in it. In exchange for a portion of the premiums, companies earn from writing policies they use reinsurance as a means to shift risk off of their portfolios. Insurance companies decrease their exposure to a possible surge in claims by moving some of the obligations to another company which […]

What is COLLISION DEDUCTION under Coverages and Limits in Auto Insurance?

Author - Webner
02/09/2021
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4:20 am
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0 Comments
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Insurance
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Post Views: 795

Introduction to collision coverage

Collision coverage is an add-on coverage policy that helps to pay for the damage to your vehicle caused by contact with another vehicle or object, such as rollover, fence, or a tree. In the case of a lease or a car loan, collision coverage is typically required by the lender. If the car is paid off, collision is an optional coverage on auto car insurance policy. It does not matter who is at fault in the accident that damages the insured vehicle; the owner of the insured vehicle can make a claim under […]

ACV (Actual Cash Value) in Car Insurance

Author - Webner
02/05/2021
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4:36 am
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0 Comments
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Insurance
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Post Views: 995

Actual cash value means replacement cost less depreciation. An insurance company determines the worth of the car after accounting for the depreciation and what we get is Actual Cash Value (ACV). This is the amount of money your insurance company will pay out if it is stolen or totalled after they’ve subtracted your deductible, which is required with a comprehensive or collision claim. It means the value of your car as determined by your car insurance company considering the market value of the vehicle. Actual cash value is different from replacement cost coverage, which covers the full […]

Claim history and its impact

Author - Webner
02/03/2021
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4:27 am
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0 Comments
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Insurance
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Post Views: 876

What is a Claim

The state of insurance when the insured (who bought insurance plan) asks the carrier (Insurance company) for money (in case of a covered loss) in lieu of the premium, which the insured pays according to the cycle they choose themselves (it can be monthly, quarterly or annually) is referred to as claim.
Or
An insurance claim is a type of formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event. The insurance company validates the claim accordingly. If Claim approved, the insurance […]

P&C Insurance Transaction Codes and their meaning

Author - Webner
01/05/2021
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11:35 am
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0 Comments
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Uncategorized
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Post Views: 1,201

NBS – New Business – This means it is a new policy from the scratch. Carriers send the detail of the new policy, its coverages, insured party info, etc back to the agent through the AL3 file.

REW – Rewrite  – This means an old policy was canceled earlier and is reactivated (could be due to any reason like major changes required, or premium schedule change, date of policy coverage to be changed, etc).

SYN – Policy Synchronization – This simply means for an existing policy carrier sends the entire information of the policy again back […]

Extract data from ACORD Form PDFs and Images

Author - Webner
11/17/2020
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1:02 pm
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0 Comments
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Insurance
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Post Views: 1,584

Overview

ACORD Forms Reader is a WinsurTech product to convert Scanned ACORD form images or flattened Acord Form PDF files to ACORD eLabel JSON format. It supports all the P&C lines of business. For higher accuracy, the product supports -read flag and for more speed, it supports -readfaster flag. This document will help in understanding the working of this product by going through all the commands and flags. ACORD Forms Reader is a command-line product available for Windows and Linux platforms. 

WinsurTech ACORD Forms Reader Details

JSON to AL3 / DAT File Creator Details

Author - Webner
10/23/2020
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7:53 am
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0 Comments
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ACORD AL3, Insurance
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Post Views: 2,496

Overview

WinsurTech Al3 Creator is a WinsurTech product to convert JSON or CSV format data into AL3 / DAT files. It supports all the P&C lines of business. WinsurTech AL3 Creator saves the output into an AL3 file which can be consumed by any software that can read Al3 files (like any insurance agency management system). This product also includes a bulk feature to convert any number of JSON / CSV files into AL3 format with a single command. This document will help in understanding the working of this product by going through all the commands and flags […]

Useful SalesForce Information for Test Engineers

Author - Webner
09/24/2020
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4:53 am
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0 Comments
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Insurance, Web Development
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Post Views: 1,151

What is Salesforce testing?

Salesforce testing is a process to ensure the configuration and functionalities of the salesforce org. Salesforce testing includes various roles for a tester like changing the object settings, validation rules, changing the page layout to test various features, etc.

A software tester must always create the test cases according to the requirements given by the clients including positive test cases, negative test cases in the process help make the application better. Sometimes testers face the scenario where results are different every time they test, in those cases changing the org from classic to lightning […]

Adding Visualforce Page To Home

Author - Webner
09/18/2020
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5:19 am
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0 Comments
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Salesforce, Web Development
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Post Views: 1,729

How to add Visualforce page to Home in Salesforce Lightning

The home page is the first page that opens when we log in to our salesforce account. Basically, it shows the reports of sales, charts, and other important data. Sometimes, we manipulate these reports or charts based on a specific filter and sometimes we want to show our own set of designs of reports that we created using Visualforce pages. In Salesforce Lightning, it has become easier to change the layout of the Home page rather than the more complicated process that was performed in Salesforce Classic.

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