auto insurance | Insurance Software development

What kind of MEDICAL STATEMENT is required in Auto insurance?

Author - Webner
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5:59 am
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Introduction

When anybody wants to purchase any health-related policy from an insurance company, the insurance company needs to know how healthy the person is at the time he/she signs the policy. The insurance companies figure this out through a process called underwriting, during which the customer has to take a medical exam and submit a medical statement about the current health and medical history.

The higher risk pose, the higher the premiums are being compared to a healthier person receiving the same amount of coverage. In some cases, the health may indicate too high of risk […]

What does BILL OF SALE mean in Auto insurance?

Author - Webner
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6:24 am
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Introduction

A bill of sale is a document that signifies a person or organization has sold goods to another person or customer. It is regarded as a legal document and can be used as valid proof in all legal matters. It also signifies that the ownership of goods has been transferred to another party.

In simple terms, the bill of sale is like a receipt that can be used as proof to signify a sale. It is required that the party who is purchasing a car or any other asset should make sure that the bill of sale […]

What is the SYMBOL Age Group in Auto Insurance?

Author - Webner
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5:44 am
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Introduction

SYMBOL are the age groups that Insurance agencies use to assess the premium they will be charging from their consumers. This is mainly done for comprehensive insurance policies where the insurance company typically pays for the cost of repairing or replacing a vehicle if anything happens (stolen or damaged or any natural force ending up damaging the vehicle). However, we should note here that insurance companies suggest that typically comprehensive insurance is required in addition to the Collision Insurance when financing a vehicle. Because Collision insurance covers the damage in the incident of colliding with any other […]

What does GOOD STUDENT CERTIFICATE mean in Auto insurance?

Author - Webner
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6:00 am
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Introduction

Car insurance costs tend to be higher for teenage drivers. This is because young drivers are calculated to be at a higher risk in the first few years they’re driving. Both high-school and even college students between the ages of 16 and 24 are considered as risky drivers. But what about a magical auto insurance discount that can help to save money on a student’s or young adult’s auto insurance?

Many insurance companies provide a discount to young drivers on auto insurance policies who earn good grades in school or college. The good […]

What is the rating territory code (TERR) in Auto Insurance?

Author - Webner
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6:58 am
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Introduction

Insurance companies run on the predictions made by the actuaries and data-backed information. They make profits only if they get more premiums than the insurance claims filed by the public. They are allowed to use certain criteria based on what they think would be suitable for them. So, if any particular area in a given territory is forcing them to incur losses, they are free to charge more in terms of premiums and be profitable again. However, this has been the bone of contention between insurance policymakers and law but they seem to have won the […]

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