Coverages - Insurance Software development

Coverages and Premium (Auto and Homeowners)

Author - Webner
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4:46 am
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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 […]

Personal Automobile Coverages

Author - Webner
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3:55 am
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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 […]

Personal Umbrella Insurance Policy and its Coverages

Author - Webner
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4:14 am
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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 are TOWING & LABOR limits under Coverages and Limits in Auto Insurance?

Author - Webner
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4:40 am
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Introduction

Insurance is all about just in case. Liability insurance is purchased just in case you have an at-fault accident and someone gets hurt or property gets damaged. Collision and comprehensive coverages provide help to the insured just in case the vehicle of the policyholder gets damage in a crash. Some other types of insurance coverages also protect the policyholder—just in case—such as uninsured/under-insured insurance helps the insured to pay the extra expenses, if the liability insurance of other drivers is not sufficient to pay the bills. Similarly, just in case the insured […]

Uninsured or Underinsured Motorists Coverages in Auto insurance

Author - Webner
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4:39 am
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Introduction

As a responsible driver, it is required to have auto insurance to protect yourself in case of an accident. But not everyone is so scrupulous. The Insurance Information Institute states that 13 percent or one in eight drivers is uninsured. Getting into an accident with one of those drivers can be an expensive mistake, especially if you rely on the insurance of other drivers to cover your costs. To resolve these circumstances, uninsured and underinsured motorist insurances are there. Most of the time these two types of insurances are bundled together. In this blog, we will discuss […]

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