policy - Insurance Software development

What does Guaranteed Benefit mean in Insurance?

Author - Webner
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4:35 am
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Investing in an insurance policy through any insurance company is the way to create financial stability to cover the uncertainty of the future for the insured and his/her family.

A guaranteed benefit in insurance (especially in the case of life insurance) policy is that the investment will grow as shown and the insured person will get a pre-stated amount on the invested amount as described in the benefit illustration. Moreover, if the policy offers guaranteed benefits, then that should be clearly marked in the policy document or in the benefit illustration table as ‘guaranteed’

When a customer applies […]

Multiple examples of Insurance Policy Endorsements

Author - Webner
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4:30 am
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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 […]

Exclusions: How do they affect the Insurance policy

Author - Webner
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4:47 am
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Insurance is a term that usually means protection from financial loss. It is basically risk management, which is used to hedge against the risk of a contingent loss. Different types of insurance plans consist of different coverage in them. Along with this coverage, there may be some exclusion found which depends upon policy terms and conditions.

An Exclusion is a policy provision that eliminates the coverage for some type of risk. Mainly Exclusion narrows the scope of coverage provided by the insurance agreement.
As a whole, Exclusions are those cases for which the Insurance Company does […]

What is a Commercial Auto Insurance Policy?

Author - Webner
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6:27 am
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Introduction to Commercial Auto insurance policy

Commercial auto insurance policy is needed by a business that requires a vehicle for its operations. This policy protects small businesses when their vehicles are involved in a collision or are stolen, vandalized, or damaged. It also provides financial support to repair or replace the vehicle and covers related medical costs and third-party property damage. The premiums are higher for commercial auto insurance policy as compared to the standard motorist policy. The reason behind higher premiums is that the vehicles for business purposes are often more susceptible to risk.

Commercial auto […]

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