premium - 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 […]

Parking or Garage locations and effect on Premium in insurance

Author - Webner
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3:50 am
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Parking –

Parking is the primary parking location for the vehicle. It is the main parking area where vehicles are parked when not in use. Usually, it’s the house address or where the car is parked for a maximum number of hours.
For example –
It can be home or it can be office parking.

Garaging Location-

Garaging locations are the locations where vehicles are parked but occasionally or less frequently or in some cases an equal number of hours.
For example –
Apart from home parking, If someone used to park their vehicle […]

What is the difference between Written Premium and Earned Premium?

Author - Webner
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5:23 am
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Different types of premiums

Insurance companies transfer the risk on to themselves in exchange for a fixed amount charged from its clients called Premium. Just like sales in a retail company is of paramount importance, premiums are the only way Insurance firms make money. In order for an insurance company to be profitable, the premium collected must be more than the claims it might be giving out. Hence the premium rate is calculated based on extensive research and analysis. However, there are many different ways that an insurance company calculates its profits from the premium. The most commonly […]

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