Insurance Archives

Watercraft Insurance and their types

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What is Watercraft Insurance?

Watercraft insurance mainly contained three types of insurance services personal watercraft insurance, boat insurance, and yacht insurance. If there is any damage that occurred in the water vehicles having a horsepower of at least 25 miles per hour, then this insurance will protect the Read more…

What does Guest Liability mean in Insurance?

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Guest liability is an add-on coverage taken by the owner of a home in their insurance policy that will cover the medical expenses incurred on guests on your property when the guest accidentally got injured. This type of coverage can help the homeowner to cover expenses regardless Read more…

What does Guaranteed Benefit mean in Insurance?

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To understand ensured term life insurance, one must first understand term life insurance. A term insurance policy is a particularly designed life insurance strategy that provides financial stability to a person’s family in the event of any unanticipated events. An annual payment is paid, just like with other insurance Read more…

Relationship of ACV to Depreciation and what does the term Blue Book Value mean?

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Introduction

Actual cash value (ACV) is the fair market value that an insurance company would typically pay after determining its replacement cost and subtracting factors such as depreciation and wear and tear of the vehicle. In financial terms, ACV is the amount equal to the replacement cost minus Read more…

Insurance Carrier and MGA

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What is an Insurance Carrier?

A company that sells insurance is known as an insurance carrier. The terms carrier, insurance firm, insurance agency, insurance provider, and insurance brokerage are all interchangeable. Insurance companies sell policies directly to consumers, such as home, auto, and life insurance. Insurance carriers include Read more…

Personal Accident Insurance of Rental Cars

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Insurance for Rental Cars

Owning a car is an expensive attempt as the automobile ages, and the cost of repair, maintenance, and replacement parts rises. Rental cars may be the ideal choice for you if you are concerned about the costs associated with owning a car. Today, renting Read more…

Explain Supplemental liability insurance in insurance of Rental cars

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Supplemental liability insurance

“SLI” stands for Supplemental Liability Insurance, and this is a car rental insurance policy that gives you third-party liability cover. That means, if you (Insured) are involved in an accident with your rental car, You (the driver) are insured to a certain monetary value Read more…

What is an MGA?

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Introduction

A managing general agent (MGA) or a managing general underwriter (MGU) is a specialized type of insurance agent/broker who is granted underwriting authority from an insurer. Specific functions in the insurance sector such as binding coverage, underwriting and pricing, appointing retail agents within a particular area Read more…

The difference between an insurance writing company and the parent insurance company

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Parental Insurance Company:

A parent insurance company is an entity that is the overlooking entity for one or multiple subsidiary companies. These subsidiary companies can be totally independent or partially independent of the parent company. The purpose is to create smaller entities focused on a well-scoped area Read more…

Liability Coverage in Insurance

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If you cause an accident on your property or someone is wounded on your land, you may be held legally responsible for the resulting costs, such as medical or legal bills. Liability coverage can shield you against these types of costs, which is why it’s important to know the Read more…

Types of coverages associated with Auto Insurance

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If we are looking to buy a new vehicle or for auto policy then we should be aware of the types of coverage available. If we met with a vehicle accident then insurance coverages protect us, our passengers, and our vehicle.

Auto liability coverage, uninsured and underinsured motorist coverage, comprehensive Read more…

The Top 5 Benefits of Comprehensive Car Insurance

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A comprehensive motor vehicle insurance policy protects your motor vehicle from any unlooked-for event except a collision. It covers the loss during an accident. Let’s take a look at the other benefits of this. As per the Motor Vehicle Act, third-party insurance is mandatory and you must Read more…

Free Look Period in various Insurance Policies

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A policyholder is provided a free look period during which he or she can analyze and review the policy document. If you are not pleased with the policy’s inclusion and exclusion provisions as stated at the time of purchase, you can cancel it during the free look period. A Read more…

Common Payment Plans in P&C Insurance

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Term insurance is a basic product that is simple to follow. A term insurance policy’s coverage can be extensive, and the premium for such a policy is reasonably priced. As a result, such a product should be the backbone of any financial portfolio because it provides exceptional protection. This Read more…

Rest CallOut in LWC

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Rest CallOut can be made in Salesforce in two ways:

Server-side controller (Apex Class)
Client-side controller (Js Controller)

Server-side controller (Apex Class): We can make an API callout from Apex , which provides support for REST and SOAP callouts. Before making callouts from the apex, we Read more…

What are the ACORD Forms/Certificates?

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Introduction

ACORD stands for Association for Cooperative Operations Research and Development is an international organization that provides standardized certificates and forms in the sector of insurance and related financial services industries. ACORD was established in 1970. In its earlier time, It was settled as Read more…

What is the National Producer Number and who assigns it?

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National Producer Number:

NPN is a unique NAIC identification number that is assigned through the National Association of Insurance Commissioner’s which is used to track individuals and business entities. It is assigned through the license application process.

The National Insurance Producer Registry (NIPR) was established in October Read more…

Homeowner Application Coverages

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Homeowner Insurance helps you protect your home in case of any hazard, or an accident. A few of the coverages that fall under Homeowners insurance are:

Dwelling

Dwelling coverage in the homeowner’s application helps you to pay for the repair or rebuilding of the physical structure of Read more…

Insurance Endorsement

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Insurance Endorsement?

An endorsement is a policy modification that can be made throughout the policy’s term without having to renew it. As a result of the endorsement, your premiums may change. They’re commonly found in property and casualty insurance plans. Health and life insurance coverage can Read more…

Multi-Car Credit In Auto Insurance

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What Is a Multi-Car Insurance Policy?

A multi-car insurance policy covers multiple cars, trucks, or other vehicles. You can save money by bundling your automobiles.

This strategy is also known as a “schedule of cars” policy or a “many vehicle policy.” These policies are usually only Read more…