A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z Death Benefit with a life insurance policy the death benefit is the limit or amount of insurance payments that will be made to the beneficiary when the insured person dies. Death benefits for annuity contracts are the limit or amount of payments made to a beneficiary if the annuity contract holder passes about prior to the annuity payments starting. Declaration is … Continue reading
A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z Cancellation is when you or your insurance company decided to end all insurance coverage prior to the policy expiration date. Captive Agent is a licensed insurance agent who represents only one insurance company and is limited by contract agreement from submitting new business to any other insurance company, unless or until the agent’s captive company rejects the business. Casualty Insurance is … Continue reading
A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z Beach And Windstorm Plans: are state-sponsored insurance pools selling property insurance coverage to cover losses caused by the Peril of Windstorm. Benefit Period: A health insurance term used to define the number of days benefits will be paid for claims made by named insured and other dependents covered on the policy. A Binder is a temporary authorization of insurance coverage issued … Continue reading
The general definition of an Insurance Binder is a temporary insurance contract that provides proof of coverage until the permanent policy is issued. A Binder is insurance coverage and can be offered verbally or in writing from an agent or insurance company. Binders offer temporary insurance coverage for a stated period of time to complete underwriting and issuance of the insurance policy is finished. The actual point of coverage may be different from state to state and may also be different for depending on the policy. Insurance companies appoint an agent and give them permission to “Bind” a specific amount … Continue reading
A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z AAA Insurance: Help on the Road and Beyond, AAA is well known for their roadside services including towing as well as their trip planning tools. Today AAA offers a wide range of insurance products. Accident: Is an unforeseen, unexpected, or unintended event. Accidental Bodily Injury: Is the physical injury caused to someone resulting from an accident. Accidental Death Benefit: For a … Continue reading
Do you know what insurance Fraud is? This seems like a silly question, most of us should know what the word Fraud means–after all it was one of the basic skills we learned way back in grade school. Only at that time we called it cheating, or lying. The standard dictionary definitions all say just about the same things, fraud is the intentional perversion of truth (a lie) to induce another to part with something of value or to surrender a legal right. (To get something we want which usually has some value) In the business of insurance fraud falls … Continue reading
In the Business of Insurance every word has a specific meaning and relationship to how insurance works. One of the huge complaints customers have had about insurance over the years, has to do with terms and what those terms actually mean. Insurance policies generally have pages of definitions, declarations, conditions and exclusions filled with legal, technical, insurance language. If you have a question about an “Insurance” related word or term you find in your insurance policy please send me a Private Message or post a comment on one of the Blogs. Sometimes ordinary words mean something completely different in a … Continue reading
Every insurance policy is a separate contract between an insurance company and a customer. When a new insurance contract is considered by the insurance underwriters and issued the first page of the policy is called the “Declarations” page. The declarations page is the first page of a new policy, with the other policy information such as conditions, exclusions, and endorsements attached. If a policy is renewed and no changes have been made the renewal will be a new declarations page customers should file or attach to the original policy paperwork. Every time a policy renews a new declarations page will … Continue reading
Personal Injury Protection Also known as “PIP”, is a special form of “no fault” insurance that covers the cost of injuries to you, your family, and your passengers. PIP pays for medical expenses and loss of income caused by an auto accident regardless of which driver is at fault. PIP covers the medical and lost income costs those who were injured in your car. No Fault Personal Injury Protection can add to the basic auto insurance medical payments coverage because it often includes broader and more covered expenses. PIP may cover the cost of: Medical expenses Emergency Rescue Emergency Transportation … Continue reading
In Insurance the term “peril” is: The cause of an injury, The reason something is damaged or destroyed, The way something was lost or is no longer in your possession. Insurance companies generally label a particular risk as a “peril” which may cause a loss or damage. A peril may include such things as fire, earthquake, windstorm, flood, or theft to name just a few. Most Insurance policies, breakdown perils into several categorize: Named Peril coverage sometimes known as Specified Peril Insurance. These policies cover losses for only a named peril specifically stated in the policy. For example, a Standard … Continue reading