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Full or exclusive self-insurance is rare, most common is a combination of self-insurance and commercial insurance. Usually the predictable losses of the risk are retained and self-insured, forming a first or "working" layer of cover, and a stop-loss or stop-gap policy is purchased from the commercial insurance market.
The duty to indemnify is the insurer's duty to pay all covered sums for which the insured is held liable, up to the limits of coverage and subject to any deductibles, retained limits, self-insured retention, excess payments, or any other amounts of money which the insured is required to pay out-of-pocket as a precondition to the insurer's duty.
This term is also now commonly used in commercial general liability (CGL) policies or so called "casualty" business. In these instances, the liability policies are written with a large (in excess of $50,000) self-insured retention (SIR) that operates somewhat like a deductible, but rather than being paid at the end of a claim (when a loss payment is made to a claimant), the money is paid up ...
A claim below $15,000 would incur the minimum deductible of $1,500, and a claim above $50,000 would incur the maximum deductible of $5,000. In commercial insurance, retention may sometimes be used as synonymous with deductible, as both are costs of loss ultimately born by the insured.
However, noting an additional insured on your auto policy mainly ensures that claim checks will be made out to both parties. Additional interest vs. additional insured in other policies
Insurance companies themselves, as well as self-insuring employers, purchase stop-loss coverage for a premium to protect themselves. [1] In the case of a participant reaching more than the specific (or "individual") stop-loss deductible ($300,000, for example), the insurer will reimburse the insured (the company, not the participant) for the remainder of the claim to be paid over that ...
Here are a few of the most common self-employment tax deductions: 1. Self-Employment Tax Deduction. If you’re self-employed, you will end up paying more Social Security and Medicare tax than an ...
Retention equals the number of employees who stayed for the whole period divided by the number of employees you had at the start of the period. Multiply the result by 100 to get your retention rate.