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A loss payee clause (or loss payable clause) is a clause in a contract of insurance that provides, in the event of payment being made under the policy in relation to the insured risk, that payment will be made to a third party rather than to the insured beneficiary of the policy.
The accounting equation is a statement of equality between the debits and the credits. The rules of debit and credit depend on the nature of an account. For the purpose of the accounting equation approach, all the accounts are classified into the following five types: assets, capital, liabilities, revenues/incomes, or expenses/losses.
Loss reserving is the calculation of the required reserves for a tranche of insurance business, [1] including outstanding claims reserves. Typically, the claims reserves represent the money which should be held by the insurer so as to be able to meet all future claims arising from policies currently in force and policies written in the past.
What is additional interest vs. additional insured? The short answer is that additional interests and additional insureds are parties that can be added to a single insurance policy.
The term replacement cost or replacement value refers to the amount that an entity would have to pay to replace an asset at the present time, according to its current worth. [1] In the insurance industry, "replacement cost" or "replacement cost value" is one of several methods of determining the value of an insured item. Replacement cost is the ...
An upper-case is an assurance paying 1 on the insured event; lower-case is an annuity paying 1 per annum at the appropriate time.; Bar implies continuous – or paid at the moment of death; double dot implies paid at the beginning of the year; no mark implies paid at the end of the year;
The disagreements are often about whether the additional insurance coverage should cover "independent negligence" by the additional insured, or should only cover liabilities caused by the named insured party's acts. Generally, additional insured clauses are worded in broad terms, such as "any person or organization whom you (the named insured ...
Key takeaways. Many mortgage lenders require borrowers to have a homeowners insurance policy with a mortgagee clause. The mortgagee clause is a provision that protects the lender from financial ...