Search results
Results from the WOW.Com Content Network
CarShield, a company that sells vehicle service contracts to automobile owners that it claims will cover the cost of certain repairs, has agreed to pay $10 million in a settlement with federal ...
Illustration of the partial payout of Sum Insured against probability of occurrence. Condition of average (also called underinsurance [1] in the U.S., or principle of average, [2] subject to average, [3] or pro rata condition of average [4] in Commonwealth countries) is the insurance term used when calculating a payout against a claim where the policy undervalues the sum insured.
Car insurance is required to drive legally in almost every state, so it’s important to maintain at least the state-required minimum car insurance policy even if you don’t think you need it.
No-fault systems generally exempt individuals from the usual liability for causing bodily injury if they do so in a car collision; when individuals purchase "liability" insurance under those regimes, the insurance covers bodily injury to the insured party and their passengers in a car collision, regardless of which party would be liable under ordinary legal tort rules.
Auto insurance risk selection is the process by which vehicle insurers determine whether or not to insure an individual and what insurance premium to charge. Depending on the jurisdiction, the insurance premium can be either mandated by the government or determined by the insurance company in accordance to a framework of regulations set by the government.
So insurers can argue that they shouldn't have to take the risk of having their repair costs exceed a vehicle's value. Some states have laws that define a totaled vehicle based on certain criteria.
In the insurance industry, gross premiums written is the sum of both direct premiums written (see next paragraph) and assumed premiums written, before deducting ceded reinsurance. Direct premiums written represents the premiums on all policies the company's insurance subsidiaries have issued during the year.
In a typical total loss settlement, you are paid for the value of the vehicle, which means the car becomes the legal property of the insurance company. But in some cases, it could take very little ...