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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.
This includes policies that are higher risk than the average homeowners or business insurance policies. The National Flood Insurance Program (NFIP), for example, is one primary supplier of surplus ...
In California, minimum coverage car insurance requirements are 30/60/15 effective Jan. 1, 2025. ... Example of how minimum coverage limits are written. If you see 30/60/15 on your policy, you have ...
In insurance, an adjustment clause in a contract specifies how the amount of a claim (particularly a claim against an insurance company) will be determined for the purposes of a settlement, giving consideration to objections made by the debtor or insurance company, as well as the allegations of the claimant in support of his claim. For example:
Proposition 103, titled Insurance Rate Reduction and Reform Act, was a California ballot proposition voted on in the 1988 California General Election. It passed with 51% of the vote on November 8, 1988. [1] Proposition 103 expanded the regulatory capacities of the California Department of Insurance, especially in property and casualty insurance.
A recent rule change could cause a spike in insurance premium for homeowners across California, as the costs of the Los Angeles area wildfires are passed onto them in a way that was not allowed in ...
The California Insurance Equality Act (AB 2208) [1] [2] is a state law that requires California insurance providers and managed care plans to provide coverage for registered domestic partners that is equal to spousal coverage. [3]
Months after California's home insurance market was rattled by major companies pausing or restricting their coverage, the state's top regulator said Thursday that he would write new rules aimed at ...
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