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Cancel your old insurance policy Time the cancellation of your old policy to avoid gaps in coverage that can lead to higher rates when you get a new policy or renew your policy in the future.
Peace of mind is priceless. But having an accurate value of your personal property can help protect you from loss, damage, or theft. As a best practice, keep an updated inventory of your personal ...
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.
A two-party insurance check is a claim check with two different parties listed as payees on the same check. Many insurance companies will issue a claim check as a two-party check to ensure that ...
The problem is then to devise a way of combining the experience of the group with the experience of the individual risk to calculate the premium better. Credibility theory provides a solution to this problem. For actuaries, it is important to know credibility theory in order to calculate a premium for a group of insurance contracts. The goal is ...
Often, limited data is available to determine appropriate charges for high limits of insurance. In order to price policies with high limits of insurance adequately, actuaries may first determine a "basic limit" premium and then apply increased limits factors. The basic limit is a lower limit of liability under which there is a more credible ...
The law authorizes the Oregon Department of Transportation (ODOT) to set up a mileage collection system for 5,000 volunteer motorists beginning July 1, 2015. [18] ODOT may assess a charge of 1.5 cents per mile for up to 5,000 volunteer cars and light commercial vehicles and issue a gas tax refund to those participants. [3]
The Insurance Information and Enforcement System is a system used, in the United States, by many Department of Motor Vehicles agencies to track people who might be driving without automobile insurance. Since many jurisdictions forbid uninsured driving, a system like this is necessary to keep track of any applications and cancellations of ...