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A CLUE report contains details about home or vehicle insurance claims made in the past. Reported information includes the policyholder’s name and date of birth, policy number, type of claim ...
Pure IBNR refers to only unreported claims, not any development on reported claims. Incurred but not enough reported (IBNER), in contrast, refers to development on reported claims. For example, when a claim is first reported, a $100 payment might be made, and a $900 case reserve might be established, for a total initial reported amount of $1000.
Indemnity insurance compensates the beneficiaries of the policies for their actual economic losses, up to the limiting amount of the insurance policy. It generally requires the insured to prove the amount of its loss before it can recover. Recovery is limited to the amount of the provable loss even if the face amount of the policy is higher.
If insurance carriers honestly determine replacement cost, it becomes a "win-win" for both for the carriers and the customers. However, when a replacement cost determination is made by the carrier (and, perhaps, its third party expert) that exceeds the actual cost of replacement, the customer is likely to be paying for more insurance than ...
An auto insurance claim is essentially your way of notifying your insurance provider that you’ll need to use your policy to cover expenses after your car is damaged in a covered incident. The ...
The negligent act is called legal malpractice and the insuring contract is called lawyers professional liability insurance. or LPL [3] Malpractice coverage is very important to attorneys because a bad case can produce a lot of bad publicity that can significantly harm a law firm's reputation. Nearly all LPL policies are claims made.
During the period from 1984 to 1987, premiums for general liability increased from about $6.5 billion to approximately $19.5 billion. [1] In addition to increases in premium, many insurers took the following measures to limit the number and cost of claims: 1) changed policy coverage from an occurrence to a claims-made basis; 2) expanded exclusions; 3) raised deductibles; and 4) lowered policy ...
In insurance claims, a total loss or write-off is a situation where the lost value, repair cost or salvage cost of a damaged property exceeds its insured value, and simply replacing the old property with a new equivalent is more cost-effective. [1] [2] Such a loss may be an "actual total loss" or a "constructive total loss".