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A life insurance claim can be denied if the necessary documents are incomplete or missing. Typically, insurers require at least a certified death certificate to start processing a claim.
ACORD has also developed a comprehensive library of electronic data standards with more than 1200 standardized transaction types to support exchange of insurance data between trading partners. ACORD itself, though, is not an insurance company and does not process claims or provide insurance coverage of any kind.
"Disaster assistance may be able to fill insurance gaps or provide help if you’ve been waiting more than 30 days on a homeowner's claim," says Stanich. This becomes all the more important if you ...
In a statement, Allstate said the company “paused the sale of homeowners insurance policies for new customers in 2022. We continue to offer coverage to most existing homeowners insurance ...
Insurance companies themselves, as well as self-insuring employers, purchase stop-loss coverage for a premium to protect themselves. [1] In the case of a participant reaching more than the specific (or "individual") stop-loss deductible ($300,000, for example), the insurer will reimburse the insured (the company, not the participant) for the remainder of the claim to be paid over that ...
Stranger-originated life insurance ("STOLI") generally means any act, practice, or arrangement, at or prior to policy issuance, to initiate or facilitate the issuance of a life insurance policy for the intended benefit of a person who, at the time of policy origination, does not have an insurable interest in the life of the insured under the laws of the applicable state. [1]
The primary benefit is that all California property insurers must immediately pay out a minimum of one-third of the estimated value of a policyholder’s personal belongings, as well as a minimum ...
A loss run is a document that records the history of claims made against a commercial insurance policy. It is analogous to a credit report. A loss run report will include information including the date of the claim, the amount paid, and a description of the event. Generally, a loss run will record 5 years of history. [1]