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The primary reason for professional liability coverage is that a typical general liability insurance policy will respond only to a bodily injury, property damage, personal injury or advertising injury claim. Other forms of insurance cover employers, public and product liability. However, various professional services and products can give rise ...
In insurance policies, an additional insured is a person or organization who enjoys the benefits of being insured under an insurance policy, in addition to whoever originally purchased the insurance policy. [1] [2] [3] The term generally applies within liability insurance and property insurance, but is an element of other policies as well. Most ...
Policyholders of insurance policies (that are not associated with separate accounts) do not have a legal or other direct interest or right to the assets or investments of the insurance company's general account, but rather these obligations for benefits or claims are general obligations of the company. [2]
A difference in conditions policy is an insurance policy that can help provide additional and expanded coverage for your home or business if you live in a region that sees regular disasters.
Car insurance companies calculate a driver’s rates based on the likelihood that the driver will file a claim. Many of the reasons for license suspension may classify you as a high-risk driver ...
The time difference between claims occurrence and claims closing (final settlement) can take days (e.g. in property insurance) but it can also take years (typically in liability insurance). Claims reserving now means that the insurance company puts sufficient provisions from the premium payments aside, so that it is able to settle all the ...
PPO. The Preferred Provider Organization plan is the most popular for those with employment-based insurance (currently 47% of them, in fact). PPOs allow the most flexibility in that people can ...
Excess insurance is similar to umbrella insurance in that it pays after an underlying primary policy is exhausted. The critical difference is that excess policies are normally "follow form" policies that conform exactly to the coverage of the underlying policy, except that they add on their own excess limit which is then stacked on top of the primary policy's limit.