Search results
Results from the WOW.Com Content Network
Many car insurance companies use terms like named insured and listed driver when you add another person to your policy. The table below explains some of the common terms related to auto insurance ...
For instance, in vehicle insurance a typical Personal Auto Policy with additional insured provisions will cover not only the original named insured that purchased the auto policy, but will also cover additional persons while they are driving the auto with permission of the named insured. This is a simple type of blanket additional insurance ...
Coverage type. What it covers. Liability. This coverage steps in if you or a listed driver on your policy causes property damage and/or injuries to another person caused by an accident in which ...
The policy owner is the guarantor and they will be the person to pay for the policy. The insured is a participant in the contract, but not necessarily a party to it. Chart of life insurance. The beneficiary receives policy proceeds upon the insured person's death. The owner designates the beneficiary, but the beneficiary is not a party to the ...
Again, using U.S. health coverage as an example, under group insurance a person will normally remain covered as long as he or she continues to work for a certain employer and pays the required insurance premiums, whereas under individual coverage, the insurance company often has the right not to renew an individual health insurance policy if ...
If you need to terminate a car insurance policy for someone who has passed away, the process is usually easier if you are a spouse or a driver insured on their policy. However, if you are ...
A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to ...
The individual insured person's obligations may take several forms: [citation needed] Premium: The amount the policy-holder or their sponsor (e.g. an employer) pays to the health plan to purchase health coverage. (US specific) According to the healthcare law, a premium is calculated using 5 specific factors regarding the insured person.