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An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. 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 ...
An insurance policy is a contract based on a good faith agreement that if you are involved in a covered claim, your insurance company will pay for damages based on your coverage and up to the ...
Damage beyond coverage limits: When you purchase car insurance, you choose coverage limits. The policy declarations page will outline your limits, which is the maximum amount your auto insurance ...
Third-party vehicle insurance is a mandatory requirement in Indonesia and each individual car and motorcycle must be insured or the vehicle will not be considered legal; this compulsory auto insurance is legally called the Road Traffic Accidents Compulsory Coverage Fund (Indonesian: Dana Pertanggungan Wajib Kecelakaan Lalu Lintas Jalan, DPWKLLJ ...
General insurance is typically defined as any insurance that is not determined to be life insurance. It is called property and casualty insurance in the United States and Canada and non-life insurance in Continental Europe. In the United Kingdom, insurance is broadly divided into three areas: personal lines, commercial lines and London market.
Insurance agreement: Outlines exactly what you and your insurer have agreed to regarding coverage, including terms, conditions and exclusions. Definitions: defines any key terms used in the policy.
Each car insurance company — and even different agencies — could have a different definition of what’s included in a full coverage policy. Some companies will automatically include one or ...
An owner controlled insurance program (OCIP) is an insurance policy held by a property owner during the construction or renovation of a property, which is typically designed to cover virtually all liability and loss arising from the construction project (subject to the usual exclusions).