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"Additional premium provision" means, in the context of finite risk insurance, a provision of an insurance or reinsurance contract that requires or strongly encourages the insured to pay the insurer some calculable amount as a result of losses paid or incurred under that insurance or reinsurance contract, excluding provisions for additional premium due to changes in exposure or policy audit.
A reciprocal inter-insurance exchange or simply a reciprocal in the United States is an unincorporated association in which subscribers exchange insurance policies to pool and spread risk. For consumers, reciprocal exchanges often offer similar policies to those offered by a stock company or a mutual insurance company.
Insurance companies were, in large part, prohibited from writing more than one line of insurance until laws began to permit multi-line charters in the 1950s. From an industry dominated by small, local, single-line mutual companies and member societies, the business of insurance has grown increasingly towards multi-line, multi-state and even ...
🚗 Say you have a 2010 Ford sedan worth $3,000 and your full-coverage insurance (collision and comprehensive) costs $800 per year with a $500 deductible. ... ⚠️ Maintaining full car coverage ...
FEMA’s Risk Rating 2.0 system is designed to produce fair flood insurance rates. ... Note that an NFIP policy is not a guaranteed replacement cost policy and has a maximum coverage limit of ...
Whether or not general liability insurance covers construction defects or "faulty workmanship" is a matter of some debate, as some insurers have viewed poor workmanship as a risk that is covered by a surety bond rather than an insurance policy given that a construction professional may have some influence (through attention to detail, skill, and effort) over whether such a defect occurs.
Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. [1] Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are reluctant to insure.
The benefits to purchasing multiple-peril insurance coverage include lower overall premium costs for the insured because of the benefits that the insured receives on the basis of an all-in-one type package, as well as broader coverage for losses that typically occur together, like flood damage to an insured's basement and wind damage to an ...