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One of the earliest and most common forms of prize indemnity insurance is hole-in-one insurance. Hole-in-one insurance, often purchased by a golf tournament host or sponsor, reimburses tournament organizers for the cost of awarding a hole-in-one prize in the event a tournament participant successfully hits a hole-in-one during the tournament.
Underwriting profit is a term used in the insurance industry. It consists of the earned premium remaining after losses have been paid and administrative expenses have been deducted. It does not include any investment income earned on held premiums. Many companies will eschew underwriting profit in order to gain a greater market share.
An indemnity is distinct from a warranty in that: [8] An indemnity guarantees compensation equal to the amount of loss subject to the indemnity, while a warranty only guarantees compensation for the reduction in value of the acquired asset due to the warranted fact being untrue (and the beneficiary must prove such diminution in value).
The woman still wants her prize — or $90,000 ... Galvin said Nova Southeastern University organized the tournament and Mercedes-Benz sponsored the hole-in-one prize indemnity through his company
Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance which helps protect professional advising, consulting, and service-providing individuals and companies from bearing the full cost of defending against a ...
The term replacement cost or replacement value refers to the amount that an entity would have to pay to replace an asset at the present time, according to its current worth. [1] In the insurance industry, "replacement cost" or "replacement cost value" is one of several methods of determining the value of an insured item. Replacement cost is the ...
In fact, according to the latest Corebridge Financial Life Insurance Awareness Survey, 47 percent of Americans overestimate the cost of a term life insurance policy, and another 41 percent simply ...
The cost of life insurance varies quite a bit, depending on the type of policy you choose, the amount of coverage needed, the length of coverage, and your health status.