Courts have consistently ruled that excess insurers are not required to provide u22drop-downu22 coverage to pay for losses sustained by policyholders in cases where (a) the primary underlying insurer is insolvent and unable to pay or (b) the policyholder itself is in bankruptcy and is unable ...
An insurer is required to defend any case in which at least some of the allegations in the pleadings potentiallyFACTS: On December 28, 1997, Jones' automobile was severely damaged when hit by another automobile driven by an uninsured driver. The day after the accident, Jones was told by ...
The principal amount can generate interest while it’s being held by the insurer. Beneficiaries must pay tax on this interest, but not the principal amount. If you live in a state that levies inheritance tax (Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania), your heirs may ...
How much standardization is required? You could choose a one-size-fits-all model, which would also provide a chance to harmonize and standardize accounting and actuarial processes. Alternatively, at the far end of the spectrum, you could implement entity-specific solutions. This might not be the...
You know the saying, “variety is the spice of life?” It can even apply to insurance. Because brokers aren’t required to push a specific insurer’s products, they can shop around to different insurance companies on your behalf. They’re also often able to approach insurance companies that...
Even so, no single insurer can develop the multitude of required services themselves. Insurers must collaborate with partners to create multifaceted customer experiences. An open insurance ecosystem — where partners use application programming interfaces (APIs) to develop and connect rich digital ...
An insurance policy is a contract between an insured individual and an insurer that outlines the terms, conditions, and exclusions for a specific risk, with the insured paying a premium for coverage. AI generated definition based on: Computer Science Review, 2017 ...
Your travel retailer may be compensated for the purchase of a plan and may provide general information about the plans offered, including a description of the coverage and price. The purchase of travel insurance is not required in order to purchase any other product or service from your travel ...
Your annuity may offer a free withdrawal provision, allowing you to withdraw a percentage of its value each year without fees, usually 10 percent. Exceed this limit, and you could face hefty withdrawal fees or surrender charges. Withdrawal provisions vary depending on the insurer and the type ...
or illness. It may not cover your entire income, but it will ease your financial loss. Typically, payment will stop or reduce once you can start work again. It is best to clarify how your insurer defines “disability”, as it can differ from policy to policy and insurer to insurer. ...