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Underinsured motorist coverage is a type of auto insurance. It protects you if you're in an accident caused by someone who doesn't have sufficient insurance of their own. In general, if the at-fault driver's policy has a limit that's lower than the cost of the damage to your vehicle ...
In states with no-fault auto insurance, however, drivers involved in an accident must first file a claim with their own insurance companies regardless of who was at fault. In those states, drivers are typically required to purchasepersonal injury protection (PIP)coverage, which covers their accide...
Underinsured motorist coverageprotects drivers from other drivers who do not carry any or enough auto insurance. How Does Underinsured Motorist Coverage Work? Let's say you're driving your car and are hit by another driver. The other driver causes $10,000 of damage to your car. The other dr...
Let’s consider an example to illustrate how claims reserves work. Imagine an auto insurance company that has received 10,000 policy premiums in a given year, amounting to $10 million. Based on historical data and actuarial analysis, the insurance company estimates that it may face $2 million...
Companies often offer benefits like auto insurance, medical insurance, employer-provided cell phones, expense reimbursements, educational assistance, employee discounts, and many others. The only condition for a benefit to be considered a fringe benefit is the fact that they can’t be part of the ...
because he was doing a lot of laughing and smiling. When the light turned green, I noticed that this cop was still talking on his phone, while driving. I gave him a you-should-know-better look, then made a turn, which took me away from the police car and down a road near my home...
These procedures might incur a large amount of money that we don’t have on hand. Luckily, health insurance exists. It’s always a good thing to stay proactive and invest in important things like health insurance. However, health insurance doesn’t cover the entirety of medical costs. In a...
Using models for extracting vehicle metadata provides a detailed walkthrough on how to use pre-trained models from AWS Marketplace for extracting metadata for a sample use-case of auto-insurance claim processing. Using models for identifying non-compliance at a workplace provides a detailed walkthro...
The claims reserve is a reserve of funds that are set aside by an insurance company for the future payment of incurred claims that have not yet been settled.