A binder, in the insurance industry, is a written copy of the binding agreement between the insurer and the insured. Although the act of binding can take place verbally, a binder memorializes the agreement pending the issuance of the policy by the insurer. Most insurance companies require that ...
If you're in web design or manage a small bluegrass band, your customers may not care as much. You can talk to your insurer or a bond agency about what exactly you need, and how much insurance or bonding is necessary.related references writer feedback cite What Does Insurance Per...
Example 1:John is employed and covered under his employer’s group health insurance plan, while his wife Sarah has coverage under her employer’s plan. John undergoes a surgical procedure that results in $5,000 in medical expenses. Since John is the primary policyholder, his insurer will proce...
When a person has "bound" insurance coverage, it means that an insurer has temporarily extended him coverage, while the underwriting company is reviewing his application. This coverage is extended based on the assumption that the applicant will be approved for the insurance plan that he applied to...
One Insurer on the Exchange: What Does that Mean for Prices?doi:urn:uuid:01a972fa63012410VgnVCM100000d7c1a8c0RCRDIn some states, the Affordable Care Act's insurance exchanges have plans from just one insurance carrier—what does that mean for residents?
What does reserving mean in insurance? Aclaims reserveis money set aside for a claim that has been reported but not settled (RBNS) or incurred but not reported (IBNR). An insurance company will assign a claims reserve to each file that fit those descriptions, reflecting its best estimate of...
Indemnity sounds like it is meant to protect the rights of the party that has lost or suffered. But I think that when it comes to insurance, this is not really the case. Yes, insurance indemnifies the insurance holder, but it is also getting a fee in return. If the fees collected fr...
can also lead to the loss of current and future coverage. If an insurer discovers that the insured provided false information, they may choose to terminate the existing policy and refuse coverage in the future. This can make it challenging for the insured to find alternative insurance options. ...
The Court explained that in the context of insurance in Illinois, “immediately” equates to “as soon as practicable”. This was important to the Court because they felt that a reasonable person would not send court documents to its insurer when told by its agent that its policy would not...
Also, just because an insurance policy is termed “all risks” does not mean that it covers "all risks" since the exclusions reduce the level of coverage that is offered. Make sure you look for the exclusions in any prospective policy. What Is the Meaning of All Risk? All risk is a ty...