An acceptance can only be deemed valid if the one offering knows that there is an offer and they make known their intention to accept. The acceptance must be expressed as an unconditional agreement in terms of the offer. There are many manners in which an agreement can be accepted including...
Conditions in a contract can be express, specifically spelled out in the terms, or implied, generally accepted under the law. In an insurance agreement for a vehicle, for example, the insurer expressly agrees to cover the vehicle for a specific amount of money. The agreement may imply that ...
In insurance, a misrepresentation is a lie or concealment of facts that can void an insurance contract if the insurer discovers the misrepresentation. For example, if a homeowner installs a pool but tells their insurer that they do not have a pool, the insurer may be able to void the polic...
an underwriter may assume the risk of the cost of a fire in a home in return for a premium or a monthly payment. Evaluating an insurer's risk before the policy period and at the time of renewal is a vital function of an underwriter. ...
But what happens when your claim is rejected? In that case, you can try contacting your insurer to prove your case in hopes for the claim to be accepted. Discover the world's top health insurers. Compare quotes with a click of the button. Name Email Phone GET FREE QUOTES Are you...
Risk sharing or transfer, which involves contracting with a third party (e.g., an insurer) to bear some or all costs of a risk if it occurs. Risk acceptance, when a risk falls within the organization's risk appetite and tolerance and is accepted without taking any risk reduction measures...
Furthermore, policies issued by admitted insurers are typically more readily accepted by lenders and business partners. For example, a mortgage lender may require the borrower to provide proof of homeowners’ insurance from an admitted insurer to secure their investment. Similarly, a commercial client...
On 30th January, 2023, NIC's e-invoice portal was updated to allow users to select the POS state code of '96-Other Country' against specific items, and only documents dated 1st October, 2021 or later are accepted on the portal. What is an e-invoice An invoice is a statement of the...
Before enrolling with an insurance company, research to ensure it fares well among credit rating agencies. It’s preferable to choose a financially stable insurer who will meet their payout obligations when the time comes. Agencies such as A.M. Best provide ratings for thousands of insurers rega...
What is a managed care plan? Plan: A detailed proposal or design that is agreed and accepted by a particular set of individuals to work upon and complete it in a specified time frame is known as a plan. A plan can be made for short term or long term. ...