An insurance claim is the actual application for benefits provided by an insurance company. Policy holders must first file a claim before any money can be disbursed to the hospital or repair shop or other contracted service. The insurance company may or may not approve the claim, based on its...
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What is an asset? An asset is a resource that a company owns for the purpose of either current or expected future economic benefit. Or, in plain language, an asset is something you own or control that you think can be converted into cash in the future or right now. Every business has ...
An insurance agent is a local representative of an insurance company. Also called an insurance broker, an insurance agent sells...
An insurance endorsement is an amendment or addition to an existing insurance contract that changes the terms or scope of the original policy. Key Takeaways An insurance endorsement is a change or addition to an insurance contract that alters the terms or scope of the original policy. It can ...
What is life insurance? Life insurance is a contract between you and an insurance company. In exchange for premium payments, the company pays a sum of money, known as the life insurance death benefit, to your beneficiaries when you die. Beneficiaries may include your spouse, children, or othe...
An insurance policy period is the time frame during which an insurance policy is effective. It most often applies to car insurance. All policies have defined periods; the start date and end date are the cutoff dates on your documentation, payments, and coverage unless you renew. For example...
What is an Annuity? Written by Hersh SternUpdated Wednesday, December 25, 2024 An annuity is a contract between an individual or entity and aninsurance company. Premiums are deposited into the annuity contract and, unless it is animmediate annuity, those funds will grow on a tax-deferred ...
After being approved for an insurance policy, if your health improves later and you’ve made positive lifestyle changes, you can ask to be considered for a change inrisk class.Even if it is found that you’re in poorer health than at the initialunderwriting, your premiums will not go up...
The first step in becoming an insurance agent is deciding what kind of insurance agent you want to be, as the type depends on the path to becoming one. You can choose to be either a captive insurance agent or an independent insurance agent. From there, you will need to decide what insur...