What is an insurance policy? A.government law on insurance.B.A written contract between the insurer and the insured.C.A piece of paper with the insurer’s signature on it.D.A set of rules to regulate the insurance market.相关知识点: ...
An insurance policy is a contract which outlines an insurer’s obligations to a premium-paying party, known as the policy holder. There are a great many different types of insurance, with health insurance, automobile insurance, life insurance, and homeowner’s insurance among the most common. No...
What is DP-2 insurance? DP-2 covers the dwelling, other structures and personal property for different perils listed in the policy. It covers more types of losses than a DP-1 but not as many as the DP-3. Claims filed on a DP-2 policy are paid out on an actual cash value basis, ...
for example. If that teen called the insurance provider and tried to change their auto insurance coverage, they would likely be unable to do so. That right is generally reserved for the auto policyholder. That said, listed drivers do impact the cost of a car insurance policy based on their...
When you pay your premiums, a portion is added to your policy's cash value, which earns interest at either a fixed or variable rate depending on the type of permanent coverage you have. Once you've accumulated enough, you can use the cash value of your life insurance while you’re ...
Insurance: When certain events occur, smart contracts automatically trigger a claim that simplifies and streamlines the claims process. Then, to determine the amount of compensation that users receive, claim details can be recorded on the blockchain. This functionality can reduce processing times and...
Supplemental: This is what it sounds like: coverage on top of your primary policy. This can include insurance for your spouse, child or accidental death coverage. Joint: This typically expensive option covers two or more people with the payout coming when the first person dies. Insurers view...
Policy period:Your policy period includes your effective date (when your policy starts) to its expiration date. Most policies last six months, though some are for 12 months. Premium:Your premium is the amount you’ll pay for car insurance; in other words, it’s thecost of car insurance. ...
Level term, the most common type of term insurance currently being sold, pays the same amount of death benefit throughout the policy's term. Other types of term insurance include: Decreasing termlife insurance is renewable term life insurance with coverage that decreases over the life of the po...
Insurance proceeds are tax-free in most cases, regardless of the type of insurance or policy. One exception isdisability insurance, which is taxable to the insured as income if the insured used pretax income to pay premiums.2Another is when a homeowner receives insurance proceeds for a damaged...