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Which of these instruments involves the insurer agreeing to make periodic payments to the insured at some future data?
annuities....
How is your Annuity insured?
Usually it is backed by the financial strength of the issuing insuance company. Answer 2 But more usually government bonds are bought to cover the payments to be made by the insurer. This guarantees (as far as one can guarantee anything) that the annuity payments are safe. The financial strength of the insurer is a very vague measurement - who'd have thought that an insurer like AIG (massive financial strength?) would go under.
Are medical payments from your own insurance paid to you or medical provider in an auto accident?
They are usually paid directly to the provider. The injured party provides insurance information to the treating physician, who then bills the insurer for treatment rendered. These payments are often made under the insured's "no-fault" coverage.
What is The different between insurer and insured?
The insured is the person or entity who is covered by the insurance policy. The insurer is the entity (insurance company)that pays to, or on behalf, of the insured for a covered loss. That which is covered by the policy is set forth in the insurance policy.
What is the difference between insured and insurer?
The insured is the person or entity who is covered by the insurance policy. The insurer is the entity (insurance company)that pays to, or on behalf, of the insured for a covered loss. That which is covered by the policy is set forth in the insurance policy.
In event of a loss after notice of a claim is submitted to insurer who is responsible for providing claims forms and to which party?
insurer to the insured
What if someones insurance refuses to pay for the damage his insured caused?
Listen to the explanation. It can be because the insured did not have the specific coverage to pay for your damage. For example, if the other party had collision coverage only on his/her auto policy, it would not pay for your damages because it covers only damage to his/her car. Liability coverage would be needed to pay for your damages. Another reason might be that the other party, especially if insured under a commercial policy, might have a large self-insured retention. This is similar in nature to a deductible, but applies to the liability coverage. The insurer is not obliged to pay until damages exceed the amount of the retention. Yet another reason is that even if the other party did once have liability coverage, it may have been canceled because the personh did not make the required premium payments. The insured is generally required to timely report the collision to his/her insurer so that the insurer can investigate. If there has been no report, or if the insured otherwise fails to cooperate with his/her insurer, coverage may be denied. Finally, the insurer, after investigation, may conclude that its insured did not cause the damage. If so, you will have to decide whether to sue the other party for damages. If the occurrence was one to which the insurance applies, the insurer will generally defend its insured in the suit and pay those damages which the insured is found to be legally liable.
Who bears the risk if the subject is insured against that particular risk?
The insurer
Who bears the risk if the subject is insured against particular risk?
The insurer
Who is third party in insurance?
third party is a party except insured or insurer, who may be subjected to a loss involved with the insured
What does it mean the insurance company makes a full payment minus a patient deductible?
When one buys an insurance policy, one of the choices that is made is the amount of the deductible. A deductible is the amount of money that the insured elects to pay toward a covered loss. Stated otherwise, the insured is "self-insuring" for the amount of the deductible, such that the insurer's obligation to pay is not triggered until the deductible is met. One it is, the insurer pays the amount of the remaining covered loss. The insurer's actual payment may also be subject to certain exclusions (things not covered) or limitations (payment is made only to a stated amount, even if actual charges exceed that amount). In the realm of health insurance, co-payments are also common. A co-payment is the percentage of the covered charge for which the insured remains responsible. An example would be that the insurer is responsible for the payment of 80% of the charge, and the insured is responsible for the remaining 20% in addition to the deductible. In general, premiums are lower for health insurance that carries a higher deductible and co-payment, because the insurer bears proportionately less risk for a covered occurrence.
Who insurer pays when an item is insured twice by two insurance companies?
anal
