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What is the difference between insurance and re-insurance?
Insurance covers the direct exposure to the insured. Re-insurance covers insurance companies against the aggregated loss. Earthquake insurance is a good example. You might have EQ insurance on your home or commercial building. If you have a loss your insurance pays your claim. That insurance company that insures you might have re-insurance with a bigger insurer if total claims exceed a very large number. Lloyd's of London and Swiss Re are big re-insurers.
Difference between assurance and insurance?
Assurance is a feeling you give someone when they are confident in you. Insurance is a financial instrument that protects you if you experience a loss.
Difference between marine and non marine insurance?
Marine insurance covers the loss of ships, cargo, terminals, and the loss of cargo. Non-marine insurance does not cover any of these things and would include all other types of insurance.
What does loss payee means on a home insurance policy?
The loss payee is the person or entity who will be on the claims settlement check.
What does it mean loss history on insurance policy?
Loss history refers to the claims you have had in the past wether on that property or another.
What is the difference between insurance and gambling?
The goal of insurance is to put you in the same financial position you were in before the loss. The goal of gambling, is to come out ahead In insurance you either suffer the loss or maintain the status quo, one can never earn profit in insurance But in gambling there is a possibility of both loss as well as profit.
How is loss ratio calculated?
Loss Ratio in insurance is the ratio of total losses paid out in claims plus adjustment expenses divided by the total earned premiums. If an insurance company, for example, pays out $60 in claims for every $100 in collected premiums, then its loss ratio is 60%.
What name of acount insurance company set aside to pay claims?
The term you're looking for is "loss reserve." This is an account that insurance companies set aside to cover anticipated claims. It ensures that the insurer has sufficient funds to pay policyholder claims as they arise. Properly managing loss reserves is crucial for an insurance company's financial stability.
What has the author Denis Riley written?
Denis Riley has written: 'Consequential loss and business interruption insurances and claims' -- subject(s): Business income insurance, Business interruption Insurance, Insurance, Business interruption 'Riley on business interruption and consequential loss insurances and claims' -- subject(s): Business income insurance
Does gap insurance cover repossession in the state of NY?
No, GAP Insurance covers the difference between the market value of the vehicle the insurance company pays you after a total loss and what you owe to the financial institution.
Are insurance claims from hail damage to home and auto taxable?
No, but you cannot claim the loss on taxes.
What is the difference between loss payee and first loss payee?
A loss payee is an entity that is entitled to receive insurance proceeds directly in the event of a loss, typically to protect their financial interest in the insured property. A first loss payee, on the other hand, is prioritized to receive payment up to a specified amount before any other claims are settled. Essentially, while both have rights to claim insurance payouts, the first loss payee has a preferred status that guarantees they are compensated first, up to their limit, before other loss payees.
