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ACORD also provided expertise on digital data standards for a collaboration with IBM, ISN, and Marsh to streamline the proof of insurance process with the help of blockchain technology. The partnership is an attempt to eliminate the time- and labor-intensive paper insurance certificates that dominate the global insurance market. [9]
CSIO, the Centre for Study of Insurance Operations, is the Canadian property and casualty insurance industry's nonprofit association of insurers, brokers and software providers. [1] Much of its work is in the development of data standards, especially XML and EDI , for the transmission of insurance information throughout the Canadian P&C ...
An agent of record (AOR) is an individual or legal entity with a duly executed contractual agreement with an insurance policy owner in line with the prevailing legal norms and regulations of the region in which the contract was entered. The agent of record has a legal right to receive commissions from the respective insurance policy.
[5] [6] An SR-22 may be required for three years for conviction of driving without insurance or driving with a suspended license and up to five years for a DUI. [7] If an SR-22 should expire or be canceled, the insurance company is required to issue an SR-26 form, which certifies the cancellation of the policy. [4] [7]
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
The American Association of Insurance Services (AAIS) is an American national trade association for the insurance industry in the United States. AAIS offers details on product creation, statistical research, compliance, administrative paperwork, and technical preparation to more than 700 Member insurance agencies. [ 1 ]
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