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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.
Insurance on demand (also IoD) is an insurance service that provides clients with insurance protection when they need, i.e. only episodic rather than on 24/7 basis as typically provided by traditional insurers (e.g. clients can purchase an insurance for one single flight rather than a longer-lasting travel insurance plan).
Plumbing: Most homeowners insurance policies should cover plumbing-related damage unless it is the result of negligence, a long-term leak, old pipes or a sump pump.
A common typology of insurance in the United States is to divide the industry into life and health insurers, on the one hand, and property and casualty insurers on the other: Life, Health Health (dental, vision, medications, others) Life (long-term care, accidental death and dismemberment, hospital indemnity) Annuities (securities) Life and ...
Car insurance can be a confusing world to navigate with so many different policies, coverage options and terms to understand. One essential piece of information you’ll need to keep track of is ...
Legally required minimums only cover damage you cause. Even with comprehensive and collision, you're financially vulnerable. Learn top situations your standard car insurance won’t cover — and ...
Illustration of the partial payout of Sum Insured against probability of occurrence. Condition of average (also called underinsurance [1] in the U.S., or principle of average, [2] subject to average, [3] or pro rata condition of average [4] in Commonwealth countries) is the insurance term used when calculating a payout against a claim where the policy undervalues the sum insured.
Understanding how smoking affects policies and which insurers offer competitive rates can help you secure ... Term Life Insurance. This insurance offers coverage for a set period or term (e.g., 10 ...