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A loss run is a document that records the history of claims made against a commercial insurance policy. It is analogous to a credit report. A loss run report will include information including the date of the claim, the amount paid, and a description of the event. Generally, a loss run will record 5 years of history. [1]
Cyber-insurance is a business lines insurance product intended to provide coverage to corporations from Internet-based risks, and more generally from risks relating to information technology infrastructure, information privacy, information governance liability, and activities related thereto.
For insurance, the loss ratio is the ratio of total losses incurred (paid and reserved) in claims plus adjustment expenses divided by the total premiums earned. [1] For example, if an insurance company pays $60 in claims for every $100 in collected premiums, then its loss ratio is 60% with a profit ratio/gross margin of 40% or $40.
A Comprehensive Loss Underwriting Exchange report — commonly called a CLUE report — details personal property and auto insurance claims dating back up to seven years.
A business entity is an entity that is formed and administered as per corporate law [Note 1] in order to engage in business activities, charitable work, or other activities allowable. Most often, business entities are formed to sell a product or a service. There are many types of business entities defined
Shock loss is the direct loss that is borne by a self-funding entity; if a self-funding entity has purchased stop-loss, amounts of shock loss that rise above an amount known as the specific deductible are covered by the applicable stop-loss policy. Under the captive model, the parent companies do not themselves offer health plans.
Trade credit insurance, business credit insurance, export credit insurance, or credit insurance is a type of insurance policy and a risk management product offered by private insurance companies and governmental export credit agencies to business entities wishing to protect their accounts receivable from loss due to credit risks such as protracted default, insolvency or bankruptcy.
Some states and insurers use this type of insurance to pay for costs following a hit-and-run insurance claim. Exactly how this coverage may be used, however, can vary from state to state and from ...