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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.
In case the insurance company doesn’t rule in your favor, it may be a good idea to start shopping for new insurance once you receive a notice. This will minimize the risk of having a gap in your ...
When you purchase a new insurance policy, review your declarations page and make sure the information is accurate. Do not wait until you need to file a claim before realizing an error, like an ...
A letter of intent (LOI or LoI, or Letter of Intent) is a document outlining the understanding between two or more parties which they intend to formalize in a legally binding agreement. The concept is similar to a heads of agreement , term sheet or memorandum of understanding .
The term "reservation of rights" (particularly a "reservation of rights letter”) is often used in connection with insurance claims. The insurance company issues a reservation of rights letter stating that it may deny coverage for some or all of the claim even while the company is investigating the claim or beginning to treat the claim as if ...
A surge in nonrenewals. Insurers using drones or satellite images as part of the underwriting process isn’t new. Where once companies sent agents into the field to take photos, “the use of ...