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Most modern liability insurance is written on the basis of "pay on behalf" language, which enables the insurance carrier to manage and control the claim. Under an "indemnification" policy, the insurance carrier can generally either "reimburse" or "pay on behalf of", whichever is more beneficial to it and the insured in the claim handling process.
Independent insurance agents typically represent a number of insurance companies, or "carriers", and sell the products that most appropriately meet the needs of their clients. Independent agents typically are very well trained and knowledgeable of the complexities of the insurance market and insurance law . [ 1 ]
The first insurance company in the United States underwrote fire insurance and was formed in Charleston, South Carolina, in 1735. [4] In 1752, Benjamin Franklin helped form a mutual insurance company called the Philadelphia Contributionship, which is the nation's oldest insurance carrier still in operation.
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
A private health insurance exchange is an exchange run by a private sector company or nonprofit. Health plans and insurance carriers in a private exchange must meet certain criteria defined by the exchange management.
The average cost of car insurance can vary drastically from one carrier to another based on a variety of rating factors, including the type of vehicle you drive, your driving history and the ...
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]
Medicare is a federal health insurance program designed for people aged 65+ and older, as well as younger individuals with certain disabilities or medical conditions.