Reinstatement is the process of restoring an insurance policy that has lapsed back to an active status. To reinstate an insurance policy, the policyholder must pay any outstanding premiums, as well as any fees associated with reactivating the policy. In some cases, the insurance company may require the policyholder to provide evidence of insurability before … Read more
Reinsurance: Insurance for Insurers Why do insurers use reinsurance? There are several reasons for insurers to use reinsurance. One reason is to protect themselves from the financial ruin that could occur if they had to pay out a large number of claims at one time. This is known as catastrophe protection. Another reason is to … Read more
A lost policy release (LPR) is a type of insurance policy that is no longer active or in force. This can happen for a variety of reasons, such as the policyholder failing to make premium payments, the policy lapsing, or the policy being cancelled. An LPR can also occur when an insurance company goes out … Read more
When you make an insurance claim, you are essentially asking your insurance company to reimburse you for a covered loss. The insurance company will then investigate your claim and determine whether or not to approve it. There are many different types of insurance claims, but they all follow a similar process. First, you must notify … Read more
Runoff insurance is a type of insurance that protects companies from the financial risks associated with acquiring another firm. This type of insurance can help to protect a company’s shareholders from the potential losses that could occur if the acquired firm fails to meet expectations. Runoff insurance can also help to protect a company’s employees … Read more
Personal Lines Insurance refers to insurance policies that are specifically designed to protect individuals and families from financial loss. These policies can cover a wide range of potential risks, including: -Homeowners insurance -Renters insurance -Auto insurance -Life insurance -Health insurance Personal Lines Insurance policies are typically purchased through insurance agents or brokers, and the coverage … Read more
Microinsurance is a type of insurance designed to protect low-income individuals and families from financial shocks. It typically covers events such as accidents, natural disasters, and illness. Microinsurance premiums are typically much lower than traditional insurance premiums, making it affordable for low-income households. In addition, microinsurance policies often have shorter terms and smaller payouts than … Read more
An insurance bond is a type of surety bond that is typically used to protect an insurance company from losses that may be incurred as a result of the insured party’s failure to meet their obligations. Insurance bonds are also sometimes used to protect the insured party from losses that may be incurred as a … Read more
Understanding All Risks Insurance is insurance that covers all risks of loss or damage to property, regardless of the cause. All-risk insurance is also known as comprehensive insurance or open-peril insurance. How do you tell if a policy is all risk? There is no definitive answer, but there are a few key things to look … Read more
First dollar coverage is a type of insurance coverage that provides benefits from the first dollar of loss, without requiring a deductible to be paid first. This type of coverage is often used for property insurance, where the policyholder is protected against the full cost of repairs or replacement in the event of a covered … Read more
