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What is the amount of money that the policy holder must pay before the insurance company will reimburse an insured loss?
Wiki User
∙ 9y ago
deductible
Wiki User
∙ 9y ago
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What is the anwer for the amount payable by an insurance company for a monetary loss to an indiviual insured by that company under each coverage?
holder
What is the purpose of policies?
An insurance policy is a contract between an insurance company and the person purchasing the policy (or the insured). The policy costs a specified amount and if all premiums are paid in a timely manner, once the insured has died, their beneficiary (who whomever they name) will be paid a sum of money.
What effect does a claim has on insurance company?
A claim is a liability on part of the insurance company. If a customer makes a claim it means that the insurance company has to pay the customer for the amount is eligible to claim and hence it is a expenditure on the balance sheets of the insurance company.
Who is supposed to take out the correct amount for unemployment insurance?
No one takes unemployment insurance out of a paycheck. That money for the insurance is paid by the employer, not the employee. The correct amount depends on the size of the company.
Does the principle of indemnity state that the insured can be compensated for an amount equal to his economic loss?
The principle Êof indemnity state that the insured Êcan be compensated for an amount equal to his economic loss Êbut not more. This means an insured cannot be compensated an amount exceedingÊeconomic loss.Ê
Which insurance company insured Benazir Bhutto and how much is the insured amount?
she was insur $56 millions dollar.
What is the anwer for the amount payable by an insurance company for a monetary loss to an indiviual insured by that company under each coverage?
holder
What is a matured endowment though insurance company?
A matured endowment is a life insurance policy where the current cash value has become equal to the face amount of the policy. The policy is mature. So, the insurance company issues the insured a check for the face amount (death benefit) even though the insured is still alive.
How do we increase the amount on our policy for life insurance with your company?
You can opt for another policy as increase in amount of a life insurance policy is not allowed, though there is option for reduction in sum insured in few policies.
What is the importance of commercial property insurance?
Commercial property insurance is important so that a company would not be at risk from fires, theft, and some weather damage. In the event of a disaster, the insurance company would cover any loss. The amount of coverage is between the insurance company and the insured.
What does deductible and coinsurance mean?
On a health insurance policy, a "deductible" is a specified amount which the insured/beneficiary must pay out of their own pocket, before their insurance will pay any covered medical services. After the deductible amount is met, a "coinsurance" is a percentage amount which the insured/beneficiary is responsible for. For example, if an insurance policy is an "80/20 plan", this means that the insurance company pays 80% of medical services, and the patient (insured) is responsible to pay the remaining 20% (coinsurance).
If you purchased property and the survey was incorrect by 25 acres what does the title insurance do?
The title insurance company is liable for the legal description that was insured at market value/amount of your policy
What is the purpose of insurance policies?
An insurance policy is a contract between an insurance company and the person purchasing the policy (or the insured). The policy costs a specified amount and if all premiums are paid in a timely manner, once the insured has died, their beneficiary (who whomever they name) will be paid a sum of money.
What is Principle of indemnity?
The principle of indemnity is an insurance principle stating that an insured may not be compensated by the insurance company in an amount exceeding the insured's economic loss. "Financial compensation sufficient to place the Insured in the same financial position at the time of a loss, as he was enjoying immediately prior to the loss"
What does Federal Deposit Insurance Corporation protect?
The FDIC is not an insurance company in the usual sense of the term. It is a federal entity the purpose of which is to reimburse bank depositors, to a maximum amount specified by law, in the event of the financial failure of a bank.
What is the purpose of life insurance policies?
An insurance policy is a contract between an insurance company and the person purchasing the policy (or the insured). The policy costs a specified amount and if all premiums are paid in a timely manner, once the insured has died, their beneficiary (who whomever they name) will be paid a sum of money.
Can the insurance company that issued performance bond sue for reimbursement after paying the guaranteed sum to the client?
Absolutely. A performance bond is a guarantee that you will complete the terms of your contract. If you fail to do this then the insurance company will either take over the contract and see that the terms are completed or them will negotiate an amount of damages due to the payee and see that they are paid promptly. Under the terms of the Bond contract you are liable to reimburse the bond company for any and all losses they may have occured in completing your contract that was insured.
