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The insured is the person or entity who is covered by the insurance policy. The insurer is the entity (insurance company)that pays to, or on behalf, of the insured for a covered loss. That which is covered by the policy is set forth in the insurance policy.
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What is the difference between Short Rate Cancellation vs Pro Rate Cancellation?
In Pro Rate cancellation , the insurer will not charge a penalty premium and the return premium is the premium for the unexpired term of the policy.While in Short Rate cancellation , the insurer charge for a penalty premium as the cancellation is due to insured request . The Insurer keeps a percentage of earned premium to cover its costs.
What are the benefits of having a life insurance policy?
Life insurance is a contract between an insurance policy holder and an insurer. The insurer promises to pay a designated beneficiary a sum of money or the benefits upon the death of the insured person. The main benefit for the policy owner is peace of mind knowing that the death of the insured person will not result in financial troubles for loved ones and lenders.
Which of these instruments involves the insurer agreeing to make periodic payments to the insured at some future data?
annuities....
What is a marine insurance policy?
It is a contract between insurer and insured where by the insurer undertakes to indemnified the insured in a manner and to the interest there by agreed against marine losses incident to marine adventure. According to section 2 (13) A of the insurance act 1938 defines Marine insurance as " the business of effecting contracts of insurance upon vessels (ship) of any description, including cargo's freights and other interests which may be legally insured in or in relation to such vessels, cargo's and freights, goods, wares, merchantiles and property of whatever description insured for any transits by land or water or both ".
What is the difference between term and whole life insurance if there is any?
The difference between term life insurance and whole life insurance is that a term policy covers the insured for a "term of years" whereas a whole insurance policy covers the insured for the entire life period.
What is The different between insurer and insured?
The insured is the person or entity who is covered by the insurance policy. The insurer is the entity (insurance company)that pays to, or on behalf, of the insured for a covered loss. That which is covered by the policy is set forth in the insurance policy.
Health insurance is a written contract between which two parties?
Between the insurer (the risk-bearing entity) and the insured.
What is the difference between insurance agents and brokers?
An insurance broker differs from an insurance agent in that a broker is considered an agent of the Insured even though he or she may receive a commission from the insurance company A broker may sell the products of a number of insurers whereas an insurance agent has the Insurer as his principal and works in the interest of the Insurer and not the Insured
What are payments made by the insured to the insurer?
deductable
What is the difference between insurer and insurance company?
Nothing
When the insured property is a pair or a set how are losses involving only one article of a pair or set settled?
the insurer pays the difference between the value of the set before the loss and the value of the set after the loss
What is the difference between Short Rate Cancellation vs Pro Rate Cancellation?
In Pro Rate cancellation , the insurer will not charge a penalty premium and the return premium is the premium for the unexpired term of the policy.While in Short Rate cancellation , the insurer charge for a penalty premium as the cancellation is due to insured request . The Insurer keeps a percentage of earned premium to cover its costs.
In event of a loss after notice of a claim is submitted to insurer who is responsible for providing claims forms and to which party?
insurer to the insured
What is the difference between a Proposer and the Insured?
the difference between a proposer and the insured is that a proposer is a person or an entity who is seeking insurance and an insuerd is someone or an entity covered by an insurance policy
What are the difference between the marine Insurance policy and insurance certificate?
A Marine Insurance Policy is the actual contract of insurance between the insurer and the insured. Most of these policies are what is being referred to a Open Marine policies which means that the policy covers many shipments under one policy. An insurance certificate is issued for a particular shipment that the insured declares under the Open policy. The insured does not issue a policy for each individual shipment.
Who bears the risk if the subject is insured against particular risk?
The insurer
Who bears the risk if the subject is insured against that particular risk?
The insurer
