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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 insured and insurer?
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 are payments made by the insured to the insurer?
deductable
What are the effects of subrogation?
Subrogation allows an insurer to pursue a third party responsible for a loss after compensating the insured, effectively transferring the right to recover costs from the insurer to the insurer itself. This process helps keep insurance premiums lower by allowing insurers to recoup payouts from those at fault. Additionally, it can lead to faster claim resolutions for the insured, as the insurer handles the recovery process. However, it may also create tension between the insured and the third party involved, particularly if the insured feels their rights are being undermined.
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
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
Who is third party in insurance?
third party is a party except insured or insurer, who may be subjected to a loss involved with the insured
If there are two different life insurance policies which insurer pays?
A life insurance policy is a contract. You can have as many as you want. They all have to pay out on the death of 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
In Florida an element of insurance transaction would be?
In Florida, an element of an insurance transaction includes the agreement between the insurer and the insured, where the insurer provides coverage in exchange for premium payments. This transaction is governed by state laws and regulations, ensuring that the terms of the insurance policy are clear and legally binding. Additionally, the insured must disclose relevant information about risks to allow the insurer to assess the coverage appropriately.
Who insurer pays when an item is insured twice by two insurance companies?
anal
