If you have an insurance policy purchased from an insurance company, some or all of the financial losses you incur will be reimbursed by the policy issuer.
If you are self-insured you, or the company that is self-insured, is responsible for all financial losses and liability to others.
Some self-insured companies are self-insured only for the first million or 5 million dollars, and have bought insurance policies to cover larger losses. Their annual insurance premiums are lower as a result, since the purchased policy is not responsible for those less, and more frequent, losses.
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
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.
The insured is the person whose life is being insured, while the owner is the person who owns the policy and has control over it. The owner can make changes to the policy and decide how the benefits are used, even if they are not the insured person.
The life insurance owner is the person who buys the policy and has control over it, while the insured is the person whose life is covered by the policy.
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.
Yes. Most companies will not insure an individual with a boat or any property if there is not a financial interest between the property & the insured. More specifically, it has to be titled and/or registered to the listed insured on the policy.
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.
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.
Comprehensive coverage is covers the interests of the named insured. A third party insurance policy will not cover you. It only covers the interests of that named third party insured.
Primary insured is the 1st insured or..well....primary. The second insured would be added as a rider just as other benefits would. So a Husband and wife could be insured on one policy. This may or may not be a good thing depending on what you are trying to do. 4LifeGuild
Mature. In insurance, a policy matures when its face amount becomes payable. This could occur upon the death of the insured, or in some forms of insurance such as endowments, as of a specified date.
It is called in insurance policy.