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What term describes the amount you pay on each insurance claim you have?
Wiki User
∙ 11y ago
deductible
Wiki User
∙ 11y ago
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What term describes the amount you pay to have insurance each month?
Premium
What is the term that describes the amount you pay to have insurance each month?
Interest.
What do the limits of insurance mean?
The limit is the maximum amount of $$ the company will pay for each component arising out of a claim.
Are car insurance deductibles cumulative or per claim?
Car insurance deductibles are the amount which the policy holder must pay out of their own pocket in the event of an accident. It is standard for deductibles to be applicable for each claim.
What is each and every claim mean in an insurance policy?
each and every claim = all claims
Do the cost of insurance rises with each claim?
it may but most likely the do
If the beneficiary of a term life insurance does not know the benefit amount will the insurance tell you the amount of the policy?
== == == == The life insurance policy will state the face value ( death benefit ) of the policy. However, it may not state the amount that each beneficiary will receive as the number of beneficiaries may have changed since it was issued. Until a claim is paid, the beneficiaries will not know how much they'll receive.
What is restoration of benefits provision in health insurance?
its a provision that allows an insured to restore a certain amount each year for coverage limits lost due to previous claim payments.
What does frequency question mean in auto insurance application?
I would imagine that you are using the term frequency in relation to the frequency of claims that a person has instead of the amount of each average claim.
Does a deductible have to be paid each time you file a claim under homeowners insurance?
The deductible applies to every individual claim.
How many years can an insurance company charge for a claim?
Each insurance company is different, can range from 3-10 years.
In insurance what is the principle of contribution?
a person can get same subject-matter insured by more than one insurance company. In case of loss he will be, jointly and proportionately, compensated by all insurance companies so that claim amount do not exceed actual loss. This is relevant in non-life insurance. Say for example; if a person holds two fire insurance policy on same building and he incur a loss of Rs 50,000 due to fire. he can not claim Rs. 50,000 from each insurance company rather both insurance companies will jointly pay Rs.50000 in certain ratio (may be 1:1 or in ratio of their premium or insurance policy amount, etc...) in case if one insurance company paid whole amount of claim, it has a right to call other company(s) to contribute/pay back their share
