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Standard fire policy, is the insurance cover against perils such as fire, lightining, domestic explosion of boiler or gases.
Underwritting for this policy, will involve examining exposure of fire risks at the building, for fire risks that may be caused by explosion, if there sources of explosion within the building or at nearby building.
Also, when underwritting for this policy, the nature of construction will be determined, materials used in construction if are fire resistant.
Another important consideration, is the use of the building is, the uses of the building indicated types of exposure of fire may be possible at the location.
What else can I help you with?
What does reentry mean regarding term life insurance?
Re-entry in regards to term life insurance is the process of re-qualifying for favorable underwriting rates after a specified period of time. For example, if one purchases a 10-year life insurance policy then the rates are level for 10 years. After the 10-year period, the rates will go up dramatically. However, some policies offer the option to go through additional underwriting and re-qualify for a good rating. The rates of the policy will still go up since the insured is now 10 years older than when the policy was originally issued. But the rates will be significantly less than if re-entry does not happen. Of course, if a policy does not technically allow for re-entry, an insured can simply apply for a new policy. The underwriting of the new policy will be identical to the re-entry underwriting.
Can a trust insure a home?
It depends upon the underwriting rules of the insurer to which application is made. In general, though, a trust is a legal entity capable of holding title to a home, so it has the requisite insurable interest. Some insurers may refuse the issuance of a standard homeowners insurance policy; others will issue only a dwelling fire policy (non owner occupied policy that covers only the building).
What is intracompany basis?
Intra company basis known as decision variables that affects the amount of trade credit i.e. investment in receivables. There are many external factors which affect the credit policy of the firm such as competition in the market, economic situation as well as the internal factors. It's the credit policy which helps the firm to get its level of credit. One should work on the credit policy costs and variables both individually and jointly to understand its impact on the goal of maximization of profit. Goal of credit policy not only refers to the profit generated but also includes the importance of value.
If you loan your car to a friend and they wreck your car is your insurance responsible?
yes. plain and simple. you lent the car and then they are a permisable driver. As long as they are not n excluded driver or a resident in your house. It depends, if your policy is a named driver & the driver is not named, your policy will not respond. If your policy is a standard auto policy then yes, your policy will respond.
What is the business process in Life Insurance?
By name, process are: -New Business- receiving policy applications for new policies -Policy Underwriting- when an insurance company accepts a policy -Renewal - -Death Claims -Agent Management, bonuses and commissions payment Items for Cash Value Life Insurance (when it is an investment) -Top Up, aka Sub Payments - Paying more into your policy -Partial Surrender - taking money out of your policy -Surrender - taking it all out -Customer Service - administrative changes like change of address, esp non money items -Annual Reports -Letters Output- sending email to policy holders -Annuity payment -Fund switching
What does 'cancellation based on underwriting' mean?
Cancellation based on underwriting means an insurance company decides to cancel a policy due to the policyholder's increased risk or changes in their risk profile that were not disclosed during the underwriting process. This could include a change in health status, driving record, or other factors that affect the policy's original terms.
What is contigency underwriting?
I'm not an underwriter, or agent (an adjuster), but think this means they are/will bind the policy 'contigent' on getting the rest of the underwriting history completed, and 'contigent' on that, and everything on the application being correct, or within their underwriting rules.
What are the factors affecting business policy?
There are many different factors that affect business policy. These different factors range from shareholders to the dividend policy of a certain business.
What factors affect government policy?
The Constotution should be the government's policy but Pres.Obama ( or should I even call him president) is the one of the factors that effects the policy of the government.
What means SUC in insurance?
In insurance, SUC stands for "Standard Underwriting Criteria." It refers to the set of guidelines and requirements that insurance companies use to evaluate the risk associated with insuring an individual or entity. These criteria help insurers determine coverage options, premiums, and policy terms based on factors such as health, age, and claims history. Adhering to SUC ensures a more systematic and fair underwriting process.
What factors affect social policy?
Social Changes Politics Government
What factors affect social policy evaluation?
Social Changes Politics Government
What factors impact the cost of disability insurance?
The cost of disability insurance is influenced by several factors, including the insured's age, occupation, and health status, as these determine the risk of disability. Policy specifics, such as the benefit amount, waiting period, and duration of coverage, also play a significant role in pricing. Additionally, the insurance provider's underwriting criteria and regional cost of living can affect premiums. Overall, a combination of personal and policy-related factors shapes the final cost of disability insurance.
Can you get life insurance while on felony probation?
Try to get an accidental death policy. They are usually pretty liberal with the underwriting. You can also buy a small whole life or burial policy from an insurance company that only asks four to six underwriting questions.
How do you discuss an economic factor?
for an organization economic factors mean factors which affect the organisation policy decision.some factors are controllable & some are uncontrollable
What is the purpose of a conditional receipt?
A conditional receipt serves as a temporary proof of insurance coverage, indicating that the insurer has accepted the application and premium payment, pending further underwriting approval. It ensures that the applicant is covered for certain risks during the underwriting process, as long as the policy would have been issued under standard conditions. This type of receipt helps provide peace of mind to the applicant while waiting for the final policy decision.
Is it illegal to decline home insurance quote?
No, an insurance policy quoted by an agent initially then goes to the underwriting department which reviews it and accepts it. If the underwriting department does not want to accept it due to losses, etc, then they don't have to and will decline it.
