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I would suggest the explanation is as follows. When we are talking about "Reinstatment" in the insurance industry it refers to an insurance policy that has gone into a lapse status or cancellation status due to non-pay. You would then need to reinstate your policy or put it back in force. I am not sure how it works with P&C policies such as Fire or Building insurance as you call it but I would imagine you would need to pay any back due premiums and prove that there have been no losses. Usually in P&C from my experiences once a policy lapses you don't re-instate the old policy but rather re-write a new one....if the company or any company will now take you. In any insurance, never let the policy lapse! 4lifeguild
I think when we discuss reinstatement with reference to the building point of view that's mean that building (subject matter) suffers a loss but still building can reshape or rebuild in the same condition without demolishing it as it was before the loss, this is called reinstatement of the building.
What else can I help you with?
What does it means to re rank the insurance policies on an encounter?
what does it mean to re-rank the insurance policies on an encounter
Can you go to jail for illegally selling insurance?
If you mean fake insurance policies, then yes.
Are there any books which help a new Life Insurance Agent to understand how policies are made?
Please clarify what you mean by "how policies are made". If that is what you literally mean, insurance policies are drafted by the insurer for sale by producers (agents and brokers).
Does an effective date mean the reinstatement date or policy effective date in a reinstatement policy document?
The effective date normally means the initial or policy effective date in a reinstatement date of policy document. It can not mean reinstatement date solely. Technically it is not starting effective.
A reinstatement in one own words of someone else written work?
You probably mean "restatement," not "reinstatement." The word is "paraphrase."
What is the meaning of SRCC by insurance?
The reference to SRCC in an insurance policy is generally taken to mean "Strike, Riot or Civil Commotion". It is a fairly standard exclusion (non-covered occurrence) in many insurance policies, including health policies.
What does it mean to debit policies in the insurance industry?
to deduct money from the payable amount of the policy
What does Direct Sales Executives in LIC mean?
A Direct Sales Executive in LIC is someone who represents the Life Insurance Company of India directly to consumers in order to sell policies and take claims on insurance policies.
What the is the meaning of productivity?
The quality or state of being productive; productiveness.
What does the term co-insurance mean on health insurance policies?
In health policies co-insurance is a percentage of covered expenses that insured is required to pay in addition to co-payment and deductible For example if you have an 80/20 plan, the insurance company pays 80% for covered services after you've met your deductible. You pay the remaining 20%, up to your out-of-pocket maximum.
What does the term 'premium volume' mean?
The term premium volume is a measure of in-force business in a health insurance company. In-force business refers to the aggregate total of insurance policies which are being paid that a health insurance firm has on its record.
What does primary and non-contributory mean on gl?
Primary and non-contributory means that primary insurance is responsible for covering a loss first without contribution from any other insurance policies. If a policy is listed as primary and non-contributory, it takes precedence over other policies in the event of a claim.
