0
An action over indemnity buyback in insurance refers to a situation where an insurer has the right to recover costs from a third party after paying a claim to the insured. This process typically occurs when the insurer compensates the insured for a loss and then seeks to reclaim those costs from the party responsible for the loss. Essentially, it allows the insurer to "buy back" the liability from the insured, ensuring they are not financially burdened by the incident while retaining the right to pursue compensation. This mechanism helps maintain the financial integrity of the insurance system.
What else can I help you with?
What is the opposite of Salesman?
Buyer if you mean in terms of the action they performSaleswoman if you mean the opposite in terms of gender/female version
What is A written agreement in which an insurer authorizes a producer to sell insurance policies for it?
A written agreement in which an insurer authorizes a producer to sell insurance policies for it is known as an insurance agency agreement or producer agreement. This contract outlines the terms of the relationship, including the producer's rights and responsibilities, commission structures, and the scope of authority granted by the insurer. It serves to formalize the partnership and ensure compliance with regulatory standards.
What percentage of a resident agent's commission may be paid to a nonresident agent for assisting the resident agent in obtaining the insurance upon which the commission was paid?
In most cases, a resident agent can pay a nonresident agent up to 50% of their commission for assisting in obtaining insurance. However, this percentage can vary based on state regulations and specific insurance company policies. It's essential for agents to check their local laws and the terms of their agreements to ensure compliance.
Does renter insurance cover belongings while being moved by a moving company to another state and put into storage for a month?
Renter's insurance typically covers personal belongings against risks like theft or damage, even while in transit, but coverage can vary by policy. If your policy includes off-premises coverage, your belongings may be protected during the move and while in storage. However, it's essential to check with your insurance provider for specific terms and any necessary endorsements. Additionally, the moving company may offer their own insurance options, which could provide additional protection during the move.
In a legal situation where an insurance company has salvaged a recovered item does the insured previous owner then have any legal right or entitlement to ownership after accepting a payout?
Once the insured previous owner accepts a payout from the insurance company for a lost or damaged item, they typically relinquish any legal rights or claims to that item. The insurance company, having compensated the owner, generally acquires ownership of the salvaged item. Thus, the previous owner's entitlement to ownership is generally forfeited upon acceptance of the payout. However, specific terms in the insurance policy and applicable laws can vary, so it’s advisable to consult legal counsel for nuanced situations.
How far contract of insurance are contract of indemnity?
all types of insurance is not a contract of indemnity because life insurance cannot b measured in terms of money , that is why it is not a contract of indemnity
Is life insurance a contract of indemnity?
Most insurance contracts are indemnity contracts. Indemnity contracts apply to insurances where the loss suffered can be measured in terms of money.
Which of these terms refers to an insurance policy that pays out double?
Double indemnity
What is excess buyback in insurance terms?
insurance cover for personal damages. Excesses can be very high so be sure that you understand the full implications.
What is meant by credit insurance indeminity?
Since Indemnity basically means - protection against future loss, credit insurance indemnity is almost like saying credit insurance insurance or credit indemnity indemnity. The meaning of the term "credit insurance" would depend on the type of credit insurance you are talking about. Business Credit Insurance indemnifies a business against excessive losses due to their customers inability to pay for goods and/or services purchased on credit terms (this would be purchased by the business and losses are payable to the business). Consumer Credit Insurance indemnifies against a consumer's inability to repay a loan or other obligation due to illness or death (this would be purchased by the consumer and losses are paid to the lender).
What are the key considerations when purchasing professional indemnity insurance for photographers?
When purchasing professional indemnity insurance for photographers, key considerations include coverage limits, policy exclusions, premium costs, reputation of the insurance provider, and specific needs of the photographer's business. It is important to carefully review the policy terms and conditions to ensure adequate protection against potential liabilities.
What is the difference between indemnity and indemnify, and how do they relate to each other in terms of providing protection against potential losses or damages?
Indemnity is a noun that refers to protection or security against potential losses or damages. Indemnify is a verb that means to compensate or secure someone against potential losses or damages. In essence, indemnity provides the concept of protection, while indemnify is the action taken to provide that protection.
What is the difference between indemnity and breach of contract in terms of legal liabilities and obligations?
Indemnity refers to the obligation to compensate for losses or damages, while breach of contract occurs when one party fails to fulfill their obligations as outlined in a contract. In terms of legal liabilities, indemnity involves providing financial protection, while breach of contract can result in legal consequences such as being sued for damages.
What does weekly indemnity mean?
Weekly indemnity refers to a type of insurance benefit that provides policyholders with a specified amount of money per week in the event they are unable to work due to illness or injury. This benefit is designed to replace lost income during the period of disability, helping individuals cover their essential expenses. The amount and duration of the benefit can vary depending on the specific policy terms.
What is the Difference between professional indemnity insurance and professional liability insurance?
The terms professional indemnity (PI) and professional/public liability (PL) differ in that PI covers for errors, omissions and neglect regarding advice, designs or plans that you put forward that lead to a financial loss or injury to your client. PL covers the public against any injury that is caused during the process of your day. For example a builder that accidental drops a brick and it breaks a member of the public's foot - PL kicks in and pays all associated damages.
Is medical insurance and health insurance interchangeable terms?
no
What is a Indernmity Bond?
An indemnity bond is a type of insurance contract that guarantees compensation for losses or damages incurred by a party. The issuer of the bond agrees to compensate the beneficiary if the terms of the bond contract are not met. It is commonly used to protect against financial losses resulting from specific events or actions.
