Convertible term insurance allows policyholders to convert their coverage into a permanent policy if certain conditions are met. It offers the potential to upgrade from a term to a full policy and is considered guaranteed renewable insurance coverage. Convertible term insurance is a type of coverage that can be converted into a full or permanent […]
Corporate-owned life insurance, also known as COLI or EOLI, is insurance taken out by a company to reimburse it upon the death of an employer. It was previously exploited by companies for tax-free benefits, but legal cases have made it less common. Companies must inform employees and gain consent to insure them. Corporate-owned life insurance […]
Trade credit insurance protects policyholders from losses due to buyer default. It also attracts investors, expands customer base, and lowers bad debt reserves. Though it can be costly, it offers peace of mind and financial protection. Trade credit insurance is a type of trade insurance coverage that helps protect the policyholder from losses incurred when […]
Auto insurance fraud involves false claims for more money than entitled, including staged accidents or inflated bills. Insurance companies may also deny deserving claims. One in three auto insurance claims is fraudulent, with various types of scams, including staged accidents, side theft, and panic stops. Fraud can also occur through bad-faith insurance or cardholder-based fraud. […]
Corporate travel insurance covers medical, personal, and business-related losses for employees traveling on behalf of their employer. It is a budgeted expense for companies with frequent travelers and may vary based on department or title. Some companies require employees to bring their own insurance, and coverage is negotiated at the beginning of employment. Companies offer […]
Business insurance is essential for all businesses, but certain companies and independent professionals should seek the services of an insurance broker. Brokers evaluate businesses to determine what types of insurance are needed and how much, and they recommend specific liability insurance as it applies to the professional classification or sector. They also regularly review their […]
A credit insurance broker helps people find and select the best credit insurance policies from multiple insurance companies. They are experts in credit insurance and can advise on the most advantageous protection. Brokers are usually paid by the insurance companies they are contracted with and do not charge upfront fees. A credit insurance broker is […]
An insurance claims manager processes claims, reviews policies, and determines if benefits are payable. They may deny or delay claims if proper procedures are not followed or if fraud is suspected. A bachelor’s degree in business, administration, or finance is typically required. An insurance claims manager is an individual who processes claims for claims, responds […]
An insurance manager is responsible for sales, administration, and ethical compliance. They recruit and train agents, handle customer complaints, and generate new sales. Administrative tasks include managing staff and budgets. Experience in the industry is required for the role. An insurance manager is responsible for all functions in the branch of an insurance company. The […]
An insurance claims adjuster investigates and analyzes insurance claims, negotiating compensation with claimants. They may interview witnesses, review medical records or repair estimates, and may be required to provide expert testimony in court. A high school diploma is typically required, with many employers preferring a degree in business administration or accounting. Licensing requirements vary by […]
An insurance examiner audits insurance companies to ensure compliance with laws and regulations. They review cash reserves, policies, and may take punitive action against violators. Examiners typically have a degree in finance or mathematics and may be licensed accountants. An insurance examiner is a government official responsible for auditing insurance companies and ensuring that these […]
A commercial insurance broker connects businesses with insurance companies, finding policies that meet their needs and assessing risks. They act as a salesperson and underwriter, representing the client and finding the best coverage at the best price. The broker must be careful to provide all necessary information to the insurance company while ensuring the customer […]
A life insurance underwriter reviews applications, determines risk, sets rates, and collects data to ensure the company makes a profit. They analyze medical reports, work information, and financial statements to determine an applicant’s risk level. Underwriters may specialize in group policies and require strong analytical skills, computer skills, and good communication. When a person decides […]
A health insurance waiver exempts individuals or companies from mandatory health insurance coverage for a specified period. It is often necessary to present a form and supporting documents. Reasons for waivers include overlapping insurance plans, cost-prohibitive insurance, and financial hardship for low-wage or part-time employees. Colleges and universities may require students to obtain health insurance […]
Insurance auditors verify claims made to insurance companies and determine fair compensation for lost or damaged items. They specialize in various industries, such as automotive and fine art, and investigate fraud. Their work involves assessing monetary losses and gathering evidence, with pay based on efficiency. An insurance auditor is a professional tasked with determining the […]
Health insurance mandates require individuals, companies, and providers to provide or participate in health coverage. The US individual mandate requires citizens to obtain health insurance, while the PPACA requires companies with over 50 employees to provide coverage. Mandates extend benefits to previously uncovered conditions and prevent discrimination, but opponents argue they increase costs and force […]
An insurance sales manager manages the sales force, trains and sells insurance products to high-end clients. Education requirements vary, but experience in insurance sales is crucial. Personnel management, sales training, coaching, and performance appraisal are also part of the job. Managers are paid a fixed salary plus bonuses. An insurance sales manager position is only […]
Insurance jurisprudence is the interpretation and application of insurance laws by courts in common law jurisdictions. It is based on both statutory law and case law, which provides guidance for insurance attorneys in litigation. Case law is built on precedents and lawyers often search for similar cases to support their arguments. Legal researchers use keywords […]
The Public Liability Insurance Act in New Delhi requires owners of hazardous substances to take out liability insurance before hiring workers. The law compensates workers for injuries or damages sustained and caps the maximum amount of liability insurance at Rs 50 million. Central, state and local governments are exempt from the provisions of the law. […]
Insurance contract law is based on principles such as indemnity, insurable interest, good faith, and warranties. The law varies by jurisdiction and includes provisions for compensation, exclusions, and specific wording in policies. Insurance contract law is based on several principles, such as indemnity, insurable interest, best faith and guarantees. Some provisions that are regularly found […]
