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A particular average is a loss that falls entirely on a particular interest Under the free-of-particular average (FPA) clause, partial losses are not covered unless the loss is caused by certain perils, such as stranding or sinking The insurer pays the full amount of a loss only if it exceeds a certain percentage specified in the FPA A general ...

25 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 959 | Lượt tải: 0

The personal umbrella policy provides protection against a catastrophic lawsuit or judgment Excess liability insurance is provided in amounts from $1–$10 million Certain minimum amounts of liability insurance must be carried on the underlying contracts Coverage is broad and includes protection against certain losses not covered by the underlyin...

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Auto insurance rates have increased in recent years due to: Rising medical and higher motor vehicle repair costs Soaring jury awards in liability cases Insurance fraud and abuse Insurers use a variety of factors to establish auto insurance premiums, including: Territory Age, gender, and marital status Use of the auto Driver education Numb...

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After an accident, the insured is required to perform certain duties, such as: Promptly notify the insurance company or agent Cooperate with the insurer in the investigation and settlement of a claim Send the insurer copies of any legal notices received in connection with an accident Take a physical exam, if required The police must be notifi...

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Major rating and underwriting factors include: Type of construction Location of home Fire-protection class depends on the quality of the public fire department, accessibility to the fire department, water supply, and fire hydrants Construction costs Type of policy Deductible amount Insurance score A credit-based score that is highly pred...

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The policy excludes: Concurrent causation losses If a single loss is caused by two or more perils that occur concurrently or in any sequence, and one peril is covered under the policy and the other peril is excluded, the entire loss is excluded Any loss due to an ordinance or law, except as described in the Additional Coverages Property damage ...

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Several factors help explain the substantial increase in tort costs over time, including: Juries and judges desensitized to the value of the dollar when damages are awarded Aggressive and creative litigation strategies Rising medical costs Abuses in class action lawsuits Deep pocket syndrome

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Survivor benefits can be paid to the dependents of a deceased worker who is either fully or currently insured Survivors include: Unmarried children younger than age 18 Unmarried disabled children Surviving spouse with children younger than age 16 Surviving spouse age 60 or older Disabled widow or widower, ages 50-59 Dependent parents The b...

40 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 1007 | Lượt tải: 0

A cash-balance plan is a defined-benefit plan in which the benefits are defined in terms of a hypothetical account balance Actual retirement benefits will depend on the value of the participant’s account at retirement Each year, a participant’s “hypothetical” account is credited with a pay credit, which is related to compensation, and an interest...

32 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 832 | Lượt tải: 0

A large percentage of employers self-insure the health insurance benefits provided to their employees Self insurance means the employer pays part or all of the cost of providing health insurance to the employees Plans are usually established with stop-loss insurance A commercial insurer will pay claims that exceed a certain limit Some employer...

35 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 799 | Lượt tải: 0