Supplemental insurance functions as additional coverage that expands the benefits or protection offered by an existing primary insurance policy. It is designed to fill gaps in coverage and provide extra financial support for specific risks that may not be adequately covered by the primary policy.
$30,000 per accident for bodily injury is the total amount the insurance company will pay for bodily injury claims in a single accident, regardless of the number of people injured. In this case, it's $30,000 in total for all individuals involved in the accident.
"Too many claims" does NOT constitute grounds for an insurer to revoke a homeowners policy. An insurance company cannot simply revoke a homeowner's insurance policy solely based on the number of claims filed by the policyholder.
The aggregate limit is the maximum amount an insurance company will pay for covered losses during a specific policy period, regardless of the number of claims received within that time frame.
In an insurance policy, liability coverage can typically be found in Section II, also known as the "Liability Coverage" section. This section provides details about the insurance company's obligations to cover the policyholder's liability for third-party bodily injury, property damage, or other covered losses for which the policyholder is legally responsible.
A Commercial Driver's License (CDL) is NOT required for an insurance adjuster. CDLs are specifically intended for individuals who operate commercial motor vehicles, such as large trucks and buses, and are regulated by the U.S. Department of Transportation (DOT) and state agencies.
It is not a universally essential requirement or skill for insurance adjusters. Insurance adjusters handle a wide range of claims across different insurance lines, including property, liability, auto, workers' compensation, and more.
Independent Adjusters are claims professionals who are not employed directly by insurance companies but work on a contract basis and are hired by insurance companies to handle and investigate claims on their behalf. They are often called in during times of high claim volumes, such as after severe storms like hurricanes, when insurance companies may need additional resources to handle the influx of claims.
In liability insurance, policy limits that apply one limit to each person injured, another for bodily injury claims of all persons injured in a single accident, and a separate limit for all property damage arising out of a single accident are known as "Split limits."
The limit of liability in most insurance contracts is typically referred to as the "policy limits." The policy limits represent the maximum amount an insurance company will pay out for covered losses in the event of a claim.
The insured hires a Public Adjuster to represent their interests in the insurance claims process. A Public Adjuster is an independent claims professional who is hired by the policyholder (insured) to help them navigate the complexities of the insurance claim and maximize their settlement.
The age of the insured is generally not a valid reason for an insurer to revoke a policy. Age-based discrimination is prohibited in insurance practices in many jurisdictions, and insurers cannot cancel or revoke a policy solely based on the age of the insured.
"Flood" is not a common endorsement on a standard insurance policy. Flood insurance is typically a separate and specialized type of coverage that is not included in standard homeowners or property insurance policies.
Fire damage is typically covered by a typical homeowner's insurance policy. Homeowners insurance provides coverage for various perils, and fire damage is one of the most common and significant risks that homeowners face.
An executory contract is one where both parties have not yet completed their performance, and some obligations are yet to be fulfilled.
Retention is a risk management technique in which an individual or organization assumes a portion of the potential financial losses associated with a specific risk. By accepting a high deductible, the insured agrees to retain responsibility for a significant amount of the loss before the insurance coverage kicks in.
