Explanation:
The loss ratio is used to evaluate the consistency of the company's loss experience over time. It is figured by subtracting the earned premium from the total amount of underwriting losses. It can be computed separately for particular insurance lines or the business as a whole.
Explanation:
Since volcanic eruptions are a frequently covered peril, any harm done to your home and property due to one erupting nearby will probably be covered by a typical home insurance policy. This includes any resulting harm from fire, smoke, ash, dust, or other debris.
Explanation:
A waiver is a formal statement or document that exempts a person or business from responsibility. In order to prove that a person has been denied a specific form of insurance, organizations or businesses frequently provide or ask for signatures on insurance waivers from individuals.
Explanation:
A supplemental extended reporting period gives the deadline for filing covered claims an indefinite extension. But for a claim to be covered, it must not have happened after the policy's expiration date or before the retroactive date.
Explanation:
The United States, all of its territories, and Canada make up the policy territory. Europe and Mexico are left out.
Explanation:
The insurance firm enters into agreements with agencies, who are independent companies, to represent and sell insurance only on its behalf in the exclusive captive agency system.
Explanation:
A personal auto policy will cover transportation costs up to $20 per day, with a maximum payment of $600, in addition to collision and other than collision coverage, if a covered loss renders an insured auto immobile.
