Definition of Surety Bond A surety bond is a contract in which the surety guarantees that a third party (the principal) will faithfully perform its obligations to the obligee. A contractor, for example, may be financially stretched and unable to complete a construction project. A public official may embezzle public funds, or the executor of …
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What is Deductible in Property & Health Insurance? A deductible is a common policy provision in which the insured is required to pay a portion of the loss. In life insurance, a deductible is not used because the insured’s death is always a total loss, and a deductible would simply reduce the face amount of …
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What is insurance fraud? Insurance fraud is defined as an illegal act committed by either the buyer or seller of an insurance contract. Insurance fraud by the issuer includes selling policies from non-existent companies, failing to submit premiums, and churning policies in order to increase commissions. The submission of fraudulent claims is one of the …
While Purchasing Health Insurance Individuals can now choose from a variety of health insurance options. The majority of health insurance is provided by employers as part of an employee benefits program or by government programs such as Medicare, CHIP, or Medicaid. The majority of your health insurance decisions are influenced by the type of coverage …
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Why is health insurance important? Having health insurance is important because it allows people to receive timely medical care, which improves their lives and health. Some may believe that because they can always go to an emergency room, people always have access to medical care. However, even areas with well-supported safety net care do not …
Benefits and Costs of Insurance to Society Insurance is the pooling of unforeseeable losses through the transfer of such risks to insurers, who agree to indemnify insureds for such losses, provide other monetary benefits in the event of their occurrence, or render services related to the risk. According to the preceding definition, an insurance policy …
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Everyone requires life insurance, and not having it when you need it the most can be disastrous for your family or business. The following are some common life insurance misconceptions. You do not need life insurance if you are young and healthy If you are a healthy young adult, now is the best time to …
What should I do if I am involved in an accident or discover that I need to file an insurance claim for a reason other than an accident (such as vandalism or theft)? An automobile accident, like any other unexpected event, can be extremely stressful and frustrating. You can reduce your stress by taking steps …
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What is a Deductible for Car Insurance? Explained What is a Deductible? A deductible is the amount of money that you must pay toward an insured loss. When a natural disaster strikes your home or you are involved in a car accident, your deductible is subtracted, or “deducted,” from the amount your insurance company pays …
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Types of Business Insurance Policy Coverage Most businesses must obtain at least one of the four types of insurance listed below: Insurance for Property Business Insurance Policy Coverage for Property compensates a business if its property is lost or damaged as a result of various common perils, such as fire or theft. Property insurance covers …
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