Search Results for: blog insurance term declaration or dec page

Insurance Terms: E

A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z Earned Premium is the amount advance premium an insurance policyholder has paid but, which has been “earned” by the insurance company because time has passed without claim. For example if an auto insurance policyholder pays 6-months of premium and the policy is cancelled after 2-months the insurance company has provided coverage for the 2-months and that portion of the paid insurance … Continue reading →

Insurance Terms: D

A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z Death Benefit with a life insurance policy the death benefit is the limit or amount of insurance payments that will be made to the beneficiary when the insured person dies. Death benefits for annuity contracts are the limit or amount of payments made to a beneficiary if the annuity contract holder passes about prior to the annuity payments starting. Declaration is … Continue reading →

What is an Insurance Binder

The general definition of an Insurance Binder is a temporary insurance contract that provides proof of coverage until the permanent policy is issued. A Binder is insurance coverage and can be offered verbally or in writing from an agent or insurance company. Binders offer temporary insurance coverage for a stated period of time to complete underwriting and issuance of the insurance policy is finished. The actual point of coverage may be different from state to state and may also be different for depending on the policy. Insurance companies appoint an agent and give them permission to “Bind” a specific amount … Continue reading →

Underwrite, Underwriting and Insurance Underwriter–Who Are These People?

I once told a very wonderful editor that an Insurance Underwriter was just about the same job description as the editor of a bunch of Bloggers. When I first started in the Business of Insurance my best boss ever used to kindly refer to underwriters as “people from a different planet.” Of course, we did our very best to make sure we kept our underwriters happy, because they had an amazing skill of causing extra work when we didn’t do our end of things correctly. An Underwriter is an intermediary between the insurance company who offers to accept the liability … Continue reading →

The Insurance Application

When I started my career in the Business of Insurance there were very few computers. Most things were done by way of the telephone or through the use of the mail and a variety of small delivery systems. Most insurance companies invested in the delivery systems to help their companies quickly review applications and agree to cover an insurance risk. Insurance agents needed to get the information correct right from the start, and they needed to spend time with the person needing insurance in order to help them make decisions about the kinds of insurance they might need. Everything was … Continue reading →

Insurance Blog Week In Review February 6-12, 2007

This week in the Insurance Blogs I have focused a bit on the Business of Insurance, including some of the Career paths insurance has to offer. Next week I will be expanding on some of interesting things a person might do with an Insurance License. I have also started a series of Blogs about shopping and quoting my own personal insurance portfolio. A project I have put off for far too long. Yesterday, we were given notice that my husbands employer is phasing out the retirement pension they offer. So, now we need to add retirement options to our personal … Continue reading →

The Glossary of Insurance Terms

In the Business of Insurance every word has a specific meaning and relationship to how insurance works. One of the huge complaints customers have had about insurance over the years, has to do with terms and what those terms actually mean. Insurance policies generally have pages of definitions, declarations, conditions and exclusions filled with legal, technical, insurance language. If you have a question about an “Insurance” related word or term you find in your insurance policy please send me a Private Message or post a comment on one of the Blogs. Sometimes ordinary words mean something completely different in a … Continue reading →

Insurance Term: Declaration or Dec Page

Every insurance policy is a separate contract between an insurance company and a customer. When a new insurance contract is considered by the insurance underwriters and issued the first page of the policy is called the “Declarations” page. The declarations page is the first page of a new policy, with the other policy information such as conditions, exclusions, and endorsements attached. If a policy is renewed and no changes have been made the renewal will be a new declarations page customers should file or attach to the original policy paperwork. Every time a policy renews a new declarations page will … Continue reading →

Five-Tips to Prepare For Hurricane Season

There are areas of the country that are susceptible to hurricanes and the damage they cause. The predictions for the Atlantic Hurricane Season for 2007 recommend everyone be prepared for a more active and intense season than usual. It’s a good idea to follow the scouts motto and always be prepared if you need to be ready for hurricane season follow these 5-tips! Tip #1 Review your homeowner insurance policy: It’s a good idea to talk with your insurance agent or company and make sure you have enough insurance to rebuild the house and structures and also replace personal property. … Continue reading →

The Contents of A Homeowner Policy

A Homeowner policy is an expanded Standard Fire Insurance Form with built in endorsements and added coverage. Lenders usually require a Homeowner Insurance Binder or Certificate of Insurance, by the closing date, if the insurance isn’t in place then the sale of the house won’t close. Lenders won’t pay for property that’s not properly insured, and some lenders may require specific types and coverage amounts to be sure they don’t lose money if there is a disaster. Many states also require Homeowners have additional specific types of insurance, such as earthquake or flood insurance if the risk is greater. The … Continue reading →