Auto Insurance Broker

Auto Insurance Broker

Auto Insurance Broker company authorized to transact insurance business. Insurance brokers play the role of an intermediary in placing risk with the insurer and they obtain fees by way of brokerage from the insurer.

Losses occur within a fixed period, whether or not adjusted or paid during the same period.

Investment-linked Life Insurance Policies

An individual policy that provides for life insurance where the policy value at any time varies according to the value of underlying assets at the time. It is also known as unit-linked policies or variable life policies. Intestate is when a person dies without leaving a will.


Inspection report filed by an investigator employed by the Insurance Broker vs Company giving general information on the physical condition of the property.Risks for which it is relatively easy to get insurance that meets certain criteria.

These include risk (1) Being definable, (2) being Accidental in nature, and (3) being Part of a group of similar risks large enough to make losses predictable. 

Insurance Broker

The insurance company also must be able to come up with a reasonable price for the insurance. Throwing off cargo overboard to lighten or stabilize the vessel in danger of sinking at high seas due to heavy weather etc

Insurance Broker Company contract that covers two or more lives and provides for the payment of the proceeds at the death of the first insured, at which time the policy automatically terminates. Joint life Annuity payable for as long as two or more persons shall live and terminate upon the first death.

Juvenile Insurance Policy

An insurance policy is issued on the life of a child but is paid for and owned by an adult, usually the child’s parent or legal guardian.

Insurance on the life or health of a key individual whose services are essential to the continuing success of a business and whose death or disability could cause the firm a substantial financial loss.


Insurance Broker vs Company risks is written for financial institutions or large corporations for important and essential high officials as an extension under a group life or group personal accident insurance for individual or aggregate amounts requiring the insurers to pay a deductible as high as 10 percent of the claim. 

Hold Harmless Agreement

A condition or clause contained in an insurance contract whereby one party exempts another party from liability whatsoever in nature.

According to this agreement, in the event of a motor accident causing damage to a fixed or immobile property, the motor insurer pays for 3/4th of the damaged property and the property insurer pays the rest 1/4th of the damage. 

Implied Authority 

The power of an agent to bind his or her principal has not been expressly stated but can be deduced from the principal’s conduct. In certain cases, the law says that one has given a warranty to another even though the warranty is not in writing.

Product of Insurance

An example would be in sales. A seller implies that the product is fit for the purpose it purports to serve. Insurance Broker vs Company protects the ship owners/ship operators from losses to the ship. Its machinery and equipment resulted from perils of the sea namely(1) Collision and (2) Fire explosion on board. The vessel (3) Stranding of the vessel (4) Damage to hull and machinery due to heavy weather, etc.

Financial Difficulty

An insurer that is in financial difficulty to the point. Where its ability to meet financial obligations or regulatory requirements is in question.

An immediate annuity is one under which the first payment is made within the first year. Submission or presentation of a claim by the insured which is in excess of the bonafide claim. 

Initial Public Offerings

The first offering of the shares of a company to the public. A characteristic in property that leads to its self-destruction fruit, which will naturally deteriorate. Insurance contracts usually exclude such damages.


The party to an insurance arrangement to whom the insurer agrees. Indemnify for losses, provide benefits for, or render services to. The insured is also known as the policyholder. The party to an insurance arrangement but undertakes to indemnify for losses, provide pecuniary benefits, and render services.

Insurance Department

The representative of a state insurance department is assigned to participate in the official audit. The examination of the affair of an insurance company. This term is generally used in case of long-tail claims namely under a liability insurance policy.

So, In the liability class of business, there will be cases where losses are not reported or notified. To the insurer immediately upon the occurrence of an incident likely to give rise to a valid claim. Instead, they are reported much later. Insurer(s) usually keeps a certain percentage of outstanding claims as a reserve to deal with such claims in the future. 

Insurable Interest

The financial relationship between the insured and the subject matter of insurance is recognized by law. The document contains written evidence of the contract between an insured. Indemnity in simple terms means putting or placing the insured. The same financial position he/she was in immediately before the loss.

So, Insurer(s) may opt for one of the methods mentioned hereof to pay indemnity; (1) Cash(2) Repair(3) Replacement, and(4) Reinstatement. To restore the victim of a loss to the same financial position as before the loss occurred.


Inundation or floods may be caused by rain storms, overflowing rivers, breakage in upper dams, or any other reason whatsoever. Damage to insured property caused by inundations is covered by insurance and reinsurance. Excess of loss catastrophic event covers protect against property damage caused by inundation.

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