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Valued Policy Law is a state rule that requires insurers to pay the full face value of a policy when a covered home is totally destroyed, no matter its actual …
What Is Valued Policy Law? – Simple and Easy Explanation Read More
A valued policy is an insurance contract where the value of the insured item is agreed upon in advance, and that amount is paid if a total loss occurs. This …
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Unpaid losses are insurance claims that have happened but haven’t been fully settled or paid yet. This term is commonly used in the insurance world, but the idea behind it …
What Are Unpaid Losses? – Simple and Easy Explanation Read More
Universal life insurance is a flexible type of life insurance that lets you adjust your premiums and coverage as your needs change over time. This kind of policy is often …
What Is Universal Life Insurance? – Simple and Easy Explanation Read More
Unearned premium reserve is the amount of insurance premium an insurer has already collected but has not yet earned because the coverage period hasn’t ended. Even though this term sounds …
What Is Unearned Premium Reserve? – Simple and Easy Explanation Read More
Unearned premium is the portion of an insurance payment that has been collected but hasn’t yet been “used” because the coverage period hasn’t passed. This term sounds technical, but it’s …
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Underwriting risk is the risk an insurance company takes on when it agrees to insure people, property, or businesses and collect premiums in return. At first glance, underwriting risk sounds …
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Underwriting is the process insurance companies use to decide who they will insure, how much coverage to offer, and how much it should cost. If you’ve ever applied for insurance …
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An underwriter is the insurance professional who decides how risky it is to insure someone and what price makes sense for that coverage. When you apply for insurance, whether it’s …
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Underlying interest refers to the asset, rate, or financial item that gives a derivative its value, such as a stock, currency, interest rate, or commodity. If you’ve ever heard about …
What Is Underlying Interest? – Simple and Easy Explanation Read More