What Is The Legal Definition Of Insurance? Definition. A contract in which one party agrees to indemnify another against a predefined category of risks in exchange for a premium. Depending on the contract, the insurer may promise to financially protect the insured from the loss, damage, or liability stemming from some event. What is the
What Is A Coordination Of Benefits Claim? COB claims are those sent to secondary payers with claims adjudication information included from a prior or primary payer (the health plan or payer obligated to pay a claim first). These claims can be sent 1) from provider to payer to payer or 2) from provider to payer.
What Is Principle Of Insurable Interest? principle of insurable interest. A principle that states that an insured may not collect more than its own financial interest in property that is damaged or destroyed. What are the principles of insurance interest? In the insurance world there are six basic principles that must be met, ie insurable
What Is The Period Of Time After The Premium Is Due During Which The Policy Remains In Effect? The grace period is a stated period of time after the premium due date during which the policy remains in force even though the premium has not been paid. The grace period applies to premiums other than
Will Alcohol Be Reimbursed For Travel Insurance Claims? If it is determined that the alcohol consumption directly related to the reason for the claim (like an injury or lost item), your claim may be denied. However, if the incident is completely unrelated (like being robbed or baggage loss) you may be provided reimbursement. What is
Does An Airline Have To Accept Travel Insurance? Airlines also act as travel insurance brokers, offering coverage by third parties every time you buy a ticket online. During the transaction, most carriers have a mandatory yes or no question about buying insurance and then add the cost of the policy, if accepted, to the ticket
Do You Need Itemized Receipt For Travel Insurance? No receipts are required — just proof of a covered delay. But don’t toss those receipts yet! When should I file a travel insurance claim? You have 90 days from the date of your loss to submit your claim to us, except as otherwise provided by law.
Does Travel Insurance Cover Non Refundable Deposits? Your travel insurance policy can reimburse you for prepaid, non-refundable trip deposits if a trip is canceled for a covered reason. These outlays can include airline tickets, hotel rooms, rental cars, tours and cruises, says Daniel Durazo, spokesperson with Allianz Travel Insurance. Do I really need to buy
Does Travel Insurance Cover Volcano? If a volcano erupts after you’ve started your trip and you’re ordered to evacuate, trip interruption coverage will reimburse you for your remaining non-refundable trip costs (up to the plan limits) and give you extra cash to arrange for alternative flights or other transportation home. What is not covered by
Can You Sue For Bad Faith? Can you sue for bad faith? To sue an insurance company for bad faith, you file a lawsuit in the appropriate court. In the lawsuit, you state what the insurance company did or failed to do that amounts to good faith. What is an example of bad faith? An