When the limits of an insured’s insurance are less than the total value of the property, the parties involved in the loss must use the idea of “average” to figure out who will pay for what. Commonly used in property insurance. Understanding “average” helps with coverage decisions. Next, we’ll discuss average calculation in property insurance. […]
Principles of Insurance Read More »
A written document known as a business plan provides comprehensive instructions on how to launch and manage a new company. It includes market analysis, forecasts for the firm’s financial performance in the future, details on the management team, and an overview of the products and services the company offers. You need a comprehensive business strategy
Top 10 – Features of Business Plan Read More »
Actuarial science, which is the use of mathematical and statistical models to evaluate risk and figure out premiums, is a very important part of the insurance business. Moreover, actuaries use statistics about population, death, and accidents, among other things, to predict future claims and the costs involved with them. “Using actuarial science ensures insurers’ competitive
Characteristics of Insurance Read More »
The biggest benefit of having a business plan is that it can help you convince yourself that starting a business is a good idea. The strategy document helps test ideas for business success. The business plan and modeling determine if the idea will work or not. In this post, we’ll examine the advantages of business
Top 10 – Advantages of Business Plan Read More »
“Insurable interest” ensures insurance is provided to individuals who genuinely care about the policy’s subject. It prevents individuals from obtaining insurance for unrelated or irrelevant matters. Under the idea of “ultimate good faith,” all parties to an insurance contract must act in good faith and tell each other everything that is important. Check out these
Nature of Insurance Read More »
