Insurance Terms Of Payment
Broad form coverage coverage for causes of loss due to falling objects trees or other objects that may fall onto a structure sudden and accidental.
Insurance terms of payment. For example if the invoice was dated june 10 and you used one of the most used payment terms net 30 then the payment would be expected before july 9. The most common payment terms for contracts are open account the seller delivers without any guarantee and expects the payment at a later stage documentary collections the exchange of the documents representative of the goods and the payment are managed via banks letters of credit cash in advance. Policy period time period during which insurance coverage is in effect. Typically once you and your customer have agreed on the terms of the sale your customer arranges for its bank to prepare an lc based on the terms of sale.
A letter of credit or lc is a conditional payment method in which the issuing bank promises to pay you once you have complied with all the terms and conditions of the sale. Provides claim history information. Life insurance home insurance or travel insurance each policy has its own set of unique terminology. Binder an oral or written agreement to provide temporary insurance coverage until a form written policy is issued.
Read on to understand what terms like co payment coverage and deductible mean. Undisputed invoices are paid in accordance with the contract and within agreed payment terms. Our insurance terms glossary is divided alphabetically by insurance terms in a quick reference guide to assist understanding the language commonly used by insurance companies. Individual or entity presenting a claim.
Bodily injury as defined in many liability policies any physical injury to a person including sickness disease and death. A grace period can be period of 15 days in case of monthly premium payment mode and 30 days in case of annual premium payment mode. If you couldn t pay the renewal premium for your policy on time life insurance company gives you an extension in the number of days after the premium payment due date. Mce insurance limited normal terms of payment are 30 days from the date of invoice and will be applied unless there is a formal agreement to the contrary.
Comprehensive loss underwriting exchange clue report. Policy documents contain a number of insurance terms because they typically define the limitations of risk and liability on the insured and any exclusions of coverage. The payment can be taken as cash applied to a purchase an increment of paid up insurance left on deposit with the insurance company or applied to purchase term insurance for one year. Any request or demand for payment under the terms of the insurance policy.
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