Insurance Terms Of Payment
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.
Insurance terms of payment. Any request or demand for payment under the terms of the insurance policy. 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. 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. 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.
These imply that the net payment is due in either 7 10 30 60 or 90 days after the invoice date. Policy period time period during which insurance coverage is in effect. 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. 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.
A person responsible for investigating and settling a claim. 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. Undisputed invoices are paid in accordance with the contract and within agreed payment terms. 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.
Read on to understand what terms like co payment coverage and deductible mean. Life insurance home insurance or travel insurance each policy has its own set of unique terminology. 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. 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.
Comprehensive loss underwriting exchange clue report. Provides claim history information. 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.
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