What deductible means?
The amount you pay for covered health care services before your insurance plan starts to pay. With a $2,000 deductible, for example, you pay the first $2,000 of covered services yourself. After you pay your deductible, you usually pay only a. copayment.
What is the formula of full cost price?
Cost price = Selling price − profit ( when selling price and profit is given ) Cost price = Selling price + loss ( when selling price and loss is given )
How do I calculate my total average?
Average This is the arithmetic mean, and is calculated by adding a group of numbers and then dividing by the count of those numbers. For example, the average of 2, 3, 3, 5, 7, and 10 is 30 divided by 6, which is 5.
What is the meaning of no claim bonus 50%?
No Claim Bonus or NCB is a reward given by an insurance company to an insured for not raising any claim requests during a policy year. The NCB is a discount ranging between 20%-50% and is given to the insured while renewing a policy.
What is the minimum limit of sum insured?
Life insurance rule: Minimum sum assured an investor need — explained. Life insurance rule: One should opt for a life insurance that offers minimum sum assured to the tune of 8 to 10 times one’s annual income.
Is sum assured less than total premium?
As per the above table, it is clear that premium for lesser term is more than that for higher term and total premium to be paid not to be confused with sum assured as it is minimum amount to paid to nominee in case of death of policy holder even single premium has been paid.
What is an example of monoline insurance?
An example of a monoline policy would be a single auto insurance policy covering only one vehicle. Within the industry, some brokers and agents may consider clients with only one type of insurance policy with their company as a monoline client.
What is monoline general liability?
A monoline policy is a policy that covers one type of insurance; for example, workers compensation or commercial auto are often written as single, or monoline, coverage. A package policy includes two or more lines of insurance coverage.
What is a monoline umbrella policy?
What is a monoline umbrella insurance policy? A monoline umbrella policy is a type of insurance policy that provides excess liability insurance that can add comprehensive coverage for a wide range of risks not covered by the primary liability coverage.
What is package policy in insurance?
A package policy is an insurance cover which in addition to covering third party liabilities, covers the insured against damages caused to their own vehicle such as accidental damage, fire, vandalism, acts of god, natural calamities, etc.
Does high premium mean high deductible?
In most cases, the higher a plan’s deductible, the lower the premium. When you’re willing to pay more up front when you need care, you save on what you pay each month. The lower a plan’s deductible, the higher the premium.
What is the minimum average cost?
Minimum Of Average Cost : The average cost of a function is defined as the total cost is divided by the total number of units (x). To determine minimum value average cost, first, take the derivative of the average cost per unit is equal to zero.
What is the rating of insurance premium?
Rating means determining the amount of premium to be paid to insure or reinsure a risk.
What is minimum sum?
The amount to set aside for retirement (called Minimum Sum*) is based on the basic expenses of a lower middle-income household. When we reach 55 years old, savings from our Special Account and Ordinary Account, up to the Minimum Sum, will be transferred to a new Retirement Account.
What are the minimum and maximum sums assured on a term assurance?
As a general practice, calculation for Sum Assured in a Term Insurance policy is – Minimum Sum Assured = Annual Income x 10 times + Loans/Liabilities. If you can afford the premiums (which are pretty affodable for the kind of cover which you get), we recommend that you go in for 15 to 20 times your annual income.
What does monoline insurance mean?
A monoline insurance company is an insurance company that provides coverage for only a specific kind of insurable risk. For example, a monoline insurer may only offer whole life insurance. Another will only make guarantees to debt issuers in the form of credit wraps that enhance the credit of the issuer.
What are monoline companies?
Also known as monoline insurance companies and monolines, an insurance company that guarantees the timely repayment of bond principal and interest in exchange for insurance premiums. A bond that is guaranteed by a monoline is known as a wrapped bond. These companies originally guaranteed bonds issued by municipalities.
What is a monoline fee?
Monolines, in effect, insure against the risk that a bond will default, allowing the rating of the monoline to be assumed by the debt security. The issuers of the debt security pay the monoline a fee for the insurance and in return can expect to pay a lower interest charge due to the high credit rating.
Who were the monoline insurance companies in 2008?
The financial crisis of 2008 nearly ran the entire monoline insurance industry into extinction. There were nine primary monoline firms at the time: MBIA, Ambac, FSA, FGIC, SCA (quoted as XL Capital Assurance), Assured Guarantee, Radian Asset Assurance, ACA Financial Guarantee Corporation, and CIFG.
What is primary general liability?
General Liability covers you for accidents that happen off the road. An example something general liability would cover would be be someone who slips and falls at your headquarters or office, primary liability insurance won’t cover you for that. Primary Liability covers you while you are on the road.