What are lines in insurance?

What is P&C domain?

Property and casualty (P&C) insurers are companies that provide coverage on assets. ... Tangible assets are (e.g., house, car, etc.) and also liability insurance for accidents, injuries, and damage to other people or their belongings.

What are the 3 main types of insurance?

What are the 7 main types of insurance?

7 Types of Insurance are; Life Insurance or Personal Insurance, Property Insurance, Marine Insurance, Fire Insurance, Liability Insurance, Guarantee Insurance. Insurance is categorized based on risk, type, and hazards.

What is an example of personal lines coverage?

Covers you when travelling in the event you need urgent medical assistance or transport to medical facilities, including evacuation and rendered assistance by authorities. It also protects you when you don't have all the covers you need for financial losses whilst travelling, as well as lost or stolen personal items.

What are two types of insurance policies?

Is personal lines insurance the same as property and casualty?

The basic, Personal Lines - Property and Casualty license allows you to sell basic home and auto insurance. ... The second type of Property and Casualty license in Texas is the General Lines Property and Casualty license. This license allows you to sell business policies in addition to basic home and auto.

What is commercial and personal lines insurance?

Personal lines, as the term suggests, includes coverages for individuals- vehicles and household insurance. Commercial lines, that accounts for almost half of U.S. property/casualty insurance premium, includes the many kinds of insurance products designed for businesses.

What is direct writing in insurance?

A direct writer is insurance lingo for an insurance company or agent that sells only a single brand — Geico and Allstate are two examples. Think of direct writers as the insurance companies that sell their own insurance policies through in – house sales teams.

How hard is the personal lines insurance test?

Personal Lines: 61.4%

What is the basic principle of insurance?

In the insurance world there are six basic principles that must be met, ie insurable interest, Utmost good faith, proximate cause, indemnity, subrogation and contribution. The right to insure arising out of a financial relationship, between the insured to the insured and legally recognized.

What is third party insurance?

Third-party insurance, which is also sometimes referred to as 'act-only' insurance is a statutory requirement for all vehicle owners as per the Motor Vehicle Act. It is a type of insurance cover where the insurer offers protection against damage to the third-party vehicle, personal property and physical injury.

What is the most common type of insurance?

What is insurance simple words?

What Is Insurance? Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.

What is a double insurance?

Double insurance arises where the same party is insured with two or more insurers in respect of the same interest on the same subject matter against the same risk and for the same period of time. ... Same risk: Double insurance will only arise if a substantial part of the same risk is covered by both insurances.

What is P&L in insurance?

The profit and loss statement is a financial statement that summarizes the revenues, costs, and expenses incurred during a specified period.

What are commercial lines in insurance?

Commercial Lines — insurance lines used to cover commercial risks as opposed to personal lines, which cover personal risks. Examples include commercial general liability (CGL), workers compensation, and commercial property insurance.

What is fire and casualty insurance?

The term fire insurance refers to a form of property insurance that covers damage and losses caused by fire. Most policies come with some form of fire protection, but homeowners may be able to purchase additional coverage in case their property is lost or damaged because of fire.

What is a writing company in insurance?

Definition of direct-writing company

1 : an insurance company with which a policyholder directly insures property. — called also originating company.

What is a captive agent?

Captive (sometimes referred to as “dedicated”) agents are insurance producers who work for one company and sell one company's products. Conversely, independent agents work for multiple companies and can sell multiple different types of products to their customers.

What is the clue report?

C.L.U.E. (Comprehensive Loss Underwriting Exchange) is a claims history database produced by consumer reporting agency LexisNexis® that enables insurance companies to access consumer claims information when they are underwriting or rating an insurance policy. How can I obtain a copy of my C.L.U.E. report?