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Calculation of the Loss - Actual Cash Value or Replacement Value

In paying the loss suffered by a policyholder when property is damaged or destroyed, an insurance company normally will consider its obligation to be to pay the present or depreciated value of the property just before its loss. Thus, destruction...

Types of Disability Coverage in Life and Health Insurance

Definition of disability

The definition of "disability" is subjective because some people can work without complaint with a condition that would disable and incapacitate others. A typical life...

Partnerships Entitled to Life Insurance Proceeds

Generally, the legal entity of a partnership dissolves when one partner dies. However, partners may enter into an agreement during the life of the partnership to enable the surviving partners to continue with the business when...

Service of Process on Insurer

In order for an insured or any other party to sue an insurer, a court must obtain personal jurisdiction over the insurer. To accomplish this, an insurer must be served with process in a proper manner. There are several methods of serving an...

The Distinction Between an Insurance Agent and an Insurance Broker

Insurance agents act on behalf of one or more insurance companies. That relationship between the insurance agent and the insurance company provides authority for the agent to act for and bind the insurance company. Insurance brokers, on the other...