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What is a formal request made to an insurance company for payment of a loss is called?
Customarily, it is referred to as a "claim".
A regular payment made to a person after they retire?
A regular payment made to a person after they retire is called a pension
What is the meaning of buyer of structured settlement payment?
A structured settlement is a financial or insurance arrangement whereby payment is made by a series of periodic payments. Structured settlements are now commonplace in product liability or injury insurance claims.
What is Payment made for the use of borrowed money called?
Payment made for the use of borrowed money is called interest. Interest expense is shown on an income statement as a non-operating expense.
What does the insurance term 'adjustment' mean?
The word "adjustment" when used in the context of insurance means:The monetary amount an insurance "adjuster" has determined is the appropriate payment to be made to an insured person for a claim that is covered under the insurance policy.
What is a formal request made to an insurance company for payment of a loss is called?
Customarily, it is referred to as a "claim".
Can you purchase life insurance in a lump sum single payment?
Yes, you can. It's called Single Premium Life Insurance. With single premium life insurance coverage one premium payment is made and the life insurance policy is fully paid up with no further premiums required.
What is the difference between prepaid insurance and insurance expense?
When payment for insurance is made advance of actual expenses then it is called prepaid insurance which is asset for business until insurance benefit is utilized while insurance expense is actual insurance expense when insurance benefit is taken.
What is a payment made by a company to its shareholders called?
A payment made by a company to its shareholders is called a dividend.
What is an annual payment called?
A fixed payment which is made annually is called an annuity.
What happens if life insurance policy is canceled?
You no longer have insurance cover - if you happen to die then there is no payment made.
Can the person who used there credit card cancel your car insurance or is that only the policy holder that can do this?
The person who is the policyholder is the only one who can request a cancellation of the policy. If however, payments are being made monthly or quarterly to a credit card they can stop the payments and the policy will cancel for non-payment. You will receive a notice of cancellation and have the opportunity to change to a different form of payment to keep the policy in force.
Does insurance go under assets or liabilities?
If insurance paid in advance then it is asset but if insurance benefit taken and payment not made then it is liability.
Farm Family Casualty Insurance Company- Can an electronic payment be made for auto insurance by debit card?
yes! or no
When must an insurable interest exist for property insurance?
An insurable interest must exist at the time the policy is purchased and when a claim is made. This means the policyholder must have a financial stake in the property being insured to prevent fraud or speculation in insurance. Without insurable interest, the policyholder would not suffer any financial loss from damage to the property.
How often is a semi-annual car insurance payment made?
Twice per year.
Does my auto insurance have to pay a death benefit to survivors if a one car accident causes a death?
The term "death benefit" refers to a payment made as a result of a life insurance policy. In the case of car insurance, if there is a lawsuit for wrongful death, and a payment is ordered by the court, then the car insurance will pay. That is not exactly the same thing as a death benefit even though it is a payment made as a result of a death.
