A claim reserve is the amount of money set aside by the insurance company for reported but unpaid claims. The reserve is usually set when a claim is reported to the insurance company and is really an estimate as to how much the claim will cost. Insurance companies must also set aside money for claims [...]
Co-insurance is a clause in an insurance policy that requires the insured to carry a certain percentage of insurance in relation to the actual value or replacement cost of the property insured. The co-insurance clause is usually found in business and commercial insurance policies and is typically part of the building, contents, stock and/or equipment [...]
Any person, firm or corporation designated in the policy by name as the insured, as opposed to someone who may be covered by the policy but is not specifically named. For example, the registered owner of a house would be the named insured on a home insurance policy. Members of the family while living under [...]