After filing a flood insurance claim, the policyholder
can discuss advance payment with the insurer:
Upon indemnifying a policyholder
for a loss, an insurer generally has the right to recoup its loss by pursuing recovery from other entities or individuals who may be responsible for the policyholder
's damages in the first place.
Other jurisdictions have determined that recovery from a third-party is divisible, and where the policyholder
has been fully compensated for its losses that are covered by the policy, the principles behind the made whole rule have been satisfied.
At its most basic level, the collateral is used to secure obligations that the policyholder
For example, policyholders
have superior information about whether or not they are smokers, but health insurers may have superior information about how smoking affects the health condition of a policyholder
or better understanding about the results of a health examination.
The original offer to policyholders
followed 18 months of negotiations between Aviva and the policyholder
advocate Clare Spottiswoode.
One of the big problems they run into is when a policyholder
has locations in other states.
But it took some persuading by a financial adviser to get the former whole life policyholder
When a policyholder
owes premium to an insurance company, the premium is to be remitted on a timely basis, and when a policyholder
fails to pay, it will likely lead to cancellation of the policy.
I's relationship with O was governed by an agent's agreement; O considered all policyholder
informaion to be its property, as specified in the agreement.
The start-up costs involved in aggregating loss data, performing an actuarial feasibility study and implementing a policyholder
selection process can be substantial.
For instance, if the present value of the policy limit is close to the premium amount, the parties are basically in agreement on the amount of the known loss and are providing a mechanism for payment over time through the transfer of current premium dollars by the policyholder
to the insurer.