Backdating in the insurance industry allows a policy to take effect earlier than its actual issue date. The policyholder agrees to backpay the premium as if the coverage had started on the backdated date. While it can be beneficial in certain scenarios, backdating also involves specific considerations and requirements. Let’s break it down step by … Read more
The principle of indemnity is a cornerstone of insurance, ensuring that policyholders are financially restored after a loss without profiting from it. This fundamental principle applies across various types of insurance and is designed to bring the insured back to their pre-loss financial state—not better, not worse. In this blog, we’ll delve into the concept … Read more
There is bad news for car owners from the auto insurance industry, new reports from credible sources are predicting significant increases in auto insurance will continue to rise this year. Rates across the United States are already on its peak with the rise of 24% in 2024, some states experiencing jump up to 61%. Here … Read more