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Category: Glossary

Reinsurance terminology and clauses used treaty

Engineering insurance policies – Types, Cover, and Cost

Engineering insurance policies – Types, Cover, and Cost

What is Engineering insurances? Insurance policies that are more related to installation and operation engines and also rated to jobs of engineers are called “Engineering insurance policies”. Common examples of engineering insurances are: Contractors’ All Risks Insurance Erection All Risks Insurance Machinery Breakdown Insurance Deterioration of Stocks Insurance Boilers and Pressure Plant Insurance Electronic Equipment Insurance (EEI) Work Plant (WP) Oil & Gas Well Drilling Equipment Package (OGD) Contractors Plant & Machinery (CPM)   Contractors’ all risks insurances: CAR Insurance…

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How to Become an ACII

How to Become an ACII

How to Become an ACII ACII¬†stands for¬†Associateship of Chartered Insurance Institute. ACII and FCII are insurance qualifications offered by the Chartered Insurance Institute, London.) It is considered as the Best insurance degree programs in the World, offered in the United Kingdom since 1912 the year when the Royal Charter was granted for the CII. How to Become an ACII (Associate of Chartered Insurance Institute) Insurance being one of the means of transferring risks to the insurers from the shoulder of…

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Why do Insurers purchase reinsurance?

Why do Insurers purchase reinsurance?

Where there is life there is a risk this is the most common saying in the life insurance industry of the country.   The reasons for buying reinsurance varies insurers by insurers, but the most common reason is to spread riks, which is again complying with basics of insurance.   An insurance company is the risk carrier of the insured once a time it gets overburdened or overexposed to risks, which requires being spread. So, Insurance Company requires insurance product…

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