Who is a Beneficiary?

A beneficiary is a person who stands eligible for receiving benefits or distributions from a trust, will or insurance policies. He/she is either specifically named in these documents or are most eligible as per the speculations. The eligibility is determined either by the documents or the legal norms which will define a legal heir. The […]

What is Brokerage/Commission?

Brokerage or Commission is the incentive in terms of cash or other perks which an insurance agent earns for every sale or sales made in a particular period. The commission is received by a person acting on part of another person for rendering various services to make the transaction successful. Thus, there are three parties […]

What is the meaning of Capacity Cost?

Capacity Cost is known as the fixed expenditure faced by a company to expand its business reach and its potential to spread its operations. This does not change as the levels of production change and can only be slashed when the business is shut or is outsourced. These costs are usually fixed in nature and […]

What is Actual Cash Value?

Actual Cash Value refers to the monetary worth of a damaged or stolen property just before the loss took place. It is the amount equal to the replacement cost after depreciation is subtracted. Thus, it stands for the value at which the property can be resold and it is usually less than the amount required […]

What is Appraisal Value?

The value used to measure the value of an insurance company is known as the appraisal value. It is also called the actuarial appraisal value. It is comprised of the following: Present value of current business which is also known as Embedded Value, Value of new business, present value of future business profits and finally […]