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The Association for Cooperative Operations Research and Development ( ACORD) is a non-profit organization in the insurance industry. [ 1] ACORD publishes and maintains an archive of standardized forms. ACORD has also developed a comprehensive library of electronic data standards with more than 1200 standardized transaction types to support ...
Agent of record. An agent of record ( AOR) is an individual or a legal entity with a duly executed contractual agreement with an insurance policy owner, in line with the prevailing legal norms and regulations of the region in which the contract was entered. The agent of record has a legal right to receive commissions from the respective ...
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an ...
Yes, your insurance company can cancel your coverage. If you do not pay your premium on time, lie on your auto application or your driver’s license gets suspended or revoked, your insurer could ...
A notice of cancellation: If you receive a cancellation notice, talking to your insurance company or agent is a good first step. If your homeowners insurance was canceled after an inspection, you ...
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Directors and officers liability insurance (also written directors' and officers' liability insurance; [1] often called D&O) is liability insurance payable to the directors and officers of a company, or to the organization itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for ...
Cancellation (insurance) Cancellation of an insurance policy before the end of the policy period has the effect of ending the insurance coverage on the date of the cancellation. This can result in a partial return premium which can be calculated in different ways depending on the method specified in the policy.
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