20 Facts About Crime insurance

The Crime insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss.

Concepts of Crime insurance has been found in 3rd century BC Hindu scriptures such as Dharmasastra, Arthashastra and Manusmriti.

The first company to offer life Crime insurance was the Amicable Society for a Perpetual Assurance Office, founded in London in 1706 by William Talbot and Sir Thomas Allen.

The first company to offer accident Crime insurance was the Railway Passengers Assurance Company, formed in 1848 in England to insure against the rising number of fatalities on the nascent railway system.

The existence and success of companies using Crime insurance agents is likely due to the availability of improved and personalised services.

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Vehicle Crime insurance protects the policyholder against financial loss in the event of an incident involving a vehicle they own, such as in a traffic collision.

Gap Crime insurance covers the excess amount on an auto loan in an instance where the policyholder's Crime insurance company does not cover the entire loan.

Gap Crime insurance is typically offered by a finance company when the vehicle owner purchases their vehicle, but many auto Crime insurance companies offer this coverage to consumers as well.

Burial Crime insurance is an old type of life Crime insurance which is paid out upon death to cover final expenses, such as the cost of a funeral.

Property Crime insurance provides protection against risks to property, such as fire, theft or weather damage.

Liability Crime insurance is a broad superset that covers legal claims against the insured.

The protection offered by a liability Crime insurance policy is twofold: a legal defense in the event of a lawsuit commenced against the policyholder and indemnification with respect to a settlement or court verdict.

Generally, primary Crime insurance is subject to a deductible and obligates the insured to defend the insured against lawsuits, which is normally accomplished by assigning counsel to defend the insured.

Cyber-Crime insurance is a business lines Crime insurance product intended to provide coverage to corporations from Internet-based risks, and more generally from risks relating to information technology infrastructure, information privacy, information governance liability, and activities related thereto.

The reCrime insurance market is dominated by a few large companies with huge reserves.

Financial stability and strength of an Crime insurance company is a consideration when buying an Crime insurance contract.

An Crime insurance premium paid currently provides coverage for losses that might arise many years in the future.

An independent Crime insurance consultant advises insureds on a fee-for-service retainer, similar to an attorney, and thus offers completely independent advice, free of the financial conflict of interest of brokers or agents.

Many Crime insurance executives are opposed to patenting Crime insurance products because it creates a new risk for them.

Under United States tax law, for example, most owners of variable annuities and variable life Crime insurance can invest their premium payments in the stock market and defer or eliminate paying any taxes on their investments until withdrawals are made.