What is pre accident condition?

What is pre accident condition?

Pre-accident condition is a benchmark used by insurance companies to define the condition that auto body repair needs to achieve in order to return a vehicle to its original state before the collision occurred.

What is a loss condition in insurance?

Pre-Loss Condition: A term used by insurance companies to describe the condition of a vehicle prior to a collision or some other circumstance. Basically, it is the insurance companies’ responsibility to compensate or indemnify the vehicle owner to restore the ve- hicle to pre-loss condition.

What is a first loss basis?

Insurance on a “first-loss” basis means that the policyholder and the insurance company agree on a maximum sum insured per loss event for a certain module of an insurance. This amount is much smaller than the general sum insured.

What is a first loss?

First Loss Policies. A First Loss policy is a policy that provides only partial insurance cover to a pre-agreed value or limit in the event of a claim. The policyholder agrees to accept an insured amount for less than the total value of property at risk.

What does first loss position mean?

First loss position is an investment’s or security’s position that will suffer the first economic loss if the underlying assets lose value or are foreclosed upon. In the context of commercial real estate, the first-loss position typically refers to the equity position of an investment.

What is second loss?

A “second loss facility” represents a credit enhancement providing a second (or subsequent) tier of protection to an SPV against potential losses; v. ‘Liquidity facilities’ enable SPVs to assure investors of timely payments.

What is TP and OD in insurance?

A motor insurance policy consists of two parts – own damage (OD) cover and third party (TP) liability cover. All car and bike owners should buy a car insurance or a two wheeler insurance for their vehicle’s safety.

What is vehicle IDV?

What is Insured Declared Value (IDV)? The term ‘IDV’ refers to the maximum claim your insurer will pay if your vehicle is damaged beyond repair or is stolen.

What is a first loss tranche?

First Loss Tranche means the amount of loss the Assuming Institution shall absorb prior to the commencement of loss sharing and it must be stated as zero or a positive number. The First Loss Tranche bid is expressed as a percentage of the Book Value of Assets covered by loss sharing.

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