Insurance operates on a fundamental concept: customers pay for premiums, and insurance companies settle claims on insured events. The idea seems simple at first glance, but it operates on a sophisticated financial system. One subsystem makes insurance reserves. Insurance reserves are the limits insurance firms put on the resources for settling future claims. These resources …
In the event that people living in the UK discuss taxes, a name is mentioned: HMRC. The acronym stands for HM Revenue and Customs, the department of the government that has one of the biggest functions in the country’s financial system. From VAT to income tax, as well as the tax system from National Insurance to tax refunds, HMRC …
Insurance is a company like us that is built on making promises, which in their case is making future payments when clients face losses. However, in their case, these promises need more than goodwill. They must finance a certain amount called reserves, which helps them to meet these obligations. In the insurance industry, reserves help …
When looking for a reputable full-service insurance agency in Venice, Florida, Baszto Insurance Group Inc. is often one of the choices listed. The agency is based in Venice and has an almost sister-like relationship with an Allstate insurance office in the area. In this article, we will discuss who they are, what services they provide, …
Introduction Many businesses, such as retail, banking, logistics, and service industries, still deal with the physical handling of cash daily. The cash handling processes also involve moving physical cash from one location to another. This movement, however, comes with risks of losing the money either through theft, robbery, accidents, or even human error. This is …
Introduction Transporting large amounts of cash presents unique risks for a business. Retail stores, banks, casinos, and logistics firms face dangers of theft and robbery whenever cash and other valuables are moved from a location. This is where Cash in Transit Insurance is critical. This insurance policy protects financially against loss or damage to cash …