What does retention mean in EPL insurance?

To establish eligibility, the insurer will perform a credit check on the applicant. This helps them determine whether the applicant can pay for the premium.

The credit check is typically performed using the credit report from each of the three credit bureaus: TransUnion, Experian, and equifax

What does the word retention mean in EPL insurance?

The term “ retention refers to the percentage of your premium which is paid in return for a policy. Retention is often expressed as a percentage. For example, if you pay $500 as a premium, your policyholder’s retention is 5% -- $25.

What is the meaning of retention mean in EPL insurance?

In the insurance context, retention refers to the amount of premium an insurer retains on a fixed sum of money. If you insure your house for $500,000, insurance companies will typically deduct a percentage, like 10 or 20, from the total sum insured. This is called the retention. The remaining amount is the amount your policyholder receives, in this case $490,000.

What is retention mean in EPL insurance?

In the EPL insurance industry, a policyholder is said to have been “retained” if they have continuous coverage, uninterrupted by a lapse of coverage for any reason (such as a missed premium payment). There are no standard policies with “retention” written into the policy terms for the standard EPL insurance policies. Each carrier has its own policy terms for when a policyholder is considered “retained.” If your policy provides that you are “ret

What does retention mean in EPL insurance quote?

The term “retention” is used in insurance to describe the length of time that policyholders must maintain coverage. The process of keeping customers with a policy for a specific period is called “retention.” The length of time an insurance company requires policyholders to maintain coverage varies based on the type of policy and the policyholder’s location.