Portland Oregon Claims Reserved in Excess of Self-Insured Retention
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How to fill out Oregon Claims Reserved In Excess Of Self-Insured Retention?
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FAQ
Self-Insured Retention (SIR) ? a dollar amount specified in a liability insurance policy that must be paid by the insured before the insurance policy will respond to a loss.
Retention ? (1) Assumption of risk of loss by means of noninsurance, self-insurance, or deductibles. Retention can be intentional or, when exposures are not identified, unintentional. (2) In reinsurance, the net amount of risk the ceding company keeps for its own account.
In contrast, a self-insured retention (?SIR?) is a specific amount of loss that is not covered by the policy, but instead must be borne by the policyholder before the insurance company will respond.
The answer to the question what's the difference between a deductible and a self insured retention is that deductibles reduce the amount of insurance available whereas a self insured retention is applied and the limit of insurance is fully available above that amount.
This is the amount of money that you are required to pay, per claim, before the insurance company will start paying. The carrier is asking you to ?retain? some of the risk in the form of a small amount of self-insurance. The amount they ask you to retain depends on who you are and what insurance you're buying.
It is important to note that, although the terms ?retention? and ?deductible? are often used interchangeably, they are in fact two separate concepts. To illustrate, consider the case of a policyholder who files a claim under their health insurance policy after visiting a doctor.
Self-Insured Retention (SIR) ? a dollar amount specified in a liability insurance policy that must be paid by the insured before the insurance policy will respond to a loss.
Retention ? (1) Assumption of risk of loss by means of noninsurance, self-insurance, or deductibles. Retention can be intentional or, when exposures are not identified, unintentional. (2) In reinsurance, the net amount of risk the ceding company keeps for its own account.
1. With a deductible policy, the insurer pays for losses and then collects reimbursement from you afterward up to the amount of the deductible. With an SIR in place, you're required to make payments first and the insurer only begins to make payments once the SIR is satisfied.
The answer to the question what's the difference between a deductible and a self insured retention is that deductibles reduce the amount of insurance available whereas a self insured retention is applied and the limit of insurance is fully available above that amount.