Learn about management expense in reinsurance, a crucial component that covers reinsurers' overhead costs according to a contingent commission agreement.
Learn about sole proprietorship insurance for health and life coverage to ensure the continuity and stability of your business.
Discover the significance of the Cause of Loss Form in commercial insurance policies. Learn how it specifies the covered causes of loss for comprehensive policy understanding.
Learn about 'Market Value' in general insurance: The price at which a product would sell in the current market. Explore its significance and application.
Learn about premium rate in general insurance, which represents the cost of insurance broken down to a per-unit cost. Understand how premiums are calculated and their impact on your insurance policy.
Learn about contingent liability, a type of liability for which a person, partnership, or company may be responsible even though it was caused by non-employees. Understand its importance and implications in the insurance domain.
Learn about Dram Shop Liability Insurance, which protects businesses that serve alcohol from being liable for accidents caused by intoxicated customers. Understand its importance in mitigating risks and ensuring legal compliance.
Learn about independent agents in the insurance industry, including their roles and how they work within the independent agency system.
Learn about in-force business in the context of health and life insurance. Understand the total value of policies either fully paid or being processed, and its impact on insurer portfolios and premium volumes.
Learn about the 'Notice to company' term in General Insurance. This notification is a written document sent to the insurer, informing them of an event that may lead to a claim.
Discover the intricacies of the Glass Coverage Form in Property Insurance, which provides specialized coverage for commercial glass solutions such as plate glass.
Learn about the Garage Coverage Form, a crucial commercial vehicle insurance for businesses like auto repair shops, dealerships, and garages.
Discover the fundamentals of Employee Dishonesty Coverage Form, a type of insurance that protects against the loss of money and property due to an employee's dishonesty.
Dive into the essentials of Business Liability Insurance, covering property damage, personal injury, fire damage, and bodily injury. Protect your business with the right insurance coverage.
Explore Comprehensive General Liability Insurance, covering liabilities like completed operations, owner's protective, products liability, and premises and operations.
Explore the concept of liquidity in general insurance terms, focusing on how insurers convert non-monetary assets into cash to pay claims efficiently.
Learn about loss prevention service, a crucial element in liability and property insurance focused on eliminating or reducing hazardous conditions to prevent losses through inspections and engineering efforts.
Learn about Messenger Robbery Insurance, a specialized policy that covers money and other property in the care of an employee leaving the premises. Essential for businesses with staff delivering items.
Learn about commercial insurance, a type of coverage sold by insurance companies aimed at generating profit. Explore its importance and how it can benefit businesses.
Learn about Commercial Property Policy insurance that protects businesses from risks like fire, burglary, or theft. Discover how it safeguards your commercial assets.
Learn about the term 'Prospect' in general insurance, which refers to a potential insured. Explore its importance and usage in the insurance industry.
Discover what a payroll audit entails in the context of liability insurance and workers compensation. Learn about the examination process conducted by insurance company representatives to determine the premium due for the most recent policy year.
Dive into the concept of retention of risk, a primary risk management technique where a business assumes the responsibility for potential losses instead of insuring against them.
Learn about the role of an independent contractor in general insurance, including how they differ from employees and the implications for contracts and coverage.
Learn about unilateral contracts in the realm of general insurance, where only one of the parties makes a legally enforceable promise.
Learn about Warehousemen’s Legal Liability Insurance, which covers loss or damage of property stored in a warehouse in the event of a liability claim.
Learn about Explosion Collapse and Underground Damage (XCU) in business liability insurance and how it applies to specific types of work.
Learn about Transportation Insurance, a crucial aspect of Property Insurance that covers your property while in transit across all modes of transport.
Discover how an Employee Stock Ownership Plan (ESOP) offers employees part ownership of the company they work for, including trust-held stock certificates.
Discover the fundamentals of Use and Occupancy Insurance, an early term for Business Income Insurance, and how it safeguards business continuity and protects against income loss.
Understanding agency by ratification in general insurance, and how an insurance company becomes liable for an agent's unauthorized actions.
Learn about the Broad Form Property Damage Endorsement in general liability insurance that negates the exclusion for property in the care or custody of the insured.
Learn about Elevator Collision Coverage, a vital component of business liability insurance policies that covers damages to elevators, personal possessions, and buildings.
Learn about the exclusive agency system in insurance, where agents only represent one company or give them the right of first refusal. Understand its benefits and drawbacks.
Understand the concept of Governing Classification in Workers Compensation, a critical aspect that designates the classification based on the highest amount of payroll within a company.
Understand the Manufacturer’s Selling Price Clause in Property Insurance, which values finished goods at their selling price during a loss. Essential knowledge for property insurance policies.
Comprehensive guide to Manufacturers and Contractors Liability Insurance, covering contractors and manufacturers with premiums based on payroll amounts. Explore the benefits, coverage details, and more.
Discover the significance of manufacturing locations in property insurance. Learn about dependent properties and how they impact business income coverage.
Learn about the Mini Tail in liability insurance, a 60-day extension to the reporting time frame that allows the insured to make claims after a claims-made policy has expired.
Discover the obsolete Money and Securities Broad Form (Criminal), a crime insurance coverage that protected against loss of money or securities due to various perils. Learn why it was replaced by commercial crime coverage.
Discover how outage insurance provides critical coverage for lost earnings resulting from machinery failure due to insured perils. Learn why this property insurance is essential for safeguarding your business premises and financial stability.
Learn about prospecting in general insurance terms, which involves activities related to finding and engaging potential clients or prospects for insurance policies and services.
Understand the concept of Quick Assets in general insurance. Learn how these assets can be swiftly and effortlessly converted into cash to meet immediate financial needs.
Understand the process of recruiting in the insurance industry, particularly focusing on hiring agents, and learn how it plays a crucial role in ensuring quality service.
Exploring the significance and implications of reinsurance credit in the annual statements of ceding insurers, covering ceded premiums and recoverable losses.
Learn about Subscription Policy in general insurance, where multiple insurers share a portion of the risk, ensuring greater coverage and risk diversification.
Learn about turnover in pensions, which refers to the rate at which new employees are hired to replace those who have left a company. Understand its impact on pension plans and workforce stability.
Learn about Business Interruption Insurance which covers lost income due to an interruption in business caused by a covered loss. Explore its benefits and applications.
Learn about Self Insured Retention (SIR), its implications, and how it affects the insured in assuming a fraction of a risk. Dive into the key aspects of deductibles and uninsured portions.
Learn about unreported claims in general insurance, a vital reserve used to pay claims that have occurred but remain unreported. Discover how insurers estimate this critical reserve.
Discover the definition of an Asset in general insurance terms. Learn how assets such as property and office furniture are listed on an insurance company's balance sheet.
Understand the concept of conservation in general insurance, where insurers take actions to retain current policies and prevent them from lapsing.
Explore Electronic Data Processing Coverage in Property Insurance, including the coverage scope for computers, data systems, and income loss due to data processing disruptions.
Learn about gross earnings in property insurance, including how they are calculated by deducting the cost of goods sold from total sales.
Discover the essentials of Owners and Contractors Protective Liability Policy, also known as independent contractors insurance, ensuring protection against contractor or subcontractor negligence.
Learn about prohibited risk in general insurance, where certain types of businesses are deemed uninsurable by insurers. Gain insights into why some risks are not covered and what alternatives exist.
Learn about contingency in general insurance, an occurrence that may or may not take place within a certain time frame. Understand its importance and implications in insurance policies.
Learn about blended insurance programs that combine finite risk, reinsurance, and traditional insurance for comprehensive long-term coverage.
Understand the power designated to an agent by an insurance company, a critical component in general insurance terms.
Learn about the definition and significance of an Interstate Carrier in General Insurance Terms. Understand the role of companies providing transportation across state lines.
Understand the Premium and Dispersion Credit Plan for commercial property insurance policyholders. Learn how credits are allocated due to reduced risk across multiple locations.
Understand the sistership exclusion in liability insurance, preventing coverage of products withdrawn from the market. Essential insights for policyholders.
Discover the importance of Extra Expense Coverage Form in property insurance which covers added costs a business incurs to remain operational after a property loss.
Learn about Guaranteed Cost Premium, a fixed insurance premium not influenced by loss experience during the policy term. Ideal for Liability and Worker's Compensation Insurance.
Understand the concept of flat cancellation in general insurance, where a policy is cancelled on its effective date with no premiums paid.
Learn about the role of a General Agent in Health and Life Insurance. Understand their responsibilities, commission structure, and the importance of finding their own clients.
Learn about implied authority in general insurance, where public perception allows an agent certain powers. Understand what the public can reasonably believe about an agent's roles and actions.
Understand the definition and business implications of nonowned autos in vehicle insurance. Learn how rented, leased, or borrowed vehicles are covered when used for business purposes.
Learn about rate manuals in general insurance, a crucial document containing rates for coverages and additional guidelines for underwriting and agent operations.
Learn about the American agency system, also known as the independent agency system, where insurance is sold through independent agents, offering clients a broader choice and personalized services.
An in-depth look at entity agreements in life insurance, a crucial buy-sell arrangement for partnerships that ensures stability when a partner becomes disabled or dies.
Discover the meaning of 'Offeree' in general insurance terms. Learn who the offeree is and the role they play when an offer is extended.
Learn about renewal commission in general insurance terms, which refers to the ongoing commissions paid after the first year’s commission. Understand how this impacts insurance agents and brokers.
Learn what a resident agent is in the field of general insurance. Discover the qualifications and responsibilities of agents who live and conduct business in the same state.
Understand the concept of a Sole Proprietorship in the context of general insurance terms. Learn how a business owned and managed by one person is defined and functionally characterized.
Learn about employee dishonesty, a term for any false act by an employee that results in a loss to the employer. Get insights into coverage and prevention.
Explore the concept of self-funded insurance plans, where employers directly pay eligible claims. Discover the advantages and considerations of this approach to manage steady and predictable healthcare and life insurance costs.
Learn about the discovery period in surety bonds, the grace period during which insured parties can report losses following bond cancellation. Understand how this one-year term protects against unforeseen financial setbacks.
Learn about the responsibilities and significance of a policywriting agent who is authorized to write policies for an insurer. Dive into the tasks and jurisdiction of policywriting agents in general insurance.
Understand the concept of adhesion insurance contracts, which are non-negotiable and offered on a take-it-or-leave-it basis in general insurance terms.
Learn about the basic premium in general insurance, a key component of the standard premium covering administrative costs and agents’ commissions.
Learn about the Business Automobile Policy, a comprehensive insurance covering commercial automobiles against damage and liability. Discover how it has evolved into the business auto coverage form in most areas.
Understand commercial lines, a crucial aspect of general insurance sold to businesses and commercial entities. Learn how these policies protect your business.
Discover the intricacies of the compensating balances plan. Learn how businesses pay premiums, and how the insurance company manages these funds for withdrawals.
Discover comprehensive business property and liability insurance. Protect your business-owned properties from damage, fire, or vandalism while covering bodily injury and damage to others' property.
Learn about the concept of expense allowance in general insurance, which refers to payments made to insurance agents in addition to their set commissions.
Learn about the concept of the expiration file in general insurance, which is a notation kept by agents or salespeople indicating the day on which insurance policies expire.
Understand the concept of express authority in general insurance, wherein the insurer grants authority to the agent through an agency agreement.
Discover the General Agency System in life insurance, where general agents play a pivotal role in selling policies. Learn how this system operates and its advantages.
Understand industrial risk insurers, an association of stock property insurers and casualty insurers formed to write insurance for large amount risks.
Discover the prestigious Insurance Hall of Fame, an organization dedicated to recognizing individuals for their exceptional contributions to the insurance industry.
Learn about Key Employee Insurance and its significance in health and life insurance, ensuring continuity and financial protection for businesses against the loss of key personnel.
Learn about the role and responsibilities of a local agent in general insurance. Understand how local agents operate within small territories and how they earn commissions.
Explore the role of a Loss Prevention Engineer in liability insurance, including their contributions to reducing possible future claims and ensuring policy efficacy.
Explore the concept of mass merchandising in general insurance, where large groups like employees insure with the same company, remitting premiums in a lump sum. Learn about its benefits and implementation.
Understand what a Master Policy is in the context of general insurance, including group insurance policies for employees and property insurance contracts.
Learn about Net Worth in Surety - Discover the margin by which a company's assets exceed its liabilities in the context of surety bonds and financial health.
Discover the essentials of Nonqualified Plans in pensions. Learn how these employee benefit plans operate, their benefits, and unique features, including IRS filing exemptions and discrimination allowances.
Learn about Permit Bonds (Surety), which promise adherence to laws governing specific activities for which a permit is issued. Understand their importance in regulatory compliance.
Learn about premises burglary (criminal) and how it is covered under commercial insurance policies. Discover the specifics of coverage for burglary committed on insured premises.
