Learn what a pretext interview is in general insurance terms, where one party misrepresents their identity or intent. Understand the implications and why it's important.
Understand the concept of professional partnership in general insurance, where two or more individuals collaborate to offer public services like health care.
Explore the concept of pyramiding in liability insurance, where the limits of liability on multiple policies apply to the same loss, creating the effect of a higher aggregate amount of insurance.
Discover the importance of Railroad Protective Liability (Liability Insurance), a specialized coverage for those operating on or near railroad property. Learn how it favors the railroad and why it's crucial for operators.
Learn about shock loss in general insurance, a significant event that affects insurers or underwriting companies. Discover its impact and importance in the insurance industry.
Understand the concept of single carrier replacement in health insurance, where one insurance carrier replaces multiple carriers to simplify your coverage.
Learn about stock in property insurance, including materials in the manufacturing process and merchandise items for sale. Essential information for businesses and insurers.
Learn about the term 'Transacting Insurance', which refers to the actual conducting of insurance business, including soliciting and negotiating contracts. Discover how this term varies depending on state laws.
Explore the essentials of a buy-sell agreement in liability insurance, a vital contract ensuring business continuity and ownership transitions. Learn about its significance, components, and pricing stipulations.
Explore the concept of Contributing Locations under business income insurance. Learn how properties providing equipment or assistance are covered.
Learn about Liability Insurance, which covers losses due to the insured's responsibility to others. Explore legal requirements and contractual implications.
Learn about manuscript policies in general insurance, including their unique coverages and conditions, and how they cater to larger accounts in compliance with state laws.
Learn about ordinary payroll in property insurance, which encompasses payroll expenses for all employees except executives, contract employees, and company officers.
Learn about the concept of overriding commission in general insurance, where agents or brokers receive a commission on business sold by subagents. Explore its significance and impact in the insurance sector.
A detailed explanation of the term 'Payee' in the context of general insurance, defining a payee as a person receiving money.
Learn about Products and Completed Operations Insurance, a crucial subline of general liability coverage for manufacturers and contractors. Discover how it protects businesses from claims caused by their products or completed operations.
Learn about reserves in general insurance terms, including how insurers use these funds to cover debts and specific purposes.
Explore the concept of Small Group Pooling in health insurance, where small businesses combine into one pool to achieve more accurate rates and improved coverage options.
Learn about the retainer clause in reinsurance and how it specifies the portion of insurance the ceding company retains.
Explore what a representative does in the context of general insurance, including their responsibilities and role as agents or salespersons.
Learn about a solicitor in general insurance, their responsibilities, licensing requirements, and limitations in issuing coverage.
Explore the concept of Underlying (Reinsurance) in the insurance realm. Learn how it represents the total amount of coverage for a risk before additional reinsurance applies.
Explore what vested commissions mean in general insurance. Learn how agents earn commissions on renewal business even after leaving the insurer.
Learn about written premiums in general insurance, including how they represent the premiums paid on all policies an insurer has written during a specific time frame.
Discover the principle of utmost good faith in insurance contracts. Learn how this legal doctrine ensures honest disclosure of facts and mutual intent to abide by contract terms.
Discover how a Value Reporting Form in Property Insurance helps businesses manage varying inventory values throughout the year with accurate insurance adjustments.
Explore the significance of a warranty policy in property insurance, which guarantees the continuity of a company's warranty terms, backed by a reputable insurer.
Discover the role of the American Insurance Association (AIA) in supporting and promoting property and liability insurance companies, enhancing industry standards and reputation.
Understand what a binder is in general insurance terms. Discover how binders provide temporary coverage before a contract is finalized or premiums are paid.
Learn about the role and responsibilities of a Brokerage General Agent in the insurance industry. Understand how they facilitate the sale of insurance products through brokers and appoint brokers on behalf of the company.
Understand the role and responsibilities of a Brokerage Supervisor in general insurance, including the authorization to designate insurance company brokers.
Learn about burglary insurance, a form of criminal insurance that protects against financial losses caused by burglary. Understand its importance, coverage, and benefits for securing your assets.
Learn about captive insurance companies, formed exclusively to insure a parent company. Understand benefits, structure, and regulations.
Understand the role of the claim department within an insurance company and how they assess whether claims will be paid.
Learn about clauses in general insurance terms, which address specific issues within a contract. Discover how these provisions impact your insurance policies.
Understanding Earned Premium: The portion of an insurance premium exhausted during the policy's term. Learn how it affects policy accounting and coverage.
Discover how experience modification impacts your insurance premiums. Learn about experience rating plans and how they can increase or decrease your insurance costs.
Learn about Extra Expense Insurance, a vital form of Property Insurance that compensates for costs associated with keeping a business operational after damage from a covered hazard.
Learn about the first named insured, the primary individual listed on a commercial insurance policy, and their role and responsibilities.
Explore the Guertin Laws in Liability Insurance, established in 1947 for standardizing nonforfeiture and valuation regulations, named after Alfred Guertin from the NAIC committee.
Understand the concept of inherent explosion in property insurance, where an explosion occurs due to a situation that exists organically at the insured's premises, like a fireworks factory.
Discover the workings of the level commission system in general insurance, where new and renewed contracts attract the same commission percentage.
Discover what a line sheet is in the context of general insurance terms, and learn how it assists ceding companies in determining liability limits for various risks.
Understand the concept of loss of market in property insurance, including the common exclusions as a standard business peril.
Understand the role and definition of a Manager in general insurance terms, including their responsibilities, salary structure, and impact on business volume within an insurance agency's branch office.
Learn about mercantile risk in property insurance, focusing on the unique risks faced by retail or wholesale businesses as opposed to manufacturing or service industries.
Learn about the net increase in life insurance, a crucial metric for determining the amount of new policies and renewals minus lapses or cancellations. Understand how insurers use this calculation to gauge business growth.
Learn about Net Quick Assets, often referred to as working capital, and understand their importance in the surety bonding process for contractors. Discover how the calculation is made and why it's crucial for bond approval.
Discover how overhead expense insurance safeguards business owners by covering rent, utilities, and employee salaries when they become disabled. Learn more about this crucial disability insurance.
Learn about the term 'Producer' in general insurance terms, which refers to a person who sells insurance, such as an agent.
Understanding Product Recall Insurance, a type of liability insurance that covers the costs involved in recalling defective or possibly defective products made by the insured.
Understand the fundamentals of risk management in general insurance, including the assessment of potential losses and strategies to avoid, reduce, or transfer risk.
Learn about Risk Retention Groups, a type of liability insurer owned by policyholders sharing the same type of business and liability risks. Understand how they spread liability and finance liability differently.
Learn about self-insurance, an alternative to traditional insurance used by large organizations. Discover how companies manage future risks by setting aside funds for anticipated and unanticipated losses.
Learn about the strike through clause in reinsurance, a provision that ensures losses are managed even if the ceding insurer is unable to meet them, directing the reinsurer to pay the insured directly.
Discover the intricacies of Time Element Insurance in Property Insurance, including how ongoing expenses from insured losses are managed and benefits paid out.
Discover the essentials of business insurance, including health and life coverage for company principals. Learn how it safeguards your business assets and personnel.
An in-depth explanation of Business Risk Exclusion in General Insurance, highlighting omitted coverage for sub-par products that fail to meet promised standards.
Learn about the term 'Debit' in general insurance, which refers to the outstanding premiums and areas managed by debit or home service agents. Gain insights into how it affects insurance collection practices.
Explore the concept of Direct Written Premium in Liability and Property Insurance, which represents the collected premiums before deductions for reinsurers. Learn its significance in the insurance domain.
Learn about Employer's Non-Ownership Liability Insurance, covering the employer from liability when employees use their personal vehicles for business purposes.
Explore what Occurrence Coverage in Liability Insurance entails, including how it provides coverage for losses occurring within the policy's term, regardless of when the claim is made.
Learn about partnership insurance, a crucial life and health insurance product for businesses. Discover how cross purchase and entity plans help partnerships continue operations after the death or dismemberment of a partner.
Learn about physical hazards in general insurance, which are caused by the structural or operational features of the risk. Find out how these hazards impact insurance policies.
Learn about Premises and Operations Liability Insurance, a crucial subline of general liability insurance offering protection against hazards related to business operations and premises.
Learn about punitive damages, a form of punishment awarded against negligent, omission, or malicious acts by individuals or companies. Explore how these damages relate to general liability policies.
Learn about 'Remainder' in reinsurance, the amount of risk remaining after a ceding company deducts its retained portion.
Explore the concept of submitted business in general insurance, where new business applications are submitted to an insurer but are not yet accepted or declined.
Comprehensive definition of 'Surplus' in the context of general insurance, referring to the assets of an insurer after deducting liabilities.
Learn about Warehouse and Custom Bonds (Surety), a type of bond that ensures the payment of customs fees. Understand its significance in international trade and importation.
Understanding what an admitted company is and how it is licensed to provide insurance in a particular state. Learn the regulations and benefits of choosing an admitted insurance provider.
Learn about Blanket Bond (Criminal), a type of fidelity bond that provides coverage for losses due to dishonest acts committed by any employee.
Learn about the term 'Block of Policies' in general insurance. Understand what it means, its significance, and how insurance companies use it.
Learn about brokerage business in general insurance, where business is brought in by a broker to an insurance company. Understand the mechanisms and significance of brokerage business.
Learn about business interruption in liability insurance, its definition, and how it affects the daily operations of a business due to unforeseen losses.
Learn about Business Owner’s Policy (BOP), which provides comprehensive liability and property coverage tailored for small businesses. Ideal guidance for securing your business assets.
Discover the definition of 'Carrier' in general insurance terms. Learn why 'Insurer' is more commonly used and the distinctions between insurance carrier and transportation carrier.
Discover the role of a coinsurer within an insurance policy, where the coinsurer shares in the loss. Learn more about general insurance terms and their significance.
Learn about Commercial Blanket Bond - a type of insurance providing blanket coverage for employees supplied by the employer. Discover its maximum loss limit and how it applies to any loss regardless of the number of involved employees.
Learn about commercial insurance companies, which are privately owned entities selling insurance for profit. Discover their role in the insurance industry.
Learn about Commercial Property Floaters in General Insurance, a way to insure businesses that operate from multiple locations, like food vendors at different events.
Learn about Completed Operations Insurance, a form of liability insurance that covers contractors for accidents and damages occurring after project completion.
Understanding the different forms of commercial crime coverage, from employee dishonesty to computer fraud and beyond.
Understand the concept of cross purchase life insurance, where both parties in a business buyout agreement insure each other for seamless ownership transitions.
Learn about Directors and Officers Liability Insurance, which protects leadership from liability claims due to alleged misjudgments and unjust acts.
Learn about excess line brokers, who are licensed to deal with non-admitted insurers in their state, and their importance in the insurance industry.
Understand what an Expense Reimbursement Allowance is in the context of general insurance. Learn how this payment works in addition to set commissions for insurance agents.
Learn about Extended Non-Owner Liability in vehicle insurance, an attachment that offers coverage for driving vehicles not owned by the insured on a regular basis, including for business and profit transport purposes.
Understand the concept of flat commission in general insurance terms. Learn about the standard commission paid to insurance agents regardless of the policy sold.
Understand garage liability insurance, a crucial liability coverage specifically for garage owners or dealerships. Learn how it provides protection against property damage and bodily injury claims.
Learn about independent adjusters in general insurance, their roles, responsibilities, and how they operate as independent contractors for various insurers.
Learn about the role of an insurer, also known as a carrier or company, in an insurance contract. Discover how insurers indemnify losses for insured parties.
Explore how an interline endorsement can influence multiple aspects of a commercial package policy. Understand its importance and applications in general insurance terms.
Learn about issued business in life insurance, which refers to contracts that have been written but not yet agreed to by the insured. Discover the significance and process.
Learn about Maxi Tail in liability insurance—a crucial option providing extended reporting period for claims post expiration of a claims-made liability policy.
Learn about the term 'Offeror' in the context of general insurance terms. Discover what an offeror is and their role in the insurance process.
Learn about the Office Burglary and Robbery Policy – a specialized insurance coverage designed for offices to protect equipment and supplies against criminal activities. Discover how this policy includes a package of crime coverages with low limits.
Learn about ordinary agency in life insurance, focusing on agencies that deal exclusively with ordinary life insurance policies.
Understand the concept of Particular Average in Property Insurance, a type of partial loss due to water transportation that falls on the property owner.
Learn about Professional Corporation, a unit that offers professional services such as healthcare, within the context of general insurance terms.
