Explore the concept of residual markets in general insurance, including examples such as government-run programs that fall outside usual insurer marketing methods.
Learn about the concept of Present Value in insurance, which refers to the current value of an amount due in the future. Essential for understanding financial decisions and policy valuations.
Explore the concept of wage indexing in the context of estate planning. Learn how cost of living increases under social security impact your financial strategy.
Learn about the concept of probability in the context of general insurance and understand how the chance of an event occurring is represented as a number.
Learn about Expense Loading in general insurance, which is an amount added to the rate to cover expenses. Find out why it's important for your insurance policy.
Learn about the formula used in pension plans to determine your retirement benefits. Understand how equations help in calculating total pensions or contributions.
Learn about modified community rating in health insurance, a method of determining medical expense rates using local data. Understand its impact on premiums and regulatory implications.
Learn about Interest in General Insurance Terms: It refers to the rate of return earned on the premium the insurance company has invested over the term of the policy.
Understand the concept of statutory earnings or losses in general insurance, particularly as they appear on the NAIC convention blank. Learn how these figures impact an insurer's financial reporting.
Discover the concept of Adverse Financial Selection in General Insurance. Learn why policyholders may surrender their policies and how it impacts insurance providers.
Learn about the Carpenter Plan in reinsurance, where the premium amount is linked to the insurance company's incurred losses over a specific period. This article delves into the specifics of how it works and its implications.
Learn about the concept of in kind replacement in property insurance, where damaged items are replaced with new or comparable items instead of a cash payout. Understand how it impacts your insurance claims and coverage.
Explore the concept of brokerage in general insurance, including the commission paid to brokers and insurance placement through brokers. Learn how these terms impact your insurance policy.
Explore the unlevel commission system in general insurance, where first-year commissions are higher than renewal commissions. Learn how this impacts agents and policyholders.
Explore the rating process in health insurance, which determines premium rates based on factors such as sex, age, benefits, and administrative costs.
Learn about target benefit plans, a hybrid between defined benefit and defined contribution plans that require employer funding for a target benefit.
Learn about the term 'Invalidity' in health insurance, which is often interchangeable with illness, and its implications for policyholders.
Explore the concept of Medical Loss Ratio in Health Insurance, which is calculated as total benefits divided by total premium. Learn its significance in the health insurance industry.
Discover the minimum benefits provided by a health insurance policy, also known as a basic hospital plan. Learn about the essential features of basic benefits in health insurance.
Learn about depreciation in general insurance, a loss in the value of property due to wear and tear, usage, or obsolescence. Understand how it impacts your insurance coverage and claims.
Learn about the cost of living benefit in health insurance, which ensures that disability benefits increase after 12 months and annually thereafter to keep up with inflation.
Discover what a deficiency reserve in life insurance means, including when it is required on a balance sheet if the premium charged is less than the net premium reserve.
Learn about the Joint Underwriting Association, a collective of insurance companies providing specific insurance types, funded through premiums and assessments.
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.
Discover how the Mortgage Holders Errors and Omissions Coverage Form protects mortgage holders from losses due to errors or omissions in commercial property insurance.
Explore the concept of speculative risk in the context of general insurance—learn why such risks are not typically insurable and the implications for policyholders.
Learn about 'Damages' in legal terminology, which refers to the total monetary amount needed to compensate for a loss. Find out its significance in the context of insurance, compensation, and legal claims.
Explore the process of signing people up for health insurance plans and understand the significance of enrollment numbers in healthcare coverage. Get insights into health insurance enrollment.
Learn about the expense ratio in general insurance, which represents the portion of the premium dedicated to paying the insurer’s expenses, excluding losses.
Learn about Modified Adjusted Gross Income (Pensions) which combines an employee's adjusted gross income with tax-exempt interest for a tax year, playing a crucial role in pension planning.
Learn about reasonable and customary charges in health insurance, what they mean for your healthcare costs, and how they relate to provider charges and Medicare-approved costs.
Learn about Social Security Tax in Health Insurance, including how it functions, who pays it, and its role in funding social security programs.
Understand the concept of underwriting profit or loss in general insurance. Learn how insurers calculate the profit gained or loss experienced from policies and premiums that exceed losses and costs.
Learn about unemployment insurance, a government-regulated product that provides financial support for individuals who have lost income due to involuntary unemployment.
Learn about asset valuation in the context of general insurance, focusing on how net profit or loss is calculated after deducting insurance and expenses.
Explore the definition of earned income in general insurance terms. Learn how the money a person earns from working at a job influences insurance policies and premiums.
Explore the concept of market risk in general insurance, focusing on the potential losses associated with investments and understanding that no investment is guaranteed.
Learn about the Surety Bond Guarantee Program administered by the Small Business Administration (SBA), which backs surety companies against losses under contract bonds for minority contractors.
Learn about the concept of Discount in Pensions, a key financial term describing the difference between the future value and its present value calculated at a specific interest rate.
Explore the drug price review process in health insurance, using the American Druggist Blue Book to determine wholesale medication costs and set maximum drug prices.
Learn about the concept of equity in general insurance terms, including its significance in determining the cash value of an insurer after liabilities are taken into account.
Learn about excess interest (liability) in life insurance, where interest added to the cash value of a policy exceeds the minimum rate guaranteed by the insurer.
Learn about limited partnerships, where two or more individuals manage a business together, focusing on the role and liability of limited partners in the insurance domain.
Learn about the Relative Value Schedule in health insurance. Discover how it lists surgical costs and values, providing an accurate fee for each procedure.
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.
Explore the concept of prospective reimbursement in health insurance where providers receive annual payments based on previously established rates. Learn how this system impacts healthcare providers and patients.
In health insurance, the term 'revenue' is often used interchangeably with 'premium.' Learn about the importance of premiums and how they impact your health coverage.
Learn about Social Insurance, a legally mandated insurance scheme that ensures basic economic security for a population by providing coverage for loss of income due to illness, old age, and unemployment.
Learn about State Funds in general insurance, including their role in financing legally mandated insurance such as workers compensation.
Learn about policy dividends, how they are calculated, and what they signify in general insurance. Understand the benefits for policyholders.
Reimbursement in general insurance refers to the re-payment of an amount already paid by the insured. Learn how it works and what it means for your insurance claims.
Learn about the concept of Degree of Risk in general insurance terms, representing the uncertainty and chance that reality may differ from predicted outcomes.
Explore the direct selling system in general insurance where insurers sell directly to the insured via employees. Learn about its methods including mail order services.
Dive into the concept of the policy fee in life insurance. Learn about its historical significance, its function as a flat rate charge, and its impact on initial costs.
Understand the concept of unearned premium reserve in the context of general insurance. Learn about its significance and how it is represented on an insurer’s balance sheet.
