Learn what Full Coverage means in health and auto insurance policies. Comprehensive guide to insurance terms for complete protection.
Discover the concept of immediate vesting in liability and property insurance. Learn how insured individuals may begin collecting benefits right away, typically in pension plans.
Learn about management expense in reinsurance, a crucial component that covers reinsurers' overhead costs according to a contingent commission agreement.
Learn about the Burning Ratio in general insurance, a key metric that compares the amount of losses suffered to the amount of insurance in effect. Understand its significance for insurers.
Learn about Bank Burglary and Robbery Insurance, a specialized type of liability insurance designed to cover banks against theft, unauthorized taking of money or securities, and damages from burglary or robbery.
Learn about the mandatory continuing education requirements for insurance professionals, essential for renewing your insurance license. Understand the stipulated hours and state enforcement.
Discover what 'losses paid' means in general insurance terms. Learn how insurance claims are processed and recognized when they are paid out.
Learn about graded commission in general insurance, a schedule of variable commissions payable to agents based on policy categories or amounts.
Learn about premium notices in general insurance, which provide the due date for premium payments. Essential for managing timely payments and ensuring continuous coverage.
Learn about the Peak Season Endorsement in Property Insurance, which provides increased coverage for insured inventory during specific peak seasons as defined in the endorsement.
Learn about the beneficiary of trust, an essential term in general insurance. Understand who a beneficiary is and the benefits they receive from a trust.
Learn about Gross Premium in insurance, including its definition, components, and significance in both general and life insurance. Understand how Gross Premium is calculated and its impact on policyholders.
Learn about indemnity bonds in general insurance, their significance in protecting against losses, and how they ensure the principal's performance. Understand the key aspects and benefits.
Learn about 1035 exchange in life insurance, as defined under section 1035a of the tax code, which allows for the exchange of life insurance for annuities. Explore the benefits and regulations involved.
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.
Learn about insolvent insurers, why they may not have the funds to meet financial obligations, and how to safeguard against potential risks in the insurance domain.
Understanding the combined ratio in general insurance, which combines expense and loss ratios. Learn why a combined ratio under 100% indicates a loss and over 100% indicates a profit in underwriting.
Learn about expediting expenses in property insurance, which are costs incurred by businesses in an effort to accelerate reopening after suffering damage. Understand how these expenses can impact your overall claim and financial recovery.
Discover the importance of extra percentage tables in health and life insurance which indicate the additional premiums for specific medical conditions.
Learn about 'Market Value' in general insurance: The price at which a product would sell in the current market. Explore its significance and application.
Understand what 'Stated Amount' means in property insurance policies. Learn how it determines the payout in case of total loss.
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.
Discover the fundamentals of Automatic Proportional Reinsurance, where insurers automatically share risks, premiums, and losses with reinsurers, and the dynamics of transfer commissions.
Learn what a brokerage fee is in the context of insurance. Discover how brokers earn their fees by selling insurance policies and what it means for policyholders.
Learn about the Discounted Value Table in general insurance, a vital tool that provides the present and discounted value of dollars payable at specific times in the future, for different interest rates.
Explore the benefits and workings of Group Annuities, a collective approach to retirement planning for employees of the same employer. Understand how group annuity contracts are structured and their advantages.
Learn about net loss in general insurance terms, which refers to the portion of a loss the insurer retains after reinsurance, salvage, or subrogation coverage.
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 the death benefit in life insurance, the amount payable to the beneficiary upon the insured's death. Discover how it's calculated and factors affecting it.
Learn about independent agents in the insurance industry, including their roles and how they work within the independent agency system.
Learn about whole dollar premiums in general insurance, where premiums are rounded to the nearest dollar, providing a convenient, round number for insured parties to pay.
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.
Explore the concept of Minimum Amount Life Policy, a life insurance policy that specifies only a minimum face value. Learn how it works and why it might be suitable for your needs.
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 casualty catastrophes in general insurance terms, focusing on large losses due to accidents and their implications.
Learn about the role of a retrocessionaire in reinsurance, who is responsible for reinsuring a reinsurer, adding an extra layer of security within the insurance industry.
Understand the mechanism of Sliding Scale Commission in Reinsurance. Learn how commission paid by a ceding insurer to a reinsurer varies based on the loss ratio formula.
Explore the Federal Insurance Contributions Act (FICA), a law introduced in 1939, which mandates payroll taxes to fund social security and Medicare benefits. Learn how both employers and employees contribute equally.
Learn about Group II rates in property insurance, replacing Extended Coverage Rates under the newest commercial lines program. This includes rates for hail, riots, and vehicles.
Discover the role of the Institute of Life Insurance, a crucial part of the American Council of Life Insurance focused on enhancing the reputation and credibility of life insurance.
Explore the concept of amortization in pensions, a systematic process of paying a debt with interest over a given number of years. Learn the importance and mechanics of amortization in pension plans.
Learn what homeowners insurance (property insurance) covers and how it protects homeowners and renters from potential perils and liabilities.
Understand blanket coverage in health insurance. Learn how it differs from individual and group plans, providing comprehensive coverage for various risks under one plan.
Discover the concept of cash flow underwriting in general insurance, a method that focuses on maximizing the interest earned on premiums through strategic rating and premium collection.
Explore what a dual life stock company is, focusing on its ability to issue both participating and nonparticipating policy contracts within the domain of life insurance.
Learn about Floater in Property Insurance, which provides coverage for movable items such as boats, wherever they are located within the contract-specified area.
Learn about the Insurance Commissioner, the individual who heads the state's agency for insurance regulation, also known as the Director or Superintendent in some states.
Learn about pro rata reinsurance, where a reinsurer shares both claims and premiums with the ceding company, ensuring mutual risk distribution.
Learn about risk pools in general insurance, where a group of insurers share premiums and losses collectively, often for large commercial risks.
Learn about Separate Accounts in the context of Pensions, Annuity, and Life Insurance. Understand how companies hold assets for participants in a variable contract, typically through a unit investment trust registered with the SEC.
Explore the concept of Binding Receipt in Property Insurance, a temporary contract ensuring coverage upon premium payment with the application. Learn how this differs from Conditional Receipt in health or life insurance.
Explore Comprehensive General Liability Insurance, covering liabilities like completed operations, owner's protective, products liability, and premises and operations.
Learn about deposit or provisional premium in general insurance. Discover how it is derived and its significance in initial policy payments.
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.
Explore the benefits of Group Disability Insurance, a group policy designed to provide income coverage during periods of disability or illness.
Learn about insurance policies, the contracts between insurance companies and the insured, essential in General Insurance Terms.
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 the formula used in pension plans to determine your retirement benefits. Understand how equations help in calculating total pensions or contributions.
Learn about the Loss Payable Clause in Property Insurance. Discover how this crucial clause authorizes payments to parties with an insurable interest, safeguarding lenders in mortgage situations.
Learn about Universal Life Insurance, a life insurance policy offering flexible premiums where policyholders can choose their premium amount and receive corresponding benefits.
Understand the concept of uniform premium in health and life insurance, where premium amounts are determined without considering the insured’s age, occupation, or gender.
Learn about dependent properties in property insurance, how they contribute to the insured's income, and their significance in risk management. Discover examples such as customers and suppliers.
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 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.
Learn about Commercial Property Policy insurance that protects businesses from risks like fire, burglary, or theft. Discover how it safeguards your commercial assets.
Understand the Off Premises clause in Property Insurance, its definition, and how it extends coverage beyond the specified location in your policy.
Understand the concept of Short Term Policy in general insurance, a policy written for shorter than average terms, and its implications.
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 covered expenses in health insurance, including what qualifies for reimbursement or coverage under your policy. Understand the essentials for managing your healthcare costs effectively.
Understand the significance of an emergency fund in life insurance and how it provides immediate financial relief to the beneficiaries during the time before the deceased's estate is finalized.
Learn about fraternal insurance, a special type of insurance specifically for members of a fraternal group or lodge that covers health and life insurance needs.
Learn about 'Insurance to Value' in general insurance, which refers to an insurance contract that estimates the worth of the items insured. Ensure full coverage for your valuable assets.
Understand the essentials of a mutual insurer policy, a type of coverage written by an insurer that operates without incorporated capital belonging to the policyholders yet remains an incorporated entity.
Learn what Short Rate Cancellation in general insurance means. Discover how early termination of your insurance policy can lead to higher costs.
Learn about assessment insurance, a type of policy where extra costs can be assessed to the policyholder if the insurer's loss experience is worse than expected. Understand its implications and considerations.
Learn what 'back load' means in the context of general insurance, focusing on expenses deducted at the time benefits are paid out.
Learn about Human Life Value in Life Insurance, a method to determine adequate coverage by considering income, expenses, work years remaining, and depreciation.
Learn about legislative risk in general insurance and how changes in taxation laws can impact investments. Protect your financial future by understanding this important insurance term.
Learn about the Federal Deposit Insurance Corporation (FDIC), a federal agency that insures bank deposits up to $250,000 and ensures the stability of the financial system.
Learn about unilateral contracts in the realm of general insurance, where only one of the parties makes a legally enforceable promise.
Learn about claims reserve in general insurance, a crucial fund designated to cover insurance claims that have occurred but have not yet been settled to ensure financial stability and policyholder trust.
Learn about an Excess Plan in pensions, a retirement funding strategy that includes the impact of social security benefits. Understand its importance and how it can affect your retirement planning.
Explore the concept of insurability in general insurance terms. Learn what makes a person or property an acceptable risk for insurance companies.
Understand what Priority (Reinsurance) means in the insurance industry. Learn that it is another term for retention and its significance in reinsurance agreements.
Learn about rain insurance, a type of property insurance that protects against income loss when outdoor events are cancelled due to rain. Understand coverage specifics including rainfall amounts and time frames.
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.
Learn about the role and importance of a Survivor (Annuity) as the beneficiary named in an annuity contract. Discover how it impacts the benefits and payouts in the financial planning space.
Learn about Transportation Insurance, a crucial aspect of Property Insurance that covers your property while in transit across all modes of transport.
Discover how age-weighted profit-sharing plans in life insurance make larger contributions for older participants, ensuring equitable retirement benefits through compound interest.
Discover how an Employee Stock Ownership Plan (ESOP) offers employees part ownership of the company they work for, including trust-held stock certificates.
Explore the concept of Life Annuity in the insurance domain, focusing on how it provides a lifelong income paid on a regular basis. Learn its benefits and key insights.
Learn about tariff rates in general insurance, which are derived from the data in the tariff of rates and set forth by a rating organization.
Learn about the D Ratio in Workers Compensation insurance, a crucial metric comparing losses under $2,000 and the discounted value of larger losses to expected total losses for experience ratings.
Explore the interest sensitive provision in life insurance that ensures a guaranteed interest amount plus potential additional interest based on current interest rates, common in flexible premium policies.
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.
Learn about an assessment company in general insurance terms. Discover how these insurers operate and what it means when premiums are not enough to cover operating costs.
Discover the concept of Blanket Limit in general insurance, which determines the maximum amount of coverage a company will provide in a specific area.
Explore the concept of Boot in general insurance terms. Understand how it serves as consideration for a tax-free transfer of property, often involving money or other property.
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.
