Understand the concept of cash flow plans in general insurance, a method that allows insured individuals to pay premiums over a set period.
Discover how cash value life insurance allows policyholders to accumulate savings, providing both insurance coverage and a cash component.
Learn about the illegal practice of churning in life insurance, where existing policies are unnecessarily replaced to earn extra commissions.
Explore the role of a Cleanup Fund in life insurance. Learn how it helps cover remaining costs after a policyholder's death and ensure financial stability for beneficiaries.
Explore the concept of contents rate in general insurance, focusing on the premium charged for the contents of a building, excluding the actual building structure.
Learn about the Convention Blank, a mandatory annual financial statement for insurance companies required in all states. Understand its purpose, regulatory requirements, and filing process.
Learn about 'Credit Carried Forward' in reinsurance, its implications under spread loss, and how it impacts accounting periods. A key term for insurance professionals.
Learn about estate planning and how it helps administer an estate to minimize shrinkage caused by taxation. Explore strategies and benefits.
Learn about expected claims in health insurance, the anticipated amount of claims during a contract year, and how they are determined by statistical data.
Understand the concept of Expense Reserve in general insurance terms, which refers to the liability to the insurer for expenses incurred but not yet paid. Learn its significance in financial statements.
Learn about Explosion Insurance, a vital property insurance that covers loss due to explosions, excluding steam boilers and pressurized instruments.
Understand the Fair Credit Reporting Act and its implications in general insurance terms, including the requirements for forewarning applicants and the handling of negative credit information.
Discover the essentials of Group Retirement Income Insurance, a type of policy that ensures a steady retirement income with an equal premium throughout its duration.
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 incurred losses in general insurance, which refers to losses sustained during a specific period. Understand its significance, whether paid or not.
Learn about life insurance policy summaries, including terms, conditions, coverage limitations, and premium details to better understand your coverage.
Explore the role and responsibilities of a Life Underwriter in Life Insurance. Understand what a life underwriter does, their importance in risk appraisal, and their duties as a life insurance agent.
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.
Understand the term 'Messenger (Criminal)' in commercial crime insurance, referring to individuals possessing the insured's property off-site, including the insured, their employees, or partner.
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.
Understand miscellaneous expenses in health insurance, covering additional charges during a hospital stay like diagnostic test fees. Learn about reimbursement limits for these expenses.
Learn about the mode of premium payment in general insurance, including the various frequencies available such as annually, monthly, and quarterly.
Learn about Net Interest Earned in the context of general insurance. Understand how insurers calculate the average interest earned on investments after expense but before income taxes.
Explore nonmedical policies in health and life insurance, where no medical examination is required. Understand the benefits and essentials of these insurance options.
Explore the ins and outs of ordinary life policies in life insurance. Learn how premiums are paid as long as the insured lives and the benefits of this type of insurance.
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.
Discover the definition of 'Overlie' in general insurance and understand how it relates to exceeding the usual capacity for insurance or reinsurance commitments.
Explore the importance of persistency in life insurance and how it impacts the underwriting process, ensuring business stability and retention.
Learn about the premium receipt book in life insurance, its definition, importance, and usage. Discover how it helps in keeping track of premium payments.
Learn about prior approval rating forms, a crucial term in general insurance that mandates insurers to seek state approval before changing rates.
Learn about the proration of benefits in health insurance, an adjustment made to medical benefits due to duplicate coverage from another policy.
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.
Learn about the register method in life insurance—a crucial technique for recording all policies charged to a particular debt account. Understand its importance in financial management within life insurance.
Exploring the significance and implications of reinsurance credit in the annual statements of ceding insurers, covering ceded premiums and recoverable losses.
Learn about Second Surplus Reinsurance, a type of reinsurance where a second reinsurer accepts coverage through a surplus treaty. Understand its role, definitions, and implications.
Learn about the single premium funding method used in pensions, which involves saving money annually to fund future benefit payments. Understand how this funding approach works, its benefits, and its implementation.
Understand what Split Limit in general insurance terms entails. Learn how these coverage amounts are divided according to the type of loss.
Learn about Spread Loss Reinsurance, a type of excess loss reinsurance where annual premium rates are based on the ceding insurer's past excess losses.
Learn about the standard class rate in health insurance, a vital component in calculating group demographic information by applying a base rate for each participant.
Explore the benefits and structure of ten-year funding options in pensions, tailored primarily for older individuals looking to secure their retirement with a decade-long commitment.
Learn about the role and importance of a tertiary beneficiary in a life insurance policy, including who they are and how they can impact your insurance outcomes.
Learn all about the Trucker’s Coverage Form, a commercial vehicle insurance policy that provides coverage for truckers who transport goods on behalf of others.
Learn about aggregate indemnity in health insurance, the maximum amount that can be claimed under a policy. Understand its significance and limitations.
Explore the concept of automatic non-proportional reinsurance, a vital protection mechanism for insurers against losses exceeding predetermined limits, ensuring financial stability and risk management.
Learn about the term 'Borderline Risk' in general insurance, referring to an applicant of doubtful quality based on underwriting standards. Discover its implications and how it affects insurance underwriting processes.
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.
Learn about the definition of 'Cover' in general insurance terms, including its use in insurance contracts, addition of assets, and provision of coverage.
Learn about Dividend Options in Life Insurance and how policyholders can choose alternative ways to collect dividends.
Learn about Expense (Health Insurance) including underwriting costs, medical examination expenses, salaries, and other insurer operating expenditures associated with each policy.
Learn about formal plans in pensions, their legal enforceability, and the rights extended to eligible employees. A must-read for anyone looking to understand retirement plans.
Learn about the term 'Loss Payee' in general insurance, referring to the designated person who benefits if a loss occurs, typically a mortgagee of a home or property.
Explore how Money Purchase Plans work as retirement or pension plans, ensuring a secure future by purchasing annuities periodically throughout employment.
Learn about the monthly administration fee in life insurance, a charge assessed in universal life policies to cover the company's administrative costs.
A comprehensive guide on mutual funds within the insurance sector. Learn how insurance companies raise funds, types of mutual funds, and their impact on your investments.
Explore the concept of Portfolio Reinsurance, where a reinsurer takes on a portion of the ceding insurer's entire portfolio, including all classes or just one coverage class.
Learn about Property Insurance, a vital coverage for property owners to protect against income loss and other risks. Explore how Property Insurance works and its benefits.
Learn about the term 'Risk' in general insurance, which refers to the person, organization, or thing insured, and the uncertain outcomes in events with multiple possibilities.
Learn about seasonal risk in the context of general insurance. Understand what it means for a risk to only exist during a particular time of the year.
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 state death taxes, a tax assessed to beneficiaries receiving property from a deceased person, and how it impacts estate planning.
Explore the concept of termination in life and general insurance, including the end of coverage and nonforfeiture value in life insurance policies.
Discover the importance of the term in general insurance, which specifies the length of time for which a policy is valid. Learn how this period affects coverage and policy benefits.
A comprehensive guide to the Theory of Probability, the mathematical foundation that underpins the principles of general insurance.
Learn about underwriting, the critical process in which an insurer evaluates an application and decides to insure the risk. Discover its significance and role in the insurance industry.
Learn about variable contracts in life and health insurance, their regulations, and associated risks. Discover how these contracts differ from typical insurance agreements.
Discover the intricacies of unearned premium in general insurance, the fraction of the premium that remains unused within the prepaid period.
Explore the unlevel commission system in general insurance, where first-year commissions are higher than renewal commissions. Learn how this impacts agents and policyholders.
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 rebate in general insurance terms, including its legal implications and differences from reduced premiums or rate adjustments.
Learn about wrongful abstraction insurance, a type of policy that provides coverage specifically for robbery and burglary involving money and securities.
Learn about commutation in life insurance, a process where policyholders trade a series of future payments for a lump sum settlement. Understand its benefits and implications.
Learn about Flexible Spending Accounts (FSAs) in health insurance, pre-tax deductions, and coverage for child care or medical expenses. Understand the benefits and limitations, including the forfeiture rule at year's end.
Learn about gross earnings in property insurance, including how they are calculated by deducting the cost of goods sold from total sales.
Understand the meaning of impaired insurer, the signs of financial trouble in insurance companies, and the impact on policyholders and the insurance industry.
Understand the Incurred Loss Ratio in General Insurance. Learn how the ratio of losses sustained compares to money earned from premiums, enhancing your insurance knowledge.
Learn about Lloyd's broker, a professional who negotiates and offers prospective risks to underwriters at Lloyd's. Understand their key responsibilities and authorization requirements.
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 what reassured means in the context of reinsurance, and understand the importance and role of companies that obtain reinsurance coverage.
Learn about Replacement Cost Insurance, a type of property insurance that covers losses based on the replacement cost. Understand its benefits and how it compares to actual cash value policies.
Learn about the role of the Superintendent of Insurance, a title given to the head of an insurance department in certain states or provinces. Frequently referred to as a 'commissioner' in other regions.
Explore the concept of Retirement Annuity in life insurance, a deferred annuity wherein the consideration is paid in installments until reaching a pre-selected retirement age.
Understand what a Comprehensive Policy covers in Vehicle and Liability Insurance, including risks it covers and named exclusions in the contract.
Learn about installments certain in life insurance, an option where the settlement is paid in equal portions for a specified time frame. Understand its benefits and implications.
Learn about collateral assignment in life insurance and how it is used to secure a loan. Understand the implications for both the policyholder and the creditor.
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.
Learn about specific insurance policies, which provide coverage for a single property. Explore scenarios where specific insurance is primary when a blanket policy is also in place.
Learn about target benefit plans, a hybrid between defined benefit and defined contribution plans that require employer funding for a target benefit.
Explore the concept of Transfer of Risk, a key risk management method in general insurance where risk is reassigned to another party. Learn how insurance acts as a type of risk transfer.
Learn about weekly premium insurance policies in health and life insurance, where an agent visits the insured's home to collect premiums, typically for small amounts.
Learn about the term 'Benefit' in the context of general insurance. Discover how benefit amounts are paid to beneficiaries or participants in retirement plans.
Learn about the role and responsibilities of the Commissioner of Insurance, the primary state-level regulator dedicated to protecting policy owners' interests.
Learn about convention values in general insurance, which are the valuations attributed to the insurer's assets in the convention blank. Understand their relevance and impact on insurance reporting.
Explore the definition of a covered person in insurance. Learn about what it means to be a covered person under an insurance contract and its implications.
Learn about the Family Maintenance Policy in life insurance, which provides beneficiaries an income post the insured's death, followed by payout of the policy's face amount.
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.
Understand the General Aggregate Limit in commercial general liability insurance, covering personal injury, property damage, and bodily injury claims.
Learn about the general power of appointment in estate planning, which allows the recipient of a property interest to pass it on to another person of their choosing.
An in-depth look at informal plans in the pension domain, covering retirement plans with unspecified benefit amounts and no obligatory funding sources.
