Learn about optionally renewable health insurance contracts, where the insurer reserves the right to terminate the policy at specific intervals such as the policy anniversary or premium due date.
Explore the essentials of Scheduled Premium Variable Life Insurance, a type of whole life policy with a fixed premium and guaranteed minimum face amount.
Learn about Special Multi Peril (SMP) liability insurance, a policy that combines multiple coverages into one, reducing the need for several contracts and offering customizable options for the insured.
Learn about supplementary payments in liability insurance. Discover how this clause covers certain costs beyond the basic policy limits.
Understand the Thrift Plan in pensions, a unique retirement plan that incorporates an added employee savings feature. Learn how it functions and benefits employees.
Discover the concept of Actual Cash Value (ACV) in general insurance, which is the cost of replacing damaged or destroyed items with new property while considering condition and depreciation.
Learn about the calendar year deductible in health insurance—how it works and its importance no matter how many claims are made within a calendar year.
Learn about joint liability in liability insurance where more than one person is responsible for a liability. Discover how it works and its implications.
Explore the concept of Loss Control in general insurance. Learn how reducing the chance or extent of loss through proactive actions can benefit both the insured and the insurer.
Learn about paid business in health and life insurance, including the application process, premium payments, and medical exams required.
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.
Learn about the mortality guarantee clause in annuities, which ensures that annuitants receive a lifetime income regardless of changes in mortality rates.
Learn about the work and materials clause in property insurance, which bypasses the increased hazard clause typically found in standard fire policies. Understand its purpose and implications.
Learn about 'Amount at Risk' in life insurance, discover how it affects the life insurance policy, and understand its importance in the payout process.
Discover the meaning of 'Assessed Value' in general insurance terms and learn how it influences property taxes set by government entities.
Understand Claims Occurrence Basis Liability Coverage, where claims caused by events during the policy term are paid even if submitted later.
Learn about the role of a Combination Agent in life insurance, including their duties in selling both industrial life insurance and regular life insurance policies.
Learn about Automobile Physical Damage Insurance (Vehicle Insurance) and how it protects your vehicle against damages caused by sources like vandalism or fire. Get insights into coverage options, benefits, and essential considerations.
Understand the conditions for qualification in general insurance. Learn about the essential duties required of the insured, such as submitting an inventory of lost items, before benefits are paid.
Learn about the educational fund liability in life insurance policies. Understand how it ensures money for a child's education if the main breadwinner passes away.
Learn about exclusions in general insurance, including how these clauses deny coverage for specific hazards, people, or property.
Learn everything about guaranteed renewable contracts in health and life insurance. Understand how these policies work, the benefits, and what to consider when opting for such contracts.
Explore the concept of Increasing Term Insurance, a unique type of life insurance policy that offers a consistent premium while the death benefit increases over time. Learn how it can provide enhanced financial protection for your loved ones.
Understanding the inflation factor in health insurance: An addition to premiums to account for future inflation in medical costs and loss payments. Get insights on how this affects your health insurance premiums.
Learn about intentional injury within the context of health insurance, focusing on injuries caused by willful acts meant to cause harm and their coverage implications.
Explore the concept of investment income in general insurance, including interest payments, stock dividends, and realized capital gains. Learn how insurers earn from their investments.
Discover what Joint Insurance in Life Insurance involves. Learn how policies are structured with multiple names and how benefits are paid. Ideal for couples or business partners.
Understand loss development in general insurance, which refers to the variance between initially estimated losses and reported losses over time.
Learn about manual rates in general insurance, how they are derived from average claims data, and their customization based on information from specific groups.
Explore the different ways in which a beneficiary can receive the payout of a life insurance policy. Learn about the optional modes of settlement in life insurance.
Learn about the concept of Penalty (Surety) in Fidelity Bonds. Discover how it defines the maximum liability insurance companies are responsible for in surety agreements.
Learn about the Percentage Test in pensions. It establishes if a qualified plan benefits 70% of employees on the lower end of the pay scale. Understand its importance in ensuring fair pension distribution.
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.
Discover what a return premium is, its significance, and how it affects insurance policies. Learn when and why it may be issued in cases of cancellation, rate adjustments, or overpayments.
Discover what a Tabular Plan is in general insurance, how it functions through rating formulas from various tables, and its significance in insurance rating systems.
Learn about Acceleration Life Insurance, a policy feature that allows the insured to access a portion of the death benefit before death for certain medical costs.
Learn about Additional Living Expense coverage in homeowners insurance, which reimburses expenses for temporary living arrangements due to covered incidents such as fire or water damage.
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 impairment of capital in general insurance, including definitions, implications, and regional regulations impacting insurers.
Explore the concept of mandatory retirement as mandated by pension plans. Learn what it means, its implications, and how it affects retirement planning.
Learn about manual excess in liability insurance, an additional premium calculated beyond the liability limit. This involves multiplying the manual rate by specific rate factors to determine the extra cost.
Learn about Permanent Life Insurance, a broad category encompassing various life insurance options beyond group or term policies.
Explore the concept of reinsurance premium, an amount paid to a reinsurer by the ceding insurer for the reinsurance provided. Learn how it impacts the insurance sector.
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.
Explore the concept of underinsurance in the context of property and health insurance, its implications, and strategies to prevent insufficient coverage.
Explore the concept of valuation in general insurance terms - a crucial process of estimating an item's value, typically conducted by a professional appraiser.
Learn about the Adjustment Provision in general insurance policies, which allows changes in premiums, face amounts, and durations of protection. Understand how this key term impacts your insurance coverage.
Discover what adverse selection is in general insurance. Learn how individuals with higher-than-average risks attempt to buy insurance at standard rates and its implications.
Understand the concept of an amortization schedule for pensions, a table that provides a detailed timeline for paying off a debt over a specified number of years.
Dive into the comprehensive analysis of annuities including interest rates, financial rankings of the offering company, and expected monthly income.
Learn about base premiums in general insurance and how they serve as the foundation for calculating reinsurance premiums. Essential knowledge for practitioners and students in the insurance industry.
Discover the role of a Bureau Insurer in the insurance industry, and how joining a rating bureau aids companies with limited experience in specific risk types.
Discover what it means to cash out vested benefits in general insurance. Learn how employees can take money out of their vested benefits.
Learn about the concept of 'ceding' in reinsurance, which involves transferring insurance or reinsurance from an insurer to a reinsurer. Understand its significance and application in the insurance industry.
Discover the meaning of Cestui Que Vie, a crucial insurance term referring to the person whose life measures the duration of a trust, gift, estate, or insurance contract.
Understand how the Change in Occupancy or Use Clause in property insurance affects your premiums and coverage. Learn the implications of increased risk due to changes in property use.
Learn about claim expense in general insurance terms, which includes costs beyond the actual claim, such as administrative fees and legal costs associated with paying a claim.
A comprehensive guide on the term 'Claimant' in general insurance, covering the individual who requests payment of a claim. Learn about the role and significance of a claimant in insurance claims.
Understand what collection commission in life insurance is and how it benefits agents. Learn about the portion of premiums paid to agents collecting debt insurance premiums.
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.
Learn about the importance of meeting policy conditions in general insurance. Understand how actions like paying premiums on time help in retaining policy validity and ensuring claims are paid.
Explore the fundamentals of a contract of insurance, where the insurer agrees to provide benefits or services to the insured. Understand its legal significance and key components.
Learn about the cost of insurance charge in life insurance, also known as the mortality charge. Discover how this fee impacts your life insurance policy and its pure insurance protection element.
Understand credit card insurance under homeowner's policy and its significance in protecting your finances against fraudulent credit card use.
Credit Life Insurance is a policy that safeguards creditors if the insured dies before fully paying off a debt. Learn more about this essential life insurance option.
Learn about the Debris Removal Clause in property insurance which ensures reimbursement for cleanup expenses from insured losses.
Understand deferred compensation plans and how the deferment of an executive's salary can supplement retirement income. Learn about the agreement requirements and employee loyalty benefits.
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 dependent life insurance, a group life insurance benefit that provides death protection to the dependents of an employee covered under the plan.
Learn about depository bonds (surety), which promise that government deposits made to a bank will not experience loss, ensuring financial security and compliance.
Learn about Depreciation Insurance in Property Insurance, which offers the replacement value of damaged items without deducting depreciation, ensuring complete coverage.
Learn about the dividend accumulation option in life insurance policies, which allows policyholders to accumulate dividends with the insurer and earn compound interest.
Discover how double indemnity in health and life insurance works. Learn when twice the policy value is paid out in cases of accidental death or specific situations.
Learn about Employee Pension Benefit Plans, employer-created programs offering retirement benefits or deferred income until termination. Understand the key aspects and benefits.
Learn about the entry date into claims made liability policies, which establishes the maturity of the policy effective date. Essential knowledge for insurance professionals.
Understanding 'Estimated Premium' in General Insurance. Learn how projected premium amounts are initially proposed and later adjusted.
Explore the concept of ex gratia payments in general insurance — voluntary compensation by insurers, not required by contract. Understand when and why these goodwill payments are made.
Explore the concept of Excess of Loss Reinsurance, a crucial mechanism in the insurance industry that protects insurers from large-scale losses and financial risks.
Learn about expected mortality in life insurance, including how the anticipated probability of death is determined using a mortality table for specific groups.
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 expense constants in general insurance terms. Discover why these charges are added to premiums, especially in workers' compensation policies.
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.
Learn about exposure units in the context of general insurance. Understand the definition, the significance of cash value, and the role of the premium base.
Learn about Extended Term Insurance in Life Insurance, a clause under many policies that allows for the continuation of existing insurance based on the contract's cash value.
Explore facultative reinsurance, a type of reinsurance where the reinsurer can accept or reject individual policies presented by the insurer. Learn how it works and its benefits.
Learn about First Loss Insurance, the key policy for submitting initial claims and securing anticipated loss coverage.
Understand the concept of flat rate in reinsurance, its derivation from the premium income of the ceding insurer, and its implications in insurance and reinsurance transactions.
Learn about flexible premium policies in life insurance, which allow policyholders to modify the amount and scheduling of their premium payments for better financial management.
Learn about Full Preliminary Term Reserve Valuation in Life Insurance, a policy stipulation where reserves are not mandatory in the first year and adjusted in following years.
Learn about funded pension plans, where sufficient funds are currently available to cover all future retirement benefit claims, ensuring financial security for retirees.
Learn about graded death benefits in life insurance policies, commonly seen in children's policies. Discover how the benefit amount increases over time and what it means for policyholders and their families.
Learn about the guideline premium in life insurance, which is the highest premium permitted by the IRS under a policy classified as a life insurance policy. Understand its implications and importance in maintaining the tax-advantaged status of a life insurance policy.
Incurred But Not Reported (IBNR) refers to losses in general insurance that have occurred but have not yet been filed as claims. Learn how IBNR impacts insurance companies and policyholders.
Understand incurred expenses in general insurance, which refer to costs that have been accrued but not yet paid. Learn about their significance in insurance claim handling and financial reporting.
Understand the term 'Indemnify' in general insurance as the act of returning a policyholder to their pre-loss condition. Learn its importance and application.
Learn about the role of an indemnitor in general insurance terms, where an individual or company agrees to assume obligations normally placed on a surety if the person bonded defaults.
Understand the details of an Individual Retirement Account (IRA). Learn about eligibility, contribution limits, and the benefits of saving for retirement with an IRA.
Discover the essentials of Industrial Life Insurance, including its unique coverage amounts of less than $1,000 and the regular premium collection schedules.
