Learn about the role and importance of inspection bureaus in liability and property insurance. Understand how these groups investigate exposures and establish insurance rates.
Discover the prestigious Insurance Hall of Fame, an organization dedicated to recognizing individuals for their exceptional contributions to the insurance industry.
Understanding the concept of an investment reserve within general insurance, which is crucial for managing reductions in the value of an insurance company's owned securities.
Understand the term 'Item' in general insurance—a reference to individual pieces of property covered by a policy or a schedule listing all insured property.
Understand the legal reserve in liability insurance, the minimum amount needed as per the laws to keep the policy in force. Learn the significance and application in various regions.
Understand the lessee’s safe deposit box coverage form in insurance. Learn about how it covers the loss of items stored in safe deposit boxes at depository facilities and the exclusions of the policy, including the non-coverage of money.
Learn about the role and responsibilities of a local agent in general insurance. Understand how local agents operate within small territories and how they earn commissions.
Explore Long Term Care Insurance and how it provides daily benefits when insured individuals become residents in nursing homes. Ensure your healthcare financial security by understanding this crucial aspect of health insurance.
Learn about the Market Assistance Plan (MAP) promoted by the Department of Insurance, designed to help buyers secure difficult-to-find health insurance. Understand its role, benefits, and how it aids in obtaining the necessary coverage.
Understand what a Master Policy is in the context of general insurance, including group insurance policies for employees and property insurance contracts.
Understand the Money Purchase Benefit Formula for pensions, featuring fixed contributions from both employees and employers based on salary.
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 definition of a mutual insurer, an incorporated insurer that operates for the benefit of its policyholders, offering them dividends without incorporated capital.
Learn about the definition and implications of being a Named Insured within insurance policies. Discover who is listed, the protections offered, and scenarios where policy coverage extends to others.
Learn about Net Worth in Surety - Discover the margin by which a company's assets exceed its liabilities in the context of surety bonds and financial health.
Learn about nonadmitted assets in general insurance, which are assets not qualified to be listed on insurance statements due to not meeting state requirements. Discover examples like furniture and fixtures.
Learn what a nonadmitted insurer is, how they operate without proper licensing in certain jurisdictions, and what this means for policyholders looking for insurance coverage.
Explore the benefits and details of a noncontributory retirement plan, where the employer pays the full premium amount, ensuring a secure retirement for employees.
Learn about nonforfeitable benefits in pension plans, which are safeguarded entitlements that cannot be lost by the insured regardless of changes in employment status.
Understand what constitutes a noninsurable risk within general insurance terms. Discover why certain risks cannot be insured due to high probability of loss or inability to measure actuarially.
Learn about Noninsurance, a term referring to the complete lack of financial preparation for potential losses. Understand its implications in risk management and financial planning.
Understand the concept of Nonparticipating Provider Indemnity Benefits in Health Insurance, where coverage is provided for services by nonparticipating medical providers.
Discover the essentials of Nonqualified Plans in pensions. Learn how these employee benefit plans operate, their benefits, and unique features, including IRS filing exemptions and discrimination allowances.
Discover the role of open-end investment companies in pensions. Learn how mutual funds are managed by investment advisers to benefit shareholders.
Learn about open policy in property insurance including its definition, how it's used for goods in transit, and the benefits it offers. Understand the specifics of liability limits and premium payments.
Learn about out-of-pocket costs in health insurance, including deductibles and prescription medication expenses. Discover how they impact your healthcare expenses.
Learn about outstanding premiums in general insurance, referring to premiums that are currently due but have not yet been paid. Understand the importance and implications of outstanding premiums in policy management.
Learn about the term 'Participant' in the context of general insurance. Discover who is eligible to receive benefits from health, life, or pension plans.
Learn about the pension trust fund, a reserve of money contributed by both employers and employees, used to pay for pension benefits after retirement.
Learn about the Period of Restoration in property insurance, which defines the duration your business income coverage policy will payout. This period starts from the date of loss and ends when property repairs should be completed.
Discover how a personal effect floater in property insurance provides coverage for personal property carried by the insured while traveling. Learn more about specified risk or open peril policies.
Discover how a Personal Property Floater policy covers your property at any location under most circumstances, with exceptions like war or nuclear disaster.
Learn about the critical role of a plan sponsor in pensions, specifically the responsibilities of organizations like employers in establishing and managing retirement plans.
Explore the concept of portfolio return in reinsurance, which involves the reinsurance of a portfolio that was previously reinsured. Learn about its significance, processes, and regulatory implications.
Learn about the prospective reserve in health and life insurance, a reserve that accounts for future premiums, interest, and is sufficient to pay future claims.
Understand how Public Employee’s Dishonesty Coverage protects against losses due to employee dishonesty, including the loss of money or securities.
Learn about pure endowment in life insurance, its benefits, and how payouts are contingent upon the policyholder's survival at the end of the period.
Understanding Pure Premium: The portion of the premium payment designated to cover probable losses in general insurance.
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.
Understand the Q Schedule in Life Insurance, a crucial compliance requirement in New York State, detailing the insurer's business expenses.
Learn about recapture in reinsurance, a process where the ceding company reclaims previously transferred business from the reinsurer. Understand its importance and implications in the insurance industry.
Learn about reinstatement in reinsurance, its importance in re-effecting catastrophe reinsurance policies that have already paid out, and how reinstatement premiums work.
Learn about renewable term life insurance, which allows policyholders to renew their term life policy without needing to provide evidence of insurability. Discover how this type of policy works and its benefits.
Learn about residual disability in health insurance, an important concept that covers the lingering partial disability after an insured person returns to work following a total disability.
Discover the benefits and structure of a Retirement Income Policy in life insurance, including how it integrates endowment features with a focus on retirement planning.
Learn about retrocession in reinsurance, a transaction where a reinsurer cedes the reinsurance it has assumed to another reinsurer, diversifying risk.
Learn about the retrospective premium in general insurance, focusing on the last premium paid under a retrospective rating plan. Understand its significance and application.
Understand the concept of a revocable beneficiary in life insurance, including the ability to change or revoke this type of beneficiary designation.
Explore the intricacies of risk analysis in health insurance, where benefits and premiums are tailored to fit specific groups based on comprehensive analysis.
Learn about rollover contributions in pensions, a tax-free strategy to move funds from one qualified plan to another. Discover how to maintain tax advantages by rolling over your pension money.
Understand Safe Depository Coverage (Criminal) which protects businesses renting safe deposit boxes, including liability costs and direct loss coverage.
Learn about the role and importance of a secondary beneficiary in life insurance policies. Discover why it's essential for ensuring benefits if the primary beneficiary cannot collect.
Learn about Simplified Employee Pension Plans (SEPs), where employers make contributions to an employee’s IRA. Discover how these pension plans work and benefit both employees and employers.
Understand the concept of 'Single Limit' in general insurance terms, where coverage is expressed as a single amount. Learn how this term impacts your insurance policy.
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 Statutory Accounting Principles (SAP), the legally mandated principles insurers must follow when preparing financial statements for state insurance departments.
Learn about step-rate premiums in health and life insurance, including how they increase at predetermined times and their connection with policy terms.
Learn what a syndicate in general insurance terms is, how a group of insurers collaborates to insure high-value items or properties, and the benefits of achieving better coverage through this method.
Learn about T Tables (Pensions) and their significance in calculating retirement benefit funding by incorporating interest and mortality rates.
Learn about the theft, disappearance, and destruction coverage form (Criminal) in commercial crime insurance. Explore how this coverage protects against the loss of money or securities due to theft, disappearance, or destruction.
Learn about Third Party Administration (TPA) responsible for accounting, reporting for qualified plans, and acting as the liaison between employers and insurers.
Learn about the trend factor in health insurance, a key element that accounts for increasing costs such as the inflation of doctor’s costs and healthcare services.
Learn about pension trustees, their roles, responsibilities, and the significance of being in charge of a retirement plan through a trust agreement with an employer.
Discover the term 'twisting' in insurance, where policies are misrepresented or wrong comparisons are made to persuade policyholders to change their existing policies.
Understand the term 'Ultimate Net Loss' in general insurance. Learn what it includes, such as legal rulings, settlements, and additional costs like medical and investigative expenses.
Learn about Subscriber Contracts in Health Insurance, which detail the benefits available to each registered individual. Ensure you know the key aspects of your health care plan.
Learn about Asset Valuation Reserve, a mandatory reserve for all invested assets across classes as required by the NAIC. Essential for maintaining insurance company solvency.
Explore the details of Broad Form Insurance, which provides extensive coverage for various hazards including theft, loss, property damage, and vandalism. Learn how it protects your assets.
Learn about capacity in general insurance terms, which defines the largest quantity of insurance or reinsurance available for purchase from one company or the entire market.
Learn about Casualty Insurance (Liability) which covers legal responsibilities for losses due to property damage or personal injury. Comprehensive insights into coverage and its importance.
Learn about the term collateral creditor, a person appointed the rights to a benefit, within the context of general insurance terms.
Learn about conditional receipts in life and health insurance, how they serve as proof of an interim contract, and the conditions under which an insurance company must pay out benefits.
Learn about cost sharing in health insurance, a system wherein individuals pay a fraction of health care costs, such as co-payments, and how it impacts coverage.
Explore the concept of coverage in general insurance terms, which defines the extent of the insurance benefit supplied by an insurance contract.
Explore what duplication of benefits means in health insurance, where similar or indistinguishable coverage exists between two or more insurers, and how it impacts policyholders.
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 what an Explanation of Benefits (EOB) is, how it itemizes health services, the incurred costs, the payments made by your insurer, and your responsibilities.
Explore the Federal Estate Tax, a crucial component of general insurance terms. Learn how this federal tax impacts the estate of a deceased person.
Learn about the concept of Hazard in general insurance, a situation that increases the chance or severity of a loss due to a peril.
Discover the essentials of Hospital Indemnity Insurance, a type of health coverage that provides regular payments during hospital stays, irrespective of actual costs. Learn how it works, its benefits, and key considerations.
Insurable interest is a crucial concept in general insurance, referring to the financial stake an individual or company has in an insured item that would result in monetary loss if the item were damaged or lost.
Learn about Joint Control in estate management, where both a bonding company and an administrative fiduciary manage estate funds. Discover how this process ensures safe handling of estate assets.
Learn about the lapse ratio in life insurance, a key metric that evaluates the proportion of lapsed contracts compared to the total number in effect over a specific time period.
Explore the concept of latent defect in general insurance terms, where a defect does not present itself right away, impacting claims and coverage.
Explore the concept of Ledger Cost in Life Insurance, a key metric that represents the net cost of a life insurance policy by considering premiums, dividends, and the policy's end-of-year value.
Explore what life expectancy means in the context of liability insurance, and how it is calculated using the mortality table as a reference.
Explore the concept of loading in general insurance, which accounts for the insurer's operating costs and potential unforeseen losses. Learn how loading impacts premium calculations.
Learn about the loan value in life insurance, which represents the amount you can borrow against the cash value of your policy. Comprehensive guide on how it works.
Learn the basics of loss loading in reinsurance and how it influences the reinsurance rate. Explore how this essential factor is applied to a pure loss cost.
Learn about Loss of Income Insurance, a crucial form of health insurance that provides coverage in case of lost income. Discover how it protects you financially.
Learn about Manufacturers Output Policy—a comprehensive insurance cover for a manufacturer’s personal property while it is away from the premises. Get insights into how this unique insurance policy works and its significance in providing protection against various perils during off-site processing.
Learn about market conduct in the insurance industry, encompassing sales, marketing, and product issuance, ensuring compliance with laws and regulations.
Dive into the concept of minimum rate in property insurance, a rate assigned to low-peril risks, ensuring cost-effectiveness and adequate coverage for less risky properties.
Explore the concept of mortality savings in life insurance, which is determined by subtracting actual mortality experienced from expected mortality. Learn how it impacts insurance policies and premiums.
Learn about the mortality table in life insurance, which displays the frequency of death at particular ages, along with deaths by age group and based on a population of a million.
Learn about the role of a Mortgagee in Property Insurance, including key responsibilities and how they impact the loan process.
Discover the concept of Natural Premium in life insurance, which represents the mortality cost for one year. Learn how it impacts your insurance policy.
Dive into the concept of Net Level Premium in life insurance, which represents the pure cost of the policy spread over its term. Learn how it is calculated and its significance.
Learn about net retention in general insurance— the portion of risk that a ceding company retains and does not reinsure to another party.
Learn about nurse fees in health insurance policies, a clause that allows reimbursement for amounts paid to independent nurses. Discover how this impacts your healthcare costs.
