Explore the concept of occupancy in property insurance. Learn how the use of a property can affect insurance policy rates and why it is important.
Learn about the Ordinary Life Pension Trust—how it funds through life insurance contracts, offers death benefits to employees, and transitions to retirement benefits.
Learn about ordinary payroll in property insurance, which encompasses payroll expenses for all employees except executives, contract employees, and company officers.
Learn about paid claims in health insurance, which are the amounts paid to health care providers under a health plan. Discover how these claims impact policyholders and insurers.
A detailed explanation of the term 'Payee' in the context of general insurance, defining a payee as a person receiving money.
Learn about personal surety (surety) where an individual guarantees another person’s acts, differentiating from corporate entities in the surety field.
Learn about the term 'Policy' in general insurance terms, referring to the contract that begins insurance coverage and any attached forms.
Learn about premium discounts in general insurance, including how policyholders benefit by paying premiums in advance and the impact on workers' compensation or general liability policies.
Learn about the term 'Rate' in general insurance, which signifies the cost of a specific insurance unit. Discover how it influences the premium amount.
Explore the concept of release in general insurance terms, including how it applies to claims and the documents used to terminate claims, such as lien releases in property scenarios.
Learn about reserves in general insurance terms, including how insurers use these funds to cover debts and specific purposes.
Learn about return commission in general insurance, a situation where a portion of the commission is returned if a policy is cancelled before the entire premium is earned.
Learn about the Return of Cash Value provision in life insurance policies, which pays the face amount plus the cash value if the insured dies within a specified period.
Explore the Return of Premium clause in health insurance. Learn how it can benefit policyholders by returning the premiums paid, minus claims, under specific conditions.
A comprehensive guide to reversionary annuities, a unique life insurance contract that pays annuity benefits under specific conditions. Learn how it works, its advantages, and its application in life insurance.
Learn about riders in general insurance terms—a document attached to a policy that changes coverage parameters, either by increasing or decreasing benefits, or excluding certain conditions from coverage.
Learn about the runoff provision in reinsurance contracts, which ensures that reinsurers remain liable for losses under policies in force until expiration, even after contract termination.
Learn about Section 125 plans in health insurance, a flexible benefit plan that allows pre-tax employee contributions. Discover how these plans can optimize your health benefits.
Learn all about the short rate premium, its definition, and its implications in general insurance for policies issued for shorter terms than usual.
Learn about Short Term Disability Insurance, a type of policy that covers disabilities lasting from 13 to 26 weeks. Understand its benefits, coverage details, and how it fits within Health Insurance.
Learn about Social Security Tax in Health Insurance, including how it functions, who pays it, and its role in funding social security programs.
Explore the concept of solvency in the insurance industry, which measures an insurer's ability to cover liabilities and meet financial requirements.
Explore the Average Earnings Clause in Life Insurance, outlining how disability payments can be adjusted based on beneficiary income. Vital information for the first two years post-disability payments.
Explore the Benefit Allocation Method in pension funding, a technique where a single premium payment annually secures individual benefits for each year of service, commonly through annuities.
Learn about the co-pay provision in health insurance, which defines the portion of a claim paid by the insurer and the insured.
Learn about the cost of insurance in life insurance and how it is calculated. Understand the net cost valuation to make an informed decision about life insurance policies.
Learn about the 'Date of Issue' in general insurance, which is the date when the policy was created by the insurer, and how it may differ from the effective date.
Explore what a deductible clause is in general insurance terms and how it affects your insurance policy. Learn everything about deductible amounts and clauses in insurance contracts.
Explore the significance of the incontestable clause in health and life insurance policies. Learn how this stipulation limits the insurer's time to dispute policy information, protecting policyholders from denied claims due to preexisting conditions or health misrepresentations.
Explore the Joint and Survivorship Option in life insurance policies. Discover how this annuity disbursal method benefits policyholders and their families.
Explore the Keogh Act Plan (HR-10), designed for self-employed individuals to set up retirement plans with tax benefits similar to corporate pensions. Learn about regulations and benefits.
Learn about the policyholder in general insurance terms, including definitions and roles. A policyholder, also known as a policy owner or insured, is the person covered by an insurance policy.
Discover how the Prospective Payment System (PPS) operates in health insurance, particularly with Part A Medicare, and how reimbursement is determined based on patient condition at hospital admission.
Learn about the unique position of a Broker Agent who acts as a broker for some insurers and an agent for others. Explore their responsibilities, dual roles, and how they differ from other insurance professionals.
Explore what a representative does in the context of general insurance, including their responsibilities and role as agents or salespersons.
Learn about a solicitor in general insurance, their responsibilities, licensing requirements, and limitations in issuing coverage.
Learn about the subrogation clause in general insurance, which enables insurers to take action against liable third parties to recover losses paid out. Discover its function and implications for both insurers and policyholders.
Dive deep into the unpaid premium provision in health insurance, an important clause that permits unpaid premiums to be deducted from claim payments. Learn how this provision can impact policyholders and claims.
Learn about unallocated funds in pensions, where plan funds are pooled together for the benefit of all participants. Explore its significance and how it impacts pension plans.
Explore the concept of Underlying (Reinsurance) in the insurance realm. Learn how it represents the total amount of coverage for a risk before additional reinsurance applies.
Explore the concept of unfunded plans in pensions, which utilize a pay-as-you-go funding method, and understand their implications.
Explore what vested commissions mean in general insurance. Learn how agents earn commissions on renewal business even after leaving the insurer.
Explore the concept of vested liability in pensions, explaining the non-forfeitable value of a person’s retirement benefits at present.
Learn about warranties in insurance applications, their importance, and how inaccuracies can void contracts. Get detailed insights on legal implications.
Learn about written premiums in general insurance, including how they represent the premiums paid on all policies an insurer has written during a specific time frame.
Explore the various ways life insurance policyholders can choose to receive dividends, death benefits, or nonforfeiture values. Find out which options best suit your needs.
Understand the role of an Underwriter in general insurance terms. Learn how they assess risks and establish rates and coverage amounts to protect both the insurer and insured.
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.
Discover what an unqualified plan is within the realm of pensions, including its definition and key tax implications that make it distinct from qualified plans.
Understand the purpose and importance of a valuation reserve in general insurance, ensuring liabilities and assets are appropriately valued.
Learn about the term 'Vendee' in general insurance, which refers to the buyer of a property. Understand its significance in property transactions and insurance policies.
Learn about adjustable life insurance, a flexible life insurance policy that allows changes in policy amount, premium, and period to suit your needs.
Learn about advance funding in pensions, a crucial method where money is designated to fund future retirement benefits. Understand its importance in securing financial stability for retirees.
Discover the meaning of Aggregate Limit in general insurance, highlighting its definition, importance, and coverage framework for insured individuals over a specified period.
Learn about alien insurers, which are insurance companies formed under the laws of a different country than the one they operate in. Understand their role, regulations, and impact in the insurance market.
Learn the importance and details of an annual statement in general insurance terms, a mandatory financial report submitted by insurers to state insurance departments.
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 concept of backdating in health and life insurance policies, and understand how adjusting the policy's effective date can result in premiums calculated for a younger age.
Learn about the Bankers Blanket Bond insurance, a crucial shield for banks against fraudulent acts by employees and theft or burglary by non-employees.
Learn the meaning of 'Beneficiary' in general insurance terms: the person designated to receive the benefits of a policy. Understand its importance and role in insurance policies.
Learn about benefit triggers in health insurance. Understand the specific conditions that must be met for benefits to be paid out. Comprehensive guide to help you navigate the requirements.
Understand the ins and outs of blanket medical expense insurance, a policy that covers various medical costs, with specific exclusions. Learn how it provides broad healthcare protection.
Understand the concept of Blanket Rate in Property Insurance, which involves premiums for covering properties at multiple locations under a single policy.
Discover the specifics of Blue Shield health insurance, which covers medical and surgical costs. Learn how it complements Blue Cross for complete healthcare coverage.
Understand Broad Form Storekeepers Insurance, protecting small store owners from burglary, robbery, depositor forgery, and employee dishonesty.
Learn about the role and responsibilities of a Brokerage General Agent in the insurance industry. Understand how they facilitate the sale of insurance products through brokers and appoint brokers on behalf of the company.
Understand the role and responsibilities of a Brokerage Supervisor in general insurance, including the authorization to designate insurance company brokers.
Explore the concept of business risk, its implications on a company’s earnings, and the importance of managing such risks in a competitive market.
Learn about the Certified Financial Planner designation, a prestigious certification earned by passing national exams set by the International Board of Standards and Practices for Certified Financial Planners.
Understand the role of the claim department within an insurance company and how they assess whether claims will be paid.
Explore what Class Rate means in Property Insurance and how it involves grouping risks of the same danger. Learn about its significance and application.
Learn about coinsurance penalty in general insurance terms, a penalty applied due to insufficient coverage as stipulated in the coinsurance clause.
Learn about collection fees in life insurance, a fee paid to insurance agents for collecting policy premiums. Understand how these fees impact your insurance policy.
Learn about the Combined Single Limit in general insurance, where bodily injury and property damage liabilities are covered as one single sum. Understand how this impacts your coverage.
Explore the concept of commutation right in life insurance, allowing beneficiaries to exchange a series of payments for a lump sum. Learn its implications and benefits.
Learn about Comprehensive Medicare Supplement policies that cover Medicare deductibles and co-insurance amounts for treatments.
Learn about the contract in general insurance terms, which is the agreement between the insured and the insurer, outlining the trade of consideration for benefits and services.
Learn about the contribution formula in pension plans, which specifies the amount an employer will pay into profit sharing or money purchase plans. Understand its significance in retirement planning.
Learn how a conversion fund supplements life insurance or limited payment life policies to increase cash dispersed at retirement for a steady monthly income.
Understand what a coupon policy in life insurance entails. Learn how coupons attached to the policy can be used when paying the annual premium.
Learn about the Cromie Rule, a crucial technique in property insurance for apportioning loss when policies have nonidentical coverage. Understand its significance and application in the insurance industry.
Explore cumulative liability in reinsurance, how it impacts reinsurers, and its significance in the event of a disaster. Understand the total accumulated liability from policies affected by the same disaster.
Learn about customized coverage in health insurance, which tailors policies to fit individual needs by combining different types of coverage.
Discover the significance of a daily report in general insurance, a concise statement summarizing relevant policy details. Understand its role and why it's crucial for insurers, agents, and policyholders.
Explore the Death Benefit Only Plan, a life insurance/pension scheme where a portion of the insured's salary is collected for payout in the event of their death.
Explore what a declaration means in legal terms and its significance in liability and property insurance, detailing how it's a written statement of factual information.
Learn about deferred annuity, a financial product designed to begin payments at a later date, and explore its benefits, uses, and how it differs from immediate annuities.
Explore the key aspects of a Defined Benefit Pension Plan, where employers contribute towards a specified retirement benefit for employees. Learn how these plans ensure financial security post-retirement.
Learn about the Demolition Clause in Property Insurance, a provision that prohibits liability for demolition costs of undamaged property. Essential for property owners and compliance with building ordinances.
Understanding Earned Premium: The portion of an insurance premium exhausted during the policy's term. Learn how it affects policy accounting and coverage.
Learn about Elective Deferral Plans for pensions, where policyholders can defer present payments into a retirement plan, offering tax advantages and a streamlined path to retirement savings.
Discover what Errors and Omissions Insurance (Liability) covers, whom it benefits, and why financial advisors and insurance agents need it. Learn how it protects against losses from mistakes and inadequate insurance coverage in financial institutions.
Learn about the estate plan in general insurance, including wills and provisions for distributing one's estate upon death or disability. Find out why having an estate plan is crucial.
Discover what excess insurance means in general insurance terms. Learn how it acts as a secondary coverage that pays beyond the primary policy once a specified amount is exceeded.
Learn what Expiry means in Life Insurance, focusing on the conclusion of a term life policy at the end of its coverage period.
Learn about financed premium in life insurance, where policy premiums are paid using money borrowed from external sources. Understand the implications and nuances of financing life insurance premiums.
Explore the ins and outs of the fire damage limit in liability insurance. Understand how this specific limit applies to fire legal liability coverage and its implications for policyholders.
Learn how Group Credit Insurance offers protection for debtors by paying or reducing the debt in the event of disability or death. Explore the benefits for both health and life insurance.
Learn about group renewable term insurance, a life insurance policy that covers a specific period, typically a year, and is renewable at the end. Essential for understanding pension plans.
Understand the concept of Highly Protected Risk (HPR) in property insurance, highlighting its significance for buildings with above-average construction and fire sprinklers.
