Learn about income policy in liability insurance, which provides monthly benefits to policyholders. An alternative to one-time payouts, income policy ensures continued financial support.
Learn about individual account plans in pensions. Understand how these defined contribution or profit-sharing plans generate separate accounts and the factors affecting the benefits for each participant.
Learn about inflation guard coverage in property insurance, a critical feature that periodically increases your coverage value to match the rising costs of building materials.
Understand the concept of Initial Premium in general insurance terms - the premium paid at the beginning of the policy, which may be adjusted at the end of the contract term.
Learn about the Insolvency Clause in Reinsurance, a crucial stipulation ensuring that the reinsurer remains liable for their share of losses even if the insurer becomes financially insolvent.
Learn about the installment refund option in annuities, an option that ensures continued payouts even after the annuitant's death, until the purchase price is fully refunded.
Understand the concept of installment settlement in liability insurance, where policy benefits are paid in installments rather than a lump sum.
Learn about the term 'Insured' in general insurance terms. Discover who the policyholder or policy owner is and understand their role in an insurance contract.
Learn about insured plans for pensions, where an insurance company guarantees your retirement benefits. Understand the workings and advantages of such plans.
Learn about the features and benefits of an Integrated Plan (Pensions), a Treasury-approved pension plan that increases benefits through a specific formula. Discover how it works and its impact on retirement planning.
Understand the implications of a lapsed policy within general insurance terms, including causes, definition, and potential impacts on policyholders.
Discover the workings of the level commission system in general insurance, where new and renewed contracts attract the same commission percentage.
Learn about life insurance trusts, where a trust company is named as the beneficiary of a life insurance policy. Understand the benefits issued under such agreements.
Learn about the 'Limit of Liability' in liability insurance, which defines the maximum benefit an insurer is liable to pay. This crucial contract term can impact your coverage and financial protection.
Learn about Limited Payment Life Insurance, where premiums are only paid for a specified number of years but the coverage lasts for the insured's lifetime. Ideal for financial security and budgeting.
Learn about Limited Payment Whole Life Insurance, a policy that allows the insured to complete premium payments in a shorter timeframe compared to traditional whole life insurance.
Explore the influential role of Lloyd's of London in the insurance sector, where separate insurers accept or reject risks presented by brokers. Discover the precedents set by Lloyd’s for the industry.
Learn what loss frequency means in the context of general insurance. Discover how frequently losses occur within specific time frames and its significance in risk assessment and policy pricing.
Learn about loss severity in general insurance, which refers to the amount of a loss in financial terms. Understand how it impacts insurance claims and overall risk management.
Explore the concept of Marital Deduction in estate planning, allowing unlimited property transfer to a spouse. Key details and implications explained.
Explore the concept of market risk in general insurance, focusing on the potential losses associated with investments and understanding that no investment is guaranteed.
Learn about mature policies in liability insurance, which refer to claims made policies that have been active for at least five years without lapses. Explore the impacts on rating credits and policy benefits.
Learn about the Million Dollar Round Table (MDRT), an exclusive association for life insurance agents who qualify through exceptional sales and membership in the National Association of Life Underwriters.
Explore the concept of Minimum Deposit Policy in life insurance. Learn about first-year loan values, policy benefits, and why it is not commonly implemented.
Discover what the mortality rate in life insurance means, how it's calculated, and its significance. Learn about crude mortality rates and age-specific adjustments in the context of life insurance.
Learn about the net increase in life insurance, a crucial metric for determining the amount of new policies and renewals minus lapses or cancellations. Understand how insurers use this calculation to gauge business growth.
Learn about Net Quick Assets, often referred to as working capital, and understand their importance in the surety bonding process for contractors. Discover how the calculation is made and why it's crucial for bond approval.
Explore the concept of Normal Retirement in pensions, which refers to retirement taken at the time deemed standard by the pension plan. Learn its significance and implications.
Understanding nuisance value in general insurance, an amount the insurer pays to settle a claim more for convenience than its validity.
Learn how numerical rating in life insurance is used to determine the policy rates for substandard insureds. Understand the system of adding values to a standard risk of 100 to establish the appropriate rate.
Discover the role of an obligee (surety) in the context of bonds and insurance. Learn how it compares to the insured in an insurance policy and understand its importance.
Learn about paid-up insurance in life insurance policies, where all premiums are fully paid, guaranteeing coverage without further payments. Understand its significance and benefits.
Discover what a Parasol Policy is in liability insurance, how it differs from and complements existing property insurance by offering all-risk coverage with some exclusions.
Understanding Partial Loss in insurance: A loss that does not completely devalue or destroy the insured's property.
Learn about what it means to be a party in interest in the context of pensions, including the roles of medical professionals and employees responsible for establishing pension plans.
Explore the concept of Past Service Liability, the starting value of a pension plan that consists of annuity credits vested before the effective date, and understand its implications in pension management.
Learn about the per capita distribution method in life insurance, where a beneficiary's portion of an estate is shared equally among all their heirs.
Learn about ‘Peril’ in General Insurance terms, a potential cause of loss, and how it impacts your insurance policies. Essential knowledge for insurance education and risk assessment.
Understand the concept of Policy Year Experience, a method of assessing premiums earned and losses experienced during a 12-month policy term. Essential for anyone interested in general insurance terms.
Understand the mechanics of a Postdated Check Plan in life insurance, where premiums are paid via postdated checks. Explore how these plans work and their benefits.
Explore the concept of postmortem dividend in life insurance, a dividend paid out to beneficiaries after the insured person’s death. Learn its significance and implications in life insurance policies.
Learn about power interruption insurance, a critical policy that protects property owners against losses caused by power failures due to specified hazards.
Learn about the term 'Premises' in general insurance, which refers to the physical location covered by a policy. Understand what constitutes premises in property insurance for better coverage insights.
Learn about the term 'Primary Insurer' in reinsurance, also known as the ceding company. Understand their role in transferring risk to reinsurers.
Learn about the term 'Producer' in general insurance terms, which refers to a person who sells insurance, such as an agent.
Learn about the Prohibited List, also known as the undesirable list, which includes risks that insurers will not cover. Essential for understanding exclusions in general insurance.
Explore the benefits of quantity discounts in life insurance policies. Learn how purchasing a high face value policy can lead to significant savings.
Discover what a Rabbi Trust is in the context of pensions, its tax implications for employees, and why it is named after the first trust set up for a rabbi.
Explore the concept of rate discrimination in insurance, a practice now prohibited by state laws, which involved charging different rates to insureds with the same characteristics.
Learn about 'Rated' life insurance policies, which cost more due to the insured’s existing injuries or health conditions. Understand how rates are determined and what impacts your premiums.
Learn about reciprocity in reinsurance, where ceding companies and reinsurers engage in reciprocal insurance placement for mutual benefit.
Understand the concept of recurrent disability in health and life insurance, including its definition, implications, and how it affects policyholders. Learn how recurrent disabilities are managed within insurance frameworks.
Explore the concept of reinsurance assumed and learn about the premium amounts associated with the assumption of reinsurance in the insurance industry.
Learn about 'Rejection' in general insurance, which refers to an insurer's refusal to insure a given risk or the refusal to pay a submitted claim.
Learn about residual income in health insurance, a crucial aspect of disability policies that provides benefits for partial disabilities. Discover how these stipulations work and their impact on policyholders.
Explore Savings Bank Life Insurance, a unique type of life insurance offered exclusively in certain states like Massachusetts, and sold by savings banks.
Understand the term 'Schedule' in both Property and Health Insurance. Learn how it lists covered items, procedures, and their costs for comprehensive insurance coverage.
Learn about self-insurance, an alternative to traditional insurance used by large organizations. Discover how companies manage future risks by setting aside funds for anticipated and unanticipated losses.
Learn about special acceptance in reinsurance, where risks not automatically accepted through a reinsurance contract are taken on through a separate agreement.
Learn about sponsor plans in pensions, where employers or employee groups set up or maintain benefit plans for employee retirement and other advantages.
Explore the concept of statutory reserve in general insurance, a legally required reserve to ensure the financial stability and integrity of insurance providers.
Learn about the strike through clause in reinsurance, a provision that ensures losses are managed even if the ceding insurer is unable to meet them, directing the reinsurer to pay the insured directly.
Explore the role and functions of a Sub Broker in reinsurance, an intermediary who assists the primary broker in acquiring necessary reinsurance placements.
Learn about subject premium in the context of reinsurance, including how the ceding insurer's premium is used to calculate the reinsurance premium by applying the reinsurance factor.
Learn about supplemental contracts in life insurance, which specify how the proceeds of a life insurance policy will be settled. Discover the importance of these riders in ensuring clear and agreed-upon payout procedures.
Learn about survivorship benefits in life insurance, including how funds are used to support annuitants living longer than expected and the role of premiums from deceased annuitants.
Understand the tax factor in liability insurance and how it impacts the overall premium. Learn how state taxes are covered through this essential component.
Discover the intricacies of Time Element Insurance in Property Insurance, including how ongoing expenses from insured losses are managed and benefits paid out.
Learn about Triple Protection Life Insurance, a policy that combines whole life and term insurance for enhanced benefits. Perfect for those seeking comprehensive coverage.
Learn about Trusts (Estate) - A common arrangement where a trustee manages property for beneficiaries until a predetermined time. Discover key aspects and benefits.
Learn about the role of a Trustee in general insurance, who is responsible for managing the property of another individual or group.
Learn about appraisal in general insurance terms—a crucial assessment to determine the value of an item or property for adequate insurance coverage or replacement value.
Discover what Asset Depreciation Risk is in the context of general insurance, including its implications and how it can affect the market value of a company's assets over time.
Learn about aviation accident insurance, a specialized form of life insurance that provides coverage for passengers or pilots on regularly scheduled airlines. Discover how this insurance works and its benefits.
Discover what Basic Limit means in general insurance. Learn about the minimum amount for which a liability policy can be written and how it impacts your coverage.
Learn about blending in life insurance, the process of combining a term life insurance policy with an ordinary life insurance policy to create a unique coverage plan.
Learn about bonds in general insurance - a contract between a principal, surety, and obligee that provides financial protection. Understand the roles and responsibilities involved.
Learn about the book value, which refers to the cash value of a company's assets as listed on its accounting records. Essential for understanding financial health in general insurance.
Learn about the role of a Broker in general insurance, a person who acts on behalf of another to obtain insurance, and occasionally represent the insurer to collect premiums.
Learn about the corridor in universal life insurance, its role in maintaining life insurance status for tax purposes, and its significance for policyholders.
Discover what currently insured status means under Old Age, Survivors, and Disability Health Insurance, and how it affects survivor benefits for dependents.
Learn about the term 'Debit' in general insurance, which refers to the outstanding premiums and areas managed by debit or home service agents. Gain insights into how it affects insurance collection practices.
Learn about the insurance deductible, a crucial aspect where insured parties pay a portion of the loss before the insurer covers the claim. Crucial knowledge for policyholders.
Learn about defined contribution pension plans where contributions are predetermined, with the benefit amount totaling the contributions. Discover how these plans impact retirement savings.
Explore the concept of Direct Written Premium in Liability and Property Insurance, which represents the collected premiums before deductions for reinsurers. Learn its significance in the insurance domain.
Learn what Disability Insured status means in health insurance, how it is granted by the SSA, and the requirements involving social security taxes.
Learn about the concept of Discount in Pensions, a key financial term describing the difference between the future value and its present value calculated at a specific interest rate.
Learn about eligible expenses in health insurance—medical costs or other charges that are covered under the health plan contract.
Learn about Employees Trust (Pensions), a financial vehicle for funding pensions and profit-sharing plans, benefiting employers and employees.
Learn about Employer's Non-Ownership Liability Insurance, covering the employer from liability when employees use their personal vehicles for business purposes.
Explore the fundamentals of employment benefit plans that include pension and welfare plans designed to provide financial security and health benefits to employees.
Learn about Endorsement Split Dollar Plans, a liability insurance strategy where an employer holds ownership and control of an employee’s life insurance policy, ensuring the employee's right to benefits through the employer’s endorsement.
Learn about the concept of equity in general insurance terms, including its significance in determining the cash value of an insurer after liabilities are taken into account.
Learn about examination, an essential evaluation conducted by the state insurance department of an insurance company, its significance, and its impact on insurance practices.
Learn about excess interest (liability) in life insurance, where interest added to the cash value of a policy exceeds the minimum rate guaranteed by the insurer.
Learn about Experience Refund in Reinsurance, a profit-sharing mechanism where a fixed amount of net profit is returned to the ceding insurer at year's end.
Learn about financed insurance, including how policy premiums are paid by borrowing against the cash value of the policy. Discover the legal implications and benefits.
Explore the definition of floods in property insurance, including causes such as overflow of water bodies, unusual surface runoff, and mudflow. Learn how property insurance typically covers these events.
Learn about Generation Skipping Transfers (GST) in estate planning. Understand how property can be gifted or inherited by individuals two generations down the line from the property owner. Explore the implications and benefits of GST.
Learn about immature policies in liability insurance, specifically claims made on policies in effect for less than five years and the associated rating discounts.
