Discover the critical role of Insurance Departments in enforcing insurance laws, licensing professionals, and regulatory oversight in the U.S. and Canada.
Learn about the Insurance Guaranty Act, which ensures policyholders are protected in case their insurer becomes insolvent. This crucial act provides the necessary funds as a guaranty.
Learn about Interest Adjusted Cost in life insurance—a method that considers the interest your premium payments could have accrued if invested. Get insights on how this calculation reveals the true cost of your life insurance policy.
Understand the role of a Joint Insured in a joint life insurance contract. Learn who qualifies as a joint insured and the advantages of such policies.
Discover the benefits and details of the joint-survivor option in annuities, ensuring continued income for beneficiaries after the annuitant's death.
Learn about leasehold interest insurance, a property insurance form covering lease income loss due to property damage from insured perils. Essential for landlords and tenants.
Explore the life income option in liability insurance, where the beneficiary receives installments for life, regardless of principal exhaustion.
Discover the importance of 'Lines' in reinsurance agreements, specifically focusing on the amount a reinsurer agrees to accept in a surplus treaty.
Learn about the liquidation of an insurer, a process undertaken when an insurance company can no longer meet financial obligations and faces unavoidable dissolution.
Learn what it means for a life insurance policy to mature, including when the face value is paid out, typically upon the insured's death.
Learn about the maximum retrospective premium, a crucial component in liability and workers' compensation insurance. Understand how this concept affects your insurance premiums and financial planning.
Explore the ins and outs of a Modified Endowment Contract in Life Insurance. Understand how it operates, its unique properties, and the tax implications involved.
Exploring the term 'Modified' in general insurance, which refers to a premium that has been adjusted from the standard premium on similar policies. Learn about its implications and contexts where it is commonly used.
Discover the definition and significance of the mortgage clause in property insurance, a key feature in direct damage policies for mortgaged properties.
Learn about multiemployer plans, where more than one employer contributes to a pension. Discover how these plans are affected by collective bargaining agreements.
Learn about Mutualization in General Insurance. Discover how converting a stock insurer to a mutual insurer works through the process of retiring stock. Essential information for insurance professionals.
Learn about Name Position Bonds in the criminal domain— a critical fidelity bond that protects against losses caused by employees' fraudulent actions in specific positions.
Learn about net cost in general insurance, including how total premiums paid minus cash value and dividends impact your policy over time.
Learn about the net level premium reserve, the crucial reserve an insurer must maintain to pay net level policies in their later years efficiently.
Learn about the concept of Net Rate in Liability Insurance, how premiums are calculated after dividends, and its significance in nonparticipating policies.
Learn about 'New for Old' insurance policies, which allow the purchase of new parts to replace old or damaged ones instead of repairing them. Discover the benefits and coverage details.
Learn about nonassessable insurance policies where the premium remains fixed and cannot be increased. Understand how these policies work in the realm of general insurance.
Explore the meaning of nonrenewal in general insurance terms, where either the insurer or the insured refuses to renew coverage at the policy’s expiration date or anniversary.
Learn about the Normal Retirement Benefit in pensions, which represents the greater of an employee's early retirement benefit or the benefit at normal retirement, excluding medical or disability benefits.
Explore the concept of Old Line in Life Insurance, emphasizing non-fraternal insurers operating based on legal reserve requirements. Gain insights into its significance and impact.
Understand the concept of Particular Average in Property Insurance, a type of partial loss due to water transportation that falls on the property owner.
Learn about payroll deduction insurance, where employees authorize their employers to deduct life insurance premiums from their paychecks. Understand how this convenient method works to secure continuous coverage.
Explore the intricacies of pension plans. Learn how they provide monthly income for retirees and their spouses, along with death and disability benefits, ensuring financial security under the Employee Retirement Income Security Act.
Learn about the physician contingency reserve in health insurance, a fund composed from claim deductions aimed at motivating appropriate healthcare provision.
Learn about policy proceeds in life insurance, including the payout at death or maturity, dividends on deposit, and extra insurance purchased with dividend amounts.
Learn about Preliminary Term insurance coverage, its purpose, and how it provides short-term protection until your long-term policy's anniversary date.
Understand what a premium loan is in the context of general insurance terms. Learn how insurers provide these loans and the security involved.
Discover the essential role of a primary beneficiary in life insurance. Learn how they are designated to receive benefits or a pay-out from an insurance policy after it becomes due.
Learn about the principal sum in health and life insurance, the total amount paid for accidental death, and the percentage paid for dismemberment.
Learn about pro rata cancellation in insurance, where premiums are adjusted based on the time the contract has been in effect. Understand how it affects your insurance policy.
Learn about Professional Liability Insurance, also known as malpractice insurance or errors and omissions insurance, and why it's crucial for professionals across various industries.
Learn about Profit and Commissions Insurance, a type of property insurance tailored for individuals whose income is reliant on commissions or profits tied to particular properties. This insurance safeguards against loss of income due to property damage.
Discover how a Profit Sharing Plan allows employees to share in company profits. Learn how these plans work, their potential tax benefits, and distribution options.
Learn about prototype plans in pensions, a retirement plan available for free to employers due to organizational sponsorship.
Learn about provisional rates in general insurance—temporary rates that can be adjusted at a later time. Understand how provisional rates work and their importance in insurance policies.
Explore the concept of Quota Share Re-Insurance, a type of pro-rata reinsurance where the ceding insurer is indemnified for risks listed in the contract based on a fixed percentage of loss and premium.
Understanding recipient location under business income coverage in property insurance - a crucial aspect for safeguarding places where your business operations are accepted.
Reduction in insurance refers to the lessening of benefits paid out under a policy due to certain conditions. Learn more about this important general insurance term.
Learn about refund annuities, a type of annuity that ensures a refund to the named beneficiary if the annuitant dies before receiving benefits equal to the total paid premium.
Learn about the role and essential responsibilities of a registered representative in the securities industry, along with the legal requirements to become one.
Learn about the Rehabilitation of Insurers, a regulatory process aimed at restoring financially troubled insurers to solvency. Explore the steps involved and its significance in the insurance industry.
Learn about 'Replacement' in general insurance terms, where a new policy is written to take the place of an existing policy. Understand the implications and benefits.
Learn about the Securities Deposited with Others Coverage Form, a commercial crime policy that protects securities deposited with institutions or trusted individuals against loss due to disappearance, destruction, or theft.
Learn about the Securities Exchange Act of 1934, a critical law mandating federal registration for companies and agents wishing to sell securities.
Discover the essentials of a Self Administered Trustee Plan, a retirement plan managed by a trustee who handles contributions, investments, and benefit payments.
Learn about Short Term Disability Income Policies, which offer disability income benefits for a short-term period, generally less than two years.
Learn about the role of a special agent in general insurance, their responsibilities, and how they represent insurers in specific territories.
Discover the essentials of the Special Coverage Form in property insurance, detailing its comprehensive all-risk coverage and key exclusions.
Learn about special peril insurance, a type of property insurance that only covers items specifically named in the contract. Understand its benefits and limitations.
Learn about the standard premium in liability insurance and workers compensation. Understand how it is calculated based on the insured’s payroll and its significance in determining premiums.
Learn about sub agents in general insurance. Discover their roles, responsibilities and how they differ from direct agents in the insurance ecosystem.
A comprehensive guide that explains the necessity and importance of the Summary Annual Report, a mandatory document sent to each pension plan participant annually.
Learn about the supplemental extended reporting period in claims made liability policies, which extends the time frame for filing claims.
Learn about Surplus Reinsurance, an automatic reinsurance type where the ceding company transfers risks exceeding their retention limit. Explore its functions and benefits in risk management.
Learn what it means to surrender a life insurance policy, the financial implications of cash value, and what policyholders need to consider.
Understanding the term 'Tabular' in insurance: refers to data or costs derived from tables like mortality tables in risk assessment.
Learn about tax sheltered annuities, where contributions are tax-deductible and benefits are not taxable until payout. Ideal for employees seeking tax-deferred growth.
Understand the term rule in general insurance, including the clause detailing coverage duration and applicable discounts for policies of one year or more.
Learn about terminal funding in pensions, where retirement financing is provided by a sum of money set aside by the employer at retirement.
Discover what third party insurance, or liability insurance, entails. Learn how it involves the insured, the insurer, and the third party who's been affected.
Discover the fundamentals of Treaty Reinsurance, an automatic contract defining conditions for reinsuring classes of business, optimizing your reinsurance strategies.
Discover what an unallocated benefit in health insurance means, how it works, and its implications on health care expenses without a corresponding schedule of benefits.
Learn about the term 'Accident' in general insurance - an unplanned, sudden occurrence beyond the control of the insured.
Explore the concept of Bottomry in Property Insurance, an insurance contract using a ship or its cargo as collateral for maritime voyage loans. Learn how it impacts loan repayments in maritime losses.
Learn about the term 'Casualty' in general insurance, which refers to a loss incurred due to an accident. Expand your insurance vocabulary with clear definitions.
Learn about Charitable Gift Life Insurance, where a policy is donated to a charity allowing the donor to receive a tax deduction. Discover its benefits and usage.
Learn about coinsurance in both property and health insurance: how it determines claim payments in property insurance and the policyholder's cost responsibilities in health insurance.
Learn about Commercial Package Policy (CPP) which includes coverage options for Commercial Property, Business Crime, Business Automobile, and more for commercial organizations.
Learn about Commissioner's Values, a crucial list of securities' values published annually by the National Association of Insurance Commissioners, used for insurance company balance sheets.
Learn about contents in personal and commercial property insurance, including what is covered and what isn't, such as electronics, clothing, office furniture, and machinery.
Learn about the concept of control in general insurance terms, which refers to the power to position insurance as seen fit by an agent or broker, granted by the policy owner.
Explore what conversion privilege means in health and life insurance, including how it allows insured individuals to switch from group to individual policies upon leaving a group.
Learn about Convertible Collision Insurance - a unique vehicle insurance policy that covers all losses after claims exceeding the deductible are paid. Find out why this type of policy is rare and how it can benefit you.
Explore the concept of corridor deductible in health insurance, including how it functions and its impact on your medical expenses. Learn about hospital and medical cost payments before coinsurance.
Learn about Decreasing Term Life Insurance, a life insurance policy where the death benefit decreases over time until it reaches zero. Ideal for mortgage coverage and specific financial needs.
Deferred compensation in pensions allows employees to defer current payments until death, disability, or retirement, as agreed upon with the employer in a written statement. Learn the benefits and regulations.
Learn about Deposit (Pensions) - the payments made towards a pension fund by employees, employers, or both, and understand its significance in insurance.
Learn about the dollar limit in property insurance, which sets a cap on coverage in a homeowners policy, typically listed in the Coverage C section.
Learn about endorsements in general insurance terms. An endorsement is a form that modifies the provisions of an insurance policy when attached to it.
Learn about the entry age in pensions, typically set at 65, which determines the eligibility of an employee to participate in a pension plan.
Learn about estate tax, a levy based on the value of a deceased's estate that is due to the federal government. Understand its implications for estate planning and asset distribution.
Explore the concept of expenses in general insurance terms, focusing on the cost, minus losses, of operating an insurance company.
Learn about the term 'Experience' in general insurance, which refers to the record of loss associated with an agent, insured, or another category, and can also represent the ratio of losses to premiums.
Learn about the term Exposure in general insurance, which refers to situations where a loss could occur, the likelihood of such a loss, and its impact based on the surrounding area.
Learn about Family Income Policies in life insurance. Discover how these policies provide financial security with a regular income stream to beneficiaries until a specified date in the future.
Explore the concept of funding level in health insurance, which refers to the amount needed for a medical care program whether through premium costs or anticipated claim loss and fees.
Learn about General Account in Annuities, the investment portfolio used for premiums, often consisting of safe, guaranteed investments.
Learn about general insurance terms, focusing on how insurance reduces risk by transferring it to insurers and the role of premiums and policy contracts.
Learn about the guiding principles in general insurance that dictate how coverage of a loss is shared between two insurance companies, as developed by property and liability associations.
Learn the definition and implications of indirect or consequential loss in property insurance, including real-world examples like loss of income from an accident-damaged taxi.
Learn about insurance claims, the process of requesting disbursement of promised benefits, and key terminology in the insurance domain.
Learn about Key Person Insurance, a crucial life insurance policy that safeguards businesses from financial hardships due to the death of a key employee. Discover its benefits, coverage, and importance.
Explore the specialized kidnap-ransom insurance, designed to protect financial institutions from financial loss due to ransom demands for employees. Learn about its unique coverage and market existence.
Explore the benefits and features of level premium insurance in life policies. Learn how premiums remain constant throughout the term, making life insurance manageable and predictable.
Learn about 'Liabilities' in general insurance terms, a crucial concept referring to money that is currently owed or that will be owed in the future.
