Explore the concept of Lien Plan in liability insurance, a specialized coverage for substandard risks where reduced policy benefits are paid out if the insured dies before a specified timeframe.
Explore the role and function of a Lloyd's syndicate within the general insurance sector. Learn how this group of underwriters manages risks and its significance in the insurance market.
Learn about long term disability insurance, a policy designed to provide financial support in the event of a prolonged disability. Coverage usually extends until the insured individual reaches the age of 65.
Explore the concept of loss expectancy in general insurance, an estimate of the most likely maximum loss that could be paid on an exposure, factoring in the insured's loss prevention measures.
Explore the definition of 'Loss' in general insurance, including claims filed by the insured, property value decreases, and amounts paid by the insurer.
Explore the definition and importance of loss ratio in the insurance industry. Learn how the ratio is determined by dividing the losses by premiums paid, with insights into incurred or paid losses and earned or written premiums.
Learn about the lump sum settlement option in life insurance, where the insured or beneficiary receives the entire payout amount at once.
Learn about multiple funding in pension plans, utilizing a separate fund and insurance cash values to secure retirement benefits.
Learn about the Net Amount at Risk in liability insurance, which is the difference between the face value of the policy and the reserve accumulated under the policy.
Explore the concept of 'Offer' in insurance contracts, its significance in life and property insurance, and how it forms an essential part of the agreement between parties.
Discover what paid losses refer to in the context of general insurance. Learn how insurers calculate the amount paid out in losses over a specific time frame.
Learn about the payback period in general insurance terms, including how to calculate it and its significance in assessing investment returns.
Learn about performance bonds (surety) and their importance in ensuring proper contract fulfillment in various industries.
Learn about personal lines in general insurance, which include coverage options like health insurance and homeowners insurance for individuals and families.
Learn about Policyholder's Surplus in general insurance, the foundation that ensures insurers can meet future obligations and guarantee policyholder confidence.
Learn about the term 'Portfolio' in general insurance, covering both assets invested by a company and all policies in effect along with unsettled losses.
Learn about the concept of renewals in general insurance, focusing on premiums paid toward a renewed policy. Understand how renewals work and their importance in maintaining continuous coverage.
Learn about securities in general insurance terms, including their definition as evidence of ownership of a stock, bond, or debt.
Learn about the standard provisions mandated by state law that are included in all life and health insurance policies. Discover how these provisions ensure consistency and compliance with regulations.
Learn about the concept of Tax Basis in pensions, including its role in qualified plans and how it affects taxation.
Learn about the insuring agreement section of an insurance policy, detailing coverage hazards, insured individuals, and contract duration.
Learn about the Ownership Provision in Life Insurance policies, which allows a policy to be owned by someone other than the insured individual.
Dive into the concept of the policy fee in life insurance. Learn about its historical significance, its function as a flat rate charge, and its impact on initial costs.
Explore what Total Loss means in general insurance. Learn how it's defined and its implications on insurance claims when property is completely destroyed.
Explore the concept of utilization in health insurance, defined as the amount of use a health plan receives from a specific group of policyholders. Learn how it's measured and its impact on policy costs.
Learn about voluntary reserves in the insurance sector, a type of reserve not legally mandated but crucial for financial preparedness and stability.
Understand the concept of unearned premium reserve in the context of general insurance. Learn about its significance and how it is represented on an insurer’s balance sheet.
Discover everything you need to know about a living trust, also known as an inter vivos trust. Understand how it is created by a living person and its key benefits in estate planning.
Learn about Widow/Widowers Benefit under pension plans, how social security provides support to surviving spouses, and eligibility criteria for these benefits.
Discover the Automatic Premium Loan Provision in life insurance policies. Learn how unpaid premiums are handled with a loan from the policy's cash value.
Explore the concept of encumbrance in legal terminology, a claim to property that reduces the property owner's interest by its value, often in the form of a lien or mortgage.
Discover what first party insurance entails, how it safeguards policyholders by covering their property or self, and why it's crucial in risk management.
Discover the significance of improvements and betterments in property insurance, and understand how tenant modifications can increase the value of leased buildings.
Discover everything you need to know about individual life insurance policies. Learn how it covers a single insured and its benefits.
Understand the concept of Net Line in reinsurance, referring to the insurance amount retained by the original insurer and its implications on risk management.
Learn about the reduction of risk in the context of general insurance. Understand the importance of precautionary measures in minimizing the likelihood or severity of potential losses.
Learn about the role of a reinsurer in the insurance industry and how reinsurance works to distribute risk among insurance companies.
Discover the role of a Third Party Administrator (TPA) in administrating life and health insurance policies for employers. Learn how TPAs facilitate communication between employers and insurers, process claims, and determine eligibility.
Learn about Endowment Insurance, a type of life insurance that promises a payout to the insured at the end of a specified period or to their beneficiary in the event of death during that period.
Learn about hospital benefits in health insurance, which cover costs incurred during hospital visits, including room expenses and additional charges.
Explore the definition of a lien, a crucial legal concept representing a claim against property by a worker or creditor who has not received appropriate payment.
Learn about the concept of past service benefit in pensions, which provides credit for the time an employee worked before a retirement plan was instituted.
Learn about Evidence of Insurability in health and life insurance. Understand the importance of health facts required for underwriting, including medical physicals.
Learn about the coinsurance plan of reinsurance, a form of reinsurance where insurance companies transfer a segment of a life insurance policy to a reinsurer who then shares in the death benefit payments.
Learn about excess per risk reinsurance, a type of reinsurance that protects the ceding company against losses exceeding a specific retention amount for each individual occurrence.
Learn about the role of a fiduciary in insurance, their responsibilities, and the legal obligations to act ethically when handling the money or property held in trust.
Learn about the multiple indemnity clause in life insurance policies, which ensures multiplied benefits if the peril occurs in a specified way, such as double indemnity in case of arson.
Learn about Preauthorization Check Plan in Life Insurance where premiums are paid through a monthly pre-authorized bank draft for easy and convenient payments.
Learn about the ratio test in pensions, a test ensuring equitable coverage where a certain number of lower-paid employees benefit, equaling 70% of higher-paid employees.
Learn about the aggregate annual deductible in general insurance, a sum that applies for the entire year, ensuring you have all the necessary information to manage your insurance policies effectively.
Learn about Level Term Insurance, a type of term life policy where both the death benefit and premiums remain unchanged for the duration of the contract.
Discover what loss reserve means in general insurance. Learn about the insurer's estimated total liability for pending claims, incurred but not reported losses, and more.
Learn about the Debit System in Life Insurance, a method used by agents to collect policy premiums on a weekly or monthly basis.
Learn about subordination in surety bonds, a process where a particular matter is given less importance compared to another. Discover its implications in the insurance domain.
