Understand the commencement of coverage, the crucial date when your insurance coverage officially begins. Learn its significance in general insurance terms.
Learn about the concept of 'Additional Insured' in general insurance terms. Discover how secondary beneficiaries, such as children, are added to policies and what that entails.
Learn about combination agencies that sell both life insurance and industrial life insurance. Understand the benefits and services offered by such agencies in the insurance sector.
Learn about Group Life Insurance, a cost-effective life insurance option for employees that leverages tax cuts, adverse selection, and shared expenses.
Learn about the Statement of Values in property insurance, its purpose, and how it determines the blanket rate for insurance policies.
Learn about the importance of countersignatures in insurance policies, where a licensed insurance agent or representative's signature validates the policy.
Learn about the Special Building Form in property insurance, a once prominent but now mostly obsolete form for commercial buildings. Understand its coverage, exclusions, and evolution.
Explore the concept of open rating in general insurance, where insurers use state-allowed rates that were not previously approved. Learn how this system impacts policy pricing.
Learn about 'Extended Wait' in reinsurance, a provision where the reinsurer begins paying benefits under a disability contract after the ceding company has made payments for several months.
Understand the function and importance of the Premium Adjustment Form in Property Insurance. Learn how it helps in adjusting premiums based on potential exposures throughout the policy term.
A public adjuster works on behalf of an insured, employing expertise to handle claims and maximize insurance payout. Learn their role and importance in the insurance domain.
Discover the meaning of 'Contribution' in general insurance terms. Learn how it applies to insurer losses, premiums paid by the insured, and coinsurance scenarios.
Learn what a manual is in the context of general insurance. Discover how it serves as a guide to rates and classifications, crucial for insurance policies.
Learn about valued policy in general insurance where an insurance company agrees to pay a prestated amount if a loss occurs. Comprehensive information on valued policy agreements.
Broad form cause of loss in property insurance covers most reasons for a loss, making it a comprehensive option for homeowners. Learn the specifics and benefits.
Learn about blended insurance programs that combine finite risk, reinsurance, and traditional insurance for comprehensive long-term coverage.
Learn about Lloyd's Association, a group similar to Lloyd's of London, where individuals come together to share insurance risks without being in business together, each responsible for their chosen portion.
Learn about the cover note in general insurance, a notice by an agent confirming the commencement of coverage, similar to a binder but not issued by the insurance company.
Learn about Laser Beam Endorsement in Liability Insurance, an endorsement that allows insurers to exclude particular exposures. Understand its significance and applications.
Learn what declination means in general insurance terms. Find out why an insurer may decline an application for coverage.
Discover ERISA liability, a mandatory obligation for employees in financial capacities to ensure the proper management of pensions and benefits.
Learn about the basic premium in general insurance, a key component of the standard premium covering administrative costs and agents’ commissions.
Learn about Claims Made Basis Liability Coverage, a type of liability insurance where claims submitted during the policy term are covered, even if the event causing the claim occurred outside the term.
Learn about concurrency in general insurance, where two policies provide the same coverage for the same risk, ensuring greater protection.
Discover the General Agency System in life insurance, where general agents play a pivotal role in selling policies. Learn how this system operates and its advantages.
Learn about portfolio runoff in reinsurance, a method where a portfolio is reinsured until all the ceded premiums are paid. Understand its significance and applications.
Learn about prospective rating plans, which use past losses to establish future premiums in general insurance. Understand how this method helps evaluate risks and set accurate premium rates.
Learn about Rating Bureau in insurance, an organization that classifies rates and hazards by geographic area. Understand its role in the insurance industry.
Learn about direct writers in the insurance industry, who sell their products through direct selling or exclusive agency systems. Find out how they operate in the liability/property insurance sector.
Learn how Dun & Bradstreet, Inc. supports insurers with financial information for underwriting processes. Get insights into their role in the insurance industry.
Explore the essentials of dwelling forms in property insurance, detailing how these forms provide coverage for residential buildings and personal belongings.
Explore the concept of 'Limits' in General Insurance, which defines the maximum benefit paid out from a loss and the age-related constraints for policy issuance.
Learn about the concept of overriding commission in general insurance, where agents or brokers receive a commission on business sold by subagents. Explore its significance and impact in the insurance sector.
Learn about retention in health insurance and reinsurance, including its impact on administrative costs and the amount of insurance retained by the ceding company.
Learn about subrogation release in general insurance - a mechanism where the insurer gains the insured's rights to collect from an entity responsible for the loss. Understand its implications and how it operates.
Learn about the policy year, a 12-month period between the policy's anniversary dates in general insurance, crucial for coverage and claim considerations.
Explore Water Damage Legal Liability Insurance that covers losses to neighbors' property caused by water damage. Learn about its applications and protections.
Discover the process of underwriting in general insurance, where risks are evaluated for their potential insurability and assigned rates based on their assessed risk. Learn the importance and methodologies involved.
Understand the Universal Mercantile System in property insurance, a rating procedure now being replaced by modern systems for evaluating property insurance risks.
Learn about viatical settlement companies, how they assist insurance companies in settling with policyholders who are terminally ill, and the importance of viatical settlements in life insurance.
Discover the importance of the Work Program clause in contract bond reinsurance, detailing its connection to the principal’s total amount of work.
Learn about the concept of Association or Syndicate Pool in General Insurance, where a group of insurers collaborates to write large risks and shares the premiums and expenses.
Explore the concept of divided cover in general insurance, where a person or object is insured with more than one insurer. Learn the benefits and implications of this approach.
Learn about insurance in force and its significance in health and life insurance policies, including the amount of policies to be paid out and yearly premiums.
Understand the term 'Line' in general insurance, its various applications, and how it relates to specific types of insurance, policy grouping, and coverage amounts.
Understand what 'Line of Business' means in the context of general insurance terms, including examples such as Homeowners, Health, and Life insurance.
Learn about losses outstanding in general insurance, which refers to the claims that have not yet been settled by an insurer, as detailed in a summary statement.
Learn about Per Risk Excess Reinsurance, where the insurer pays losses up to a specific limit, and the reinsurer covers the remaining loss up to the agreed limit.
Discover the essential role of a Reinsurance Broker in placing risks for reinsurance on behalf of ceding insurers. Learn how these professionals ensure coverage continuity and risk management.
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 the role of a Risk Appraiser in Life Insurance. Discover how they screen applications, approve or decline policies, and recommend different options to applicants.
Discover the essentials of Stop Loss Reinsurance, a type of coverage where a ceding insurer is protected based on the losses incurred within a calendar year. Learn how this affects the financial stability and risk management of insurers.
Learn about the concept of surety in the insurance industry. Understand the role a surety plays in guaranteeing the performance of another party.
Learn about Split Life Insurance, a unique coverage that combines installment annuity and term insurance. Understand how premiums determine the amount of insurance purchased and explore its benefits and uses.
Explore Blue Cross Health Insurance, a hospital expense plan that provides coverage for hospital treatment with specific restrictions. Learn how Blue Cross and Blue Shield operate under the same federation, with Blue Cross covering hospital expenses and Blue Shield covering medical and surgical costs.
Learn about legal reserve life insurance companies, which maintain reserves as mandated by local laws to ensure financial stability and compliance.
Discover what a rate card is in general insurance— a small card provided to agents and sales representatives, listing rates for various coverages.
Learn about the arbitration clause in property insurance and how it determines the resolution of claim disputes. Understand the roles of appraisers and mediators.
Explore the role and responsibilities of the Principal in surety bonds, including how the Principal is guaranteed by the surety company.
Explore the structure and benefits of Unit Investment Trusts (UITs) in pension investments. Learn how UITs offer a stable asset-holding without active management duties.
Learn about the role of an insurance adjuster, a professional responsible for investigating claims, determining liability, and assessing damages. Understand their duties, including interviews, property inspections, and record reviews.
Discover the unique Wisconsin Life Fund, a state-sponsored life insurance plan offering coverage exclusively to citizens of Wisconsin. Learn how this exclusive program operates and its benefits.
Learn about the claim provision clause in general insurance terms, which outlines the necessary steps for submitting and managing insurance claims efficiently.
Understand the Commissioner's Standard Industrial Mortality Table, used to determine the nonforfeiture value for industrial life insurance policies. Learn its role and significance in life insurance.
Understand the concept of Coverage Part in commercial insurance. Learn how it forms part of your commercial contract, either as a separate policy or attached to an existing one.
Explore the concept of Deviated Rate in general insurance, a rate lower than the recommended benchmark, often used to provide competitive pricing.
Learn about the Excess Loss Premium Factor in workers compensation, a crucial element in retrospective rating formulas that limits large loss exposures for insurers.
Explore FC&S Bulletins from the National Underwriter Company, offering detailed information on coverage and underwriting for various insurance policies in fire, casualty, and surety categories.
Understand the concept of flat commission in general insurance terms. Learn about the standard commission paid to insurance agents regardless of the policy sold.
Learn about group property and liability insurance policies that provide extensive coverage similar to group life insurance. Understand its benefits and applications.
Learn about the role of an insurer, also known as a carrier or company, in an insurance contract. Discover how insurers indemnify losses for insured parties.
Learn about issued business in life insurance, which refers to contracts that have been written but not yet agreed to by the insured. Discover the significance and process.
Explore the definition and implications of a nonvalued policy within general insurance terms. Learn how these policies operate without specifying an amount for a loss payment.
Discover the significance of the ordinary register in life insurance. Learn how it operates as a crucial record book for listing data on ordinary policies within an agent's account.
Learn what promulgate means in the context of general insurance. From the development to the publishing and enforcement of insurance rates, and its relevance to publicizing legal orders.
Learn about the Date of Service in health insurance, which refers to the specific day a health care practitioner attends to or treats an insured individual.
Learn what an inspection report in general insurance entails, including its purpose, and the type of information it contains.
Explore the significance of insurance forms, also known as endorsements or riders, in the completion of an insurance policy. Learn how they are integral in defining the terms and coverage of your insurance.
Learn about the loss constant in general insurance, an amount aimed to offset larger-than-average losses for smaller risks within the same classification.
Learn about the concept of 'Target Risk' in general insurance, which encompasses the prospective policyholders divided by race, age, sex, and other demographics. Explore its importance in the insurance industry.
Learn about the Midi Tail in liability insurance, an extended reporting period for claims made after a policy's expiration. Get insights on its five-year extension and specific conditions.
Learn about the obligor (also known as the surety or principal) in the context of insurance and legal obligations. Understand their responsibilities and significance.
Learn what a Transition Program is in Commercial Liability Insurance, including how it limits adjustments to premium amounts due to changes in the rating base.
Understand what Proof of Loss means in general insurance terms. Learn how insurers use the insured's statements to determine liability for the loss.
