Learn what Full Coverage means in health and auto insurance policies. Comprehensive guide to insurance terms for complete protection.
Discover the concept of immediate vesting in liability and property insurance. Learn how insured individuals may begin collecting benefits right away, typically in pension plans.
Learn about management expense in reinsurance, a crucial component that covers reinsurers' overhead costs according to a contingent commission agreement.
Learn about sole proprietorship insurance for health and life coverage to ensure the continuity and stability of your business.
Learn about Named Non-Owner Policy in Vehicle Insurance, a type of policy designed for individuals who drive cars they do not own, such as borrowed or rented vehicles.
Discover the role of the National Association of Independent Insurers (NAII) in providing information about insurance law and legislation. Learn more about its significance in the insurance industry.
Learn about Bank Burglary and Robbery Insurance, a specialized type of liability insurance designed to cover banks against theft, unauthorized taking of money or securities, and damages from burglary or robbery.
Understand the commencement of coverage, the crucial date when your insurance coverage officially begins. Learn its significance in general insurance terms.
Learn about Family Policy in Life Insurance, a combination of whole life insurance for the head of a household and term coverage for other family members. Understand its benefits and scope.
Discover what 'losses paid' means in general insurance terms. Learn how insurance claims are processed and recognized when they are paid out.
Explore the term 'Not Taken' in the context of general insurance, where a policy is applied for and issued but ultimately rejected and unpaid.
Learn about graded commission in general insurance, a schedule of variable commissions payable to agents based on policy categories or amounts.
Learn about premium notices in general insurance, which provide the due date for premium payments. Essential for managing timely payments and ensuring continuous coverage.
Learn about impaired property in liability insurance, a term that refers to property rendered less useful or unusable due to the insured's defective work or incomplete contractual obligations.
Explore the concept of residual markets in general insurance, including examples such as government-run programs that fall outside usual insurer marketing methods.
Learn about the full reporting clause in property insurance, which mandates the regular reporting of property values to ensure adequate coverage and avoid penalties.
Learn about the Peak Season Endorsement in Property Insurance, which provides increased coverage for insured inventory during specific peak seasons as defined in the endorsement.
Learn about the beneficiary of trust, an essential term in general insurance. Understand who a beneficiary is and the benefits they receive from a trust.
Learn about Gross Premium in insurance, including its definition, components, and significance in both general and life insurance. Understand how Gross Premium is calculated and its impact on policyholders.
Learn about the role of a practical nurse in health insurance, focusing on their duties like assisting patients with daily tasks and the limitations such as not being able to dispense medicine.
Understand the concept of a Special Auto Policy in vehicle insurance. Learn about its unique liability limits for bodily injury, property damage, and medical payments.
Learn about investigative consumer reports in general insurance, including the process of gathering information through interviews to assess the character of an insured or prospective insured.
Explore the role of Underwriter’s Laboratories in safety testing for the insurance industry, ensuring products meet essential safety standards.
Discover the significance of the Cause of Loss Form in commercial insurance policies. Learn how it specifies the covered causes of loss for comprehensive policy understanding.
Learn about large claim pooling in health insurance, a system that helps stabilize premium amounts for smaller groups by pooling larger claims together.
Learn about 1035 exchange in life insurance, as defined under section 1035a of the tax code, which allows for the exchange of life insurance for annuities. Explore the benefits and regulations involved.
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 the concept of Present Value in insurance, which refers to the current value of an amount due in the future. Essential for understanding financial decisions and policy valuations.
Learn about the concept of competence in legal terms, particularly its importance in entering contracts with insurers. Ensure mental capacity is in check.
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.
Understanding the combined ratio in general insurance, which combines expense and loss ratios. Learn why a combined ratio under 100% indicates a loss and over 100% indicates a profit in underwriting.
Discover the importance of extra percentage tables in health and life insurance which indicate the additional premiums for specific medical conditions.
Understand Loss of Use Insurance, which covers the loss of use of a property due to an insured peril. Learn how it protects you in case your property becomes uninhabitable.
Learn about 'Market Value' in general insurance: The price at which a product would sell in the current market. Explore its significance and application.
Learn about employer contributions in health insurance, the fraction of a plan's cost paid by the employer. Understand its importance in reducing employee healthcare expenses.
Learn about the National Association of Health Underwriters (NAHU), an organization supporting professionals who service health care needs, including brokers, agents, and consultants.
Learn about 401h trusts, a limited-use account to fund employee insurance costs post-retirement. Discover tax benefits and employer contribution limits.
Learn about premium rate in general insurance, which represents the cost of insurance broken down to a per-unit cost. Understand how premiums are calculated and their impact on your insurance policy.
Discover what an apportionment clause in property insurance entails, and learn how it impacts the division of claims among multiple insurance policies.
Discover the fundamentals of Automatic Proportional Reinsurance, where insurers automatically share risks, premiums, and losses with reinsurers, and the dynamics of transfer commissions.
Learn about the Automobile Assigned Risk Insurance Plan, designed to provide vehicle insurance for individuals with challenging driving records who struggle to obtain standard coverage.
Learn what a brokerage fee is in the context of insurance. Discover how brokers earn their fees by selling insurance policies and what it means for policyholders.
Learn about the Discounted Value Table in general insurance, a vital tool that provides the present and discounted value of dollars payable at specific times in the future, for different interest rates.
Explore the benefits and workings of Group Annuities, a collective approach to retirement planning for employees of the same employer. Understand how group annuity contracts are structured and their advantages.
Learn about Group Permanent Insurance, a plan that offers both retirement benefits and life insurance for groups. Understand its features, including equal premium usage.
Learn about net loss in general insurance terms, which refers to the portion of a loss the insurer retains after reinsurance, salvage, or subrogation coverage.
Learn about the policyowner in general insurance terms, who is the person that owns an insurance policy. Discover how a policyowner may differ from a policyholder.
Learn about the death benefit in life insurance, the amount payable to the beneficiary upon the insured's death. Discover how it's calculated and factors affecting it.
Learn about independent agents in the insurance industry, including their roles and how they work within the independent agency system.
Learn about surgical insurance benefits, a health insurance coverage option that helps cover the costs of losses due to surgical expenses.
Learn about whole dollar premiums in general insurance, where premiums are rounded to the nearest dollar, providing a convenient, round number for insured parties to pay.
Explore the concept of life conservation within liability insurance, focusing on research, lawmaking, and public awareness efforts to safeguard human lives.
Understand the role of a second surgical opinion in health insurance, its benefits in preventing unnecessary procedures, and how some health policies may require it before covering surgery costs.
Explore the role of diagnosis in health insurance, where diseases are identified through comprehensive testing and medical attention.
Learn about in-force business in the context of health and life insurance. Understand the total value of policies either fully paid or being processed, and its impact on insurer portfolios and premium volumes.
Explore the concept of Minimum Amount Life Policy, a life insurance policy that specifies only a minimum face value. Learn how it works and why it might be suitable for your needs.
Learn about the 'Notice to company' term in General Insurance. This notification is a written document sent to the insurer, informing them of an event that may lead to a claim.
Understand what a residence employee is within the scope of workers compensation. Learn about the roles and responsibilities of individuals employed to perform household services.
Understand what a straight life policy, also known as a continuous premium whole life policy, entails. Learn how premiums are extended over the insured’s lifetime and the benefits involved.
Learn about what constitutes an estate in the realm of general insurance terms. An estate includes all the property a deceased person owns at the time of their death.
Learn about casualty catastrophes in general insurance terms, focusing on large losses due to accidents and their implications.
Discover the intricacies of the Glass Coverage Form in Property Insurance, which provides specialized coverage for commercial glass solutions such as plate glass.
Learn about Jumping Juvenile Life Insurance, a policy designed for children that automatically increases in value at age 21 without needing proof of insurability.
Understanding Modified Fire Resistive Construction, a type of building construction using masonry or fire-resistant materials for enhanced safety. Learn how it impacts property insurance.
Learn about Multiple Employer Welfare Arrangements (MEWAs), funds and trusts financed by employers to provide medical benefits. Understand their structure and benefits.
Learn about the role of a retrocessionaire in reinsurance, who is responsible for reinsuring a reinsurer, adding an extra layer of security within the insurance industry.
Learn about the concept of probability in the context of general insurance and understand how the chance of an event occurring is represented as a number.
Learn about what a recording agent is in the context of property insurance and how they function within the industry. Understand their role and significance in writing property insurance policies.
Learn about Farmer’s comprehensive personal liability insurance, which offers similar coverage to comprehensive personal liability but is specifically tailored for farm-related perils.
Explore the Federal Insurance Contributions Act (FICA), a law introduced in 1939, which mandates payroll taxes to fund social security and Medicare benefits. Learn how both employers and employees contribute equally.
Learn about the Garage Coverage Form, a crucial commercial vehicle insurance for businesses like auto repair shops, dealerships, and garages.
Learn about Group II rates in property insurance, replacing Extended Coverage Rates under the newest commercial lines program. This includes rates for hail, riots, and vehicles.
Discover the role of the Institute of Life Insurance, a crucial part of the American Council of Life Insurance focused on enhancing the reputation and credibility of life insurance.
Discover how the limit of liability rule in property insurance helps apportion loss among multiple insurers covering the same property, ensuring fair and equitable distribution.
Learn about the recurring clause in health insurance policies, which outlines the time period for considering a condition as a recurrent disability or a different condition.
Learn what homeowners insurance (property insurance) covers and how it protects homeowners and renters from potential perils and liabilities.
Comprehensive guide on Officers and Directors Liability Insurance, covering protection against harm due to negligence. Essential for corporate governance.
Learn about the significance of the service area in health insurance, how it's defined by state regulatory agencies, and what it means for your health care plan.
Explore the Professional Insurance Agents (PIA) Association, its role, and the benefits it offers to mutual insurance agents.
Understand blanket coverage in health insurance. Learn how it differs from individual and group plans, providing comprehensive coverage for various risks under one plan.
Discover the concept of cash flow underwriting in general insurance, a method that focuses on maximizing the interest earned on premiums through strategic rating and premium collection.
Explore what a dual life stock company is, focusing on its ability to issue both participating and nonparticipating policy contracts within the domain of life insurance.
Discover the fundamentals of Employee Dishonesty Coverage Form, a type of insurance that protects against the loss of money and property due to an employee's dishonesty.
Learn about Floater in Property Insurance, which provides coverage for movable items such as boats, wherever they are located within the contract-specified area.
Understanding the Free of Capture and Seizure Clause in property insurance policies, which excludes losses due to war, seizure, or takeover.
Learn about the Graduated Life Table in life insurance, a mortality table enhanced with a formula for accuracy in predicting life expectancy.
Learn about Group Life Insurance, a cost-effective life insurance option for employees that leverages tax cuts, adverse selection, and shared expenses.
Discover institutional property insurance, a specialized form of property insurance offering tailored coverage for religious, charitable organizations, hospitals, and educational institutions.
Learn about parcel post insurance, a property insurance coverage for items or parcels under the care of the United States Postal Service. Understand how it protects against damage or loss.
Learn about risk pools in general insurance, where a group of insurers share premiums and losses collectively, often for large commercial risks.
Learn about Separate Accounts in the context of Pensions, Annuity, and Life Insurance. Understand how companies hold assets for participants in a variable contract, typically through a unit investment trust registered with the SEC.
Learn about the Statement of Values in property insurance, its purpose, and how it determines the blanket rate for insurance policies.
Learn about Aviation Insurance, a specialized type of insurance that protects against losses resulting from the use of an airplane. Discover the essentials of coverage options, benefits, and requirements.
Explore the concept of Binding Receipt in Property Insurance, a temporary contract ensuring coverage upon premium payment with the application. Learn how this differs from Conditional Receipt in health or life insurance.
Dive into the essentials of Business Liability Insurance, covering property damage, personal injury, fire damage, and bodily injury. Protect your business with the right insurance coverage.
Explore Comprehensive General Liability Insurance, covering liabilities like completed operations, owner's protective, products liability, and premises and operations.
Learn about the importance of countersignatures in insurance policies, where a licensed insurance agent or representative's signature validates the policy.
Learn about disability pensions in life insurance—pensions paid out to workers who become disabled, typically at normal retirement age.
Learn about the Enrollment Period in health insurance, a critical time frame for employees to sign up for health care plans. Get the key insights and deadlines to avoid missing out on coverage.
Explore the benefits of Group Disability Insurance, a group policy designed to provide income coverage during periods of disability or illness.
