Learn about the Burning Ratio in general insurance, a key metric that compares the amount of losses suffered to the amount of insurance in effect. Understand its significance for insurers.
Learn about insolvent insurers, why they may not have the funds to meet financial obligations, and how to safeguard against potential risks in the insurance domain.
Understand what 'Stated Amount' means in property insurance policies. Learn how it determines the payout in case of total loss.
Learn about Dram Shop Liability Insurance, which protects businesses that serve alcohol from being liable for accidents caused by intoxicated customers. Understand its importance in mitigating risks and ensuring legal compliance.
Understand the mechanism of Sliding Scale Commission in Reinsurance. Learn how commission paid by a ceding insurer to a reinsurer varies based on the loss ratio formula.
Discover how the Alliance of American Insurers brings together insurance companies to work on common interests like government affairs, employee education, and loss prevention.
Discover the role of the American College in conducting life insurance research and providing continuing education for insurance agents. Learn about its impact on the industry.
Learn about pro rata reinsurance, where a reinsurer shares both claims and premiums with the ceding company, ensuring mutual risk distribution.
Learn about deposit or provisional premium in general insurance. Discover how it is derived and its significance in initial policy payments.
Learn about Expense Loading in general insurance, which is an amount added to the rate to cover expenses. Find out why it's important for your insurance policy.
Understand the concept of uniform premium in health and life insurance, where premium amounts are determined without considering the insured’s age, occupation, or gender.
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 liability limits in liability insurance, which dictate the maximum benefit available for payout in a policy. Discover how they influence coverage and protection.
Learn about open debits in health and life insurance, where designated territories are left without an assigned insurance agent. Explore its implications and relevance within the insurance domain.
Discover the meaning of residence premises in liability insurance and understand its importance for homeowners policyholders. Learn how it affects your protection and coverage.
Discover the concept of Adverse Financial Selection in General Insurance. Learn why policyholders may surrender their policies and how it impacts insurance providers.
Discover the concept of Blanket Limit in general insurance, which determines the maximum amount of coverage a company will provide in a specific area.
Learn about the Convention Blank, a mandatory annual financial statement for insurance companies required in all states. Understand its purpose, regulatory requirements, and filing process.
Learn about the meaning of 'Expiration' in general insurance terms, including its significance as the termination date listed in insurance contracts.
Learn about the liberalization clause in property insurance and how it ensures policies are updated to meet legislative or rating authority changes without additional premiums.
Learn about misrepresentation, a key legal term in insurance, that involves providing false information during policy acquisition or incorrect explanations of policy terms.
Discover the definition of 'Overlie' in general insurance and understand how it relates to exceeding the usual capacity for insurance or reinsurance commitments.
Learn all about the Trucker’s Coverage Form, a commercial vehicle insurance policy that provides coverage for truckers who transport goods on behalf of others.
Learn about what a premium receipt is in general insurance, its purpose, and why it is important for policyholders. Get detailed insights and key information.
Learn about Expense (Health Insurance) including underwriting costs, medical examination expenses, salaries, and other insurer operating expenditures associated with each policy.
Learn about limited policies in health and life insurance, which only pay under specific conditions as specified in the contract. Understand their low limits and limited forms.
Learn about the term 'Loss Payee' in general insurance, referring to the designated person who benefits if a loss occurs, typically a mortgagee of a home or property.
Discover the intricacies of unearned premium in general insurance, the fraction of the premium that remains unused within the prepaid period.
Understand the concept of conservation in general insurance, where insurers take actions to retain current policies and prevent them from lapsing.
Learn about gross earnings in property insurance, including how they are calculated by deducting the cost of goods sold from total sales.
Learn about Lloyd's broker, a professional who negotiates and offers prospective risks to underwriters at Lloyd's. Understand their key responsibilities and authorization requirements.
Learn what reassured means in the context of reinsurance, and understand the importance and role of companies that obtain reinsurance coverage.
Learn about the role of the Superintendent of Insurance, a title given to the head of an insurance department in certain states or provinces. Frequently referred to as a 'commissioner' in other regions.
Learn about weekly premium insurance policies in health and life insurance, where an agent visits the insured's home to collect premiums, typically for small amounts.
Learn about the capacity of parties in general insurance, which addresses the legal competency of each party to enter into an insurance contract.
Explore the definition and significance of commercial forms in general insurance, which offer coverage against various business risks.
Learn about the role of a General Agent in Health and Life Insurance. Understand their responsibilities, commission structure, and the importance of finding their own clients.
Understand the General Aggregate Limit in commercial general liability insurance, covering personal injury, property damage, and bodily injury claims.
Learn about Special Multi Peril (SMP) liability insurance, a policy that combines multiple coverages into one, reducing the need for several contracts and offering customizable options for the insured.
Learn about paid business in health and life insurance, including the application process, premium payments, and medical exams required.
Learn about self reinsurance, an alternative to purchasing reinsurance where insurers create a fund to cover losses beyond normal means. Explore the benefits and implications of self reinsurance.
Learn about 'Amount at Risk' in life insurance, discover how it affects the life insurance policy, and understand its importance in the payout process.
Understand the conditions for qualification in general insurance. Learn about the essential duties required of the insured, such as submitting an inventory of lost items, before benefits are paid.
Learn about exclusions in general insurance, including how these clauses deny coverage for specific hazards, people, or property.
Explore the concept of Increasing Term Insurance, a unique type of life insurance policy that offers a consistent premium while the death benefit increases over time. Learn how it can provide enhanced financial protection for your loved ones.
Discover what Joint Insurance in Life Insurance involves. Learn how policies are structured with multiple names and how benefits are paid. Ideal for couples or business partners.
Civil wrong, or tort, involves acts against another person or their property, including the breach of contract terms. Learn about its significance in general insurance.
Learn about depreciation in general insurance, a loss in the value of property due to wear and tear, usage, or obsolescence. Understand how it impacts your insurance coverage and claims.
Learn about direct loss in property insurance, including how it is defined and examples such as flood damage.
Learn about the impairment of capital in general insurance, including definitions, implications, and regional regulations impacting insurers.
Discover what adverse selection is in general insurance. Learn how individuals with higher-than-average risks attempt to buy insurance at standard rates and its implications.
Learn about the basic premium in general insurance, a key component of the standard premium covering administrative costs and agents’ commissions.
A comprehensive guide on the term 'Claimant' in general insurance, covering the individual who requests payment of a claim. Learn about the role and significance of a claimant in insurance claims.
Learn about concurrency in general insurance, where two policies provide the same coverage for the same risk, ensuring greater protection.
Learn about expected mortality in life insurance, including how the anticipated probability of death is determined using a mortality table for specific groups.
Learn about exposure units in the context of general insurance. Understand the definition, the significance of cash value, and the role of the premium base.
Understand the concept of flat rate in reinsurance, its derivation from the premium income of the ceding insurer, and its implications in insurance and reinsurance transactions.
Learn about the Health Insurance Association of America (HIAA), a group that promotes health insurance through generating publicity, research, and education. Backed by insurers, HIAA works towards enhancing the understanding and accessibility of health insurance.
Discover the definition of a health insurance enrollee and why they do not include dependents. Learn what it means to be an enrollee in a health insurance context.
Incurred But Not Reported (IBNR) refers to losses in general insurance that have occurred but have not yet been filed as claims. Learn how IBNR impacts insurance companies and policyholders.
Understand industrial risk insurers, an association of stock property insurers and casualty insurers formed to write insurance for large amount risks.
Understand the legal reserve in liability insurance, the minimum amount needed as per the laws to keep the policy in force. Learn the significance and application in various regions.
Understand what a Master Policy is in the context of general insurance, including group insurance policies for employees and property insurance contracts.
Learn about Medical Payments Insurance, an optional coverage in vehicle and liability insurance policies that covers health care costs regardless of fault.
Understand the concept of a minimum retrospective premium in liability insurance and workers compensation, which is the smallest amount payable by the insured under a retrospective rating plan.
Learn about the definition and implications of being a Named Insured within insurance policies. Discover who is listed, the protections offered, and scenarios where policy coverage extends to others.
Understand the diverse meanings of 'Net Premium' in general insurance, including premiums after agent commissions, expected future losses, and deducted dividends.
Learn about Noninsurance, a term referring to the complete lack of financial preparation for potential losses. Understand its implications in risk management and financial planning.
Learn about the term 'Participant' in the context of general insurance. Discover who is eligible to receive benefits from health, life, or pension plans.
Understand the role of peer review in health insurance, a process where medical treatments are evaluated by equally trained medical professionals to ensure quality and adherence to standards.
Explore the concept of portfolio return in reinsurance, which involves the reinsurance of a portfolio that was previously reinsured. Learn about its significance, processes, and regulatory implications.
Learn about retrocession in reinsurance, a transaction where a reinsurer cedes the reinsurance it has assumed to another reinsurer, diversifying risk.
Understand the concept of 'Single Limit' in general insurance terms, where coverage is expressed as a single amount. Learn how this term impacts your insurance policy.
Learn about specified causes of loss in vehicle insurance which covers specific perils such as flood, vandalism, or hail, and damage done to a conveyance moving the covered vehicle.
Learn about Third Party Administration (TPA) responsible for accounting, reporting for qualified plans, and acting as the liaison between employers and insurers.
Learn about capacity in general insurance terms, which defines the largest quantity of insurance or reinsurance available for purchase from one company or the entire market.
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 about the expense ratio in general insurance, which represents the portion of the premium dedicated to paying the insurer’s expenses, excluding losses.
Explore the concept of loading in general insurance, which accounts for the insurer's operating costs and potential unforeseen losses. Learn how loading impacts premium calculations.
Explore the concept of mortality savings in life insurance, which is determined by subtracting actual mortality experienced from expected mortality. Learn how it impacts insurance policies and premiums.
Learn about riders in general insurance terms—a document attached to a policy that changes coverage parameters, either by increasing or decreasing benefits, or excluding certain conditions from coverage.
Learn all about the short rate premium, its definition, and its implications in general insurance for policies issued for shorter terms than usual.
Discover how the statewide average weekly wage impacts workers compensation. Learn why it is updated regularly and how it helps to determine benefit amounts.
Learn about written premiums in general insurance, including how they represent the premiums paid on all policies an insurer has written during a specific time frame.
Explore the various ways life insurance policyholders can choose to receive dividends, death benefits, or nonforfeiture values. Find out which options best suit your needs.
Discover the principle of utmost good faith in insurance contracts. Learn how this legal doctrine ensures honest disclosure of facts and mutual intent to abide by contract terms.
Understand the purpose and importance of a valuation reserve in general insurance, ensuring liabilities and assets are appropriately valued.
Learn about the Valued Policy Law, which requires insurers to pay the face value of a policy upon total loss of a building. Understand its purpose and how it impacts insurance policies.
Understand the crucial role of an appointed actuary in general insurance, including responsibilities, and significance in documenting liability reserves.
Explore the concept of backdating in health and life insurance policies, and understand how adjusting the policy's effective date can result in premiums calculated for a younger age.
Understand the concept of Blanket Rate in Property Insurance, which involves premiums for covering properties at multiple locations under a single policy.
Explore what Class Rate means in Property Insurance and how it involves grouping risks of the same danger. Learn about its significance and application.
Discover the significance of a daily report in general insurance, a concise statement summarizing relevant policy details. Understand its role and why it's crucial for insurers, agents, and policyholders.
Explore what a declaration means in legal terms and its significance in liability and property insurance, detailing how it's a written statement of factual information.
Learn about group renewable term insurance, a life insurance policy that covers a specific period, typically a year, and is renewable at the end. Essential for understanding pension plans.
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.
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 term 'Insured' in general insurance terms. Discover who the policyholder or policy owner is and understand their role in an insurance contract.
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 about lost wages in general insurance, which refer to potential earnings the insured was unable to receive due to an injury or disability. Understand how this crucial term impacts insurance claims and financial planning.
