Understand the role and definition of a Manager in general insurance terms, including their responsibilities, salary structure, and impact on business volume within an insurance agency's branch office.
Understanding nuisance value in general insurance, an amount the insurer pays to settle a claim more for convenience than its validity.
Explore the concept of pilferage in general insurance terms, particularly in marine insurance forms. Learn what pilferage means and how it applies to theft of items of little worth.
Learn about the term 'Primary Insurer' in reinsurance, also known as the ceding company. Understand their role in transferring risk to reinsurers.
Learn about reciprocity in reinsurance, where ceding companies and reinsurers engage in reciprocal insurance placement for mutual benefit.
Understand the term 'Schedule' in both Property and Health Insurance. Learn how it lists covered items, procedures, and their costs for comprehensive insurance coverage.
Learn about subject premium in the context of reinsurance, including how the ceding insurer's premium is used to calculate the reinsurance premium by applying the reinsurance factor.
Learn about survivorship benefits in life insurance, including how funds are used to support annuitants living longer than expected and the role of premiums from deceased annuitants.
Learn about temporary agent licenses in the insurance industry, including their purpose and typical duration, especially in cases involving deceased, disabled agents, or active duty military personnel.
Learn about appraisal in general insurance terms—a crucial assessment to determine the value of an item or property for adequate insurance coverage or replacement value.
Learn about the term 'Debit' in general insurance, which refers to the outstanding premiums and areas managed by debit or home service agents. Gain insights into how it affects insurance collection practices.
Learn about examination, an essential evaluation conducted by the state insurance department of an insurance company, its significance, and its impact on insurance practices.
Learn what Index Bureau Experience means in the context of general insurance and how it helps track losses from claims over a year.
Learn about limitations in general insurance, including limits of liability and exceptions to coverage, and how they affect your insurance contracts.
Explore the concept of ownership in life insurance, defining control over benefits and privileges and explaining ownership transfer.
Explore the payor benefit provision in juvenile policies for liability insurance, which ensures premium waivers if the responsible person becomes disabled or passes away.
Learn about 'Remainder' in reinsurance, the amount of risk remaining after a ceding company deducts its retained portion.
Learn about the war clause in health and life insurance policies, which excludes coverage for losses caused by acts of war.
Learn about Waiver of Restoration Premium, a clause that restores coverage without an additional premium. Understand its significance in general insurance.
Learn about apportionment, a crucial method in general insurance for dividing a claim among multiple insurance companies, ensuring fair distribution and clarity in settlements.
Learn about aviation exclusion in life insurance policies, a clause noting non-coverage for incidents involving non-commercial flights such as small-plane crashes.
Explore the concept of the Burning Cost Ratio in reinsurance, understanding its definition, calculation based on different reinsurance policies, and its crucial role in assessing insurer liabilities and premium income.
Learn about Cargo Insurance, a type of Property Insurance that covers your cargo during transportation. Understand its benefits and how it can safeguard your valuables on the move.
Learn about what a ceding company is in the realm of reinsurance, including its role in transferring insurance policies to another insurance company.
Learn about the choice no-fault plan in vehicle insurance, where a vehicle owner opts for the no-fault coverage provided by the state. Discover how it impacts your car insurance.
Learn about Completed Operations Insurance, a form of liability insurance that covers contractors for accidents and damages occurring after project completion.
Learn about controlled insurance, a type of insurance policy influenced by agents or brokers rather than by standard agreements. Discover its implications and how it differs from other policy types.
Learn about covered loss in general insurance, including the types of loss an insurer will pay for under a policy, such as death, injury, property damage, loss, or automobile collision.
Understand the importance of Credit Health Insurance, a group insurance covering creditors in case of debtors' total disability. Learn how this form of disability income insurance works.
Learn about deferred vesting in life insurance, where rights to the benefits are attained after meeting specific requirements. Enhance your knowledge about vesting schedules and their significance in insurance.
Learn about the delay clause in life insurance policies, which prohibits liability for damages or loss due to delayed travel. Understand its implications and protect yourself effectively.
Learn how Depositor’s Forgery Insurance shields you from financial losses due to forged or altered financial instruments like checks or promissory notes.
Explore the meaning of a domestic insurer which refers to an insurance company established in the same state it operates. Learn more about its regulatory environment and role in the local insurance market.
Understand the Eligibility Date in health insurance: the crucial date when insured individuals can start receiving benefits. Learn more about how this date impacts your health insurance claims and coverage.
Learn about the evidence clause in general insurance. Understand its significance, the obligations it places on the insured, and how it aids claim legitimacy and investigations.
Understand Extended Period of Indemnity in Property Insurance and how it extends existing lost income coverage for a specified period post business resumption.
Learn about extra premium removal in general insurance, the conditions for elimination of an extra premium, and its implications for policyholders.
Learn about group property and liability insurance policies that provide extensive coverage similar to group life insurance. Understand its benefits and applications.
Understand the importance of license and permit bonds, mandated by governing jurisdictions to ensure compliance in various occupations, such as plumbers.
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.
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 the net level premium reserve, the crucial reserve an insurer must maintain to pay net level policies in their later years efficiently.
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.
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.
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.
Learn about the role of a special agent in general insurance, their responsibilities, and how they represent insurers in specific territories.
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.
Discover the fundamentals of Treaty Reinsurance, an automatic contract defining conditions for reinsuring classes of business, optimizing your reinsurance strategies.
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 coinsurance percentage in property insurance, a critical condition influencing coverage and potential penalties for underinsurance.
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 the significance of policy delivery in health and life insurance. Understand the process and its importance in ensuring insurance coverage.
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 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.
Explore the concept of legal liability in the insurance domain. Learn about liabilities that arise from negligent actions rather than contracts.
Learn about the loss constant in general insurance, an amount aimed to offset larger-than-average losses for smaller risks within the same classification.
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.
Explore the concept of losses incurred in general insurance, a measure of the insurer's losses, both paid and unpaid, in a specified time frame.
Learn about multiple funding in pension plans, utilizing a separate fund and insurance cash values to secure retirement benefits.
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.
Learn about personal lines in general insurance, which include coverage options like health insurance and homeowners insurance for individuals and families.
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 voluntary reserves in the insurance sector, a type of reserve not legally mandated but crucial for financial preparedness and stability.
Discover the ins and outs of Warehouse to Warehouse Coverage, a key stipulation in marine coverage forms that protects your goods from the shipper's warehouse to the consignee’s warehouse.
Discover the benefits of Wrap-Up Liability Insurance, a plan designed to cover all liability risks for large amounts, typically tailored for extensive projects or multiple contractors.
Learn about Cross Purchase Agreement in the context of pensions. Understand how this contract facilitates the buyout of a deceased or permanently disabled partner's interest to maintain business stability.
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 fiduciary in insurance, their responsibilities, and the legal obligations to act ethically when handling the money or property held in trust.
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.
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 voidable policies in general insurance, a type of policy that can be voided by either party involved in the contract. Explore how it impacts both insurers and policyholders.
