Explore the definition of limited health insurance, a type of health insurance policy that specifically covers certain illnesses or injuries as outlined in the contract. Learn about its features and coverage limits.
Discover everything about the Maximum Allowable Cost List in health insurance, a critical component that bases prescription reimbursement on generic drug costs.
Learn about nonadmitted reinsurance, its implications for ceding companies, and the importance of licensing in the jurisdiction where the business is conducted.
Learn about the preemptive right in general insurance terms, a provision that allows current stockholders to maintain their ownership percentage by purchasing newly issued stock before the public.
Learn about public assistance in the context of general insurance terms, detailing welfare services provided by state and federal government to the elderly, disabled, and low-income families.
Learn about Retrospective Rating, a unique insurance plan used by large entities where the final premium is calculated based on actual loss experience.
Learn about the unique position of a Broker Agent who acts as a broker for some insurers and an agent for others. Explore their responsibilities, dual roles, and how they differ from other insurance professionals.
Explore what vested commissions mean in general insurance. Learn how agents earn commissions on renewal business even after leaving the insurer.
Explore the definition of earned income in general insurance terms. Learn how the money a person earns from working at a job influences insurance policies and premiums.
Explore the concept of Past Service Liability, the starting value of a pension plan that consists of annuity credits vested before the effective date, and understand its implications in pension management.
Discover the essentials of business insurance, including health and life coverage for company principals. Learn how it safeguards your business assets and personnel.
Learn about dividends in general insurance terms, where an insurer returns part of the premium paid by an insured for a policy or part of a surplus paid to stockholders.
Explore the concept of moral hazard in insurance, where an insured's attitudes or morals lead to risky behavior. Learn with an example involving fraudulent claims.
Learn about Deposit Administration Liability, a group annuity allowing contributions to accumulate in an undivided account for retirement annuities.
Explore the concept of legislated coverages in general insurance, covering essential protections like Flood Insurance and Medicare. Understand how laws influence these mandatory insurance policies.
Learn about mixed insurers/companies in the insurance domain. Understand their structure of being owned by both stockholders and policyholders, and their scope in writing both life and health contracts.
Learn about the role of an umpire in property insurance, a crucial figure in helping claimants and insurers agree on the amount of loss. Understand the process and legal implications.
Reimbursement in general insurance refers to the re-payment of an amount already paid by the insured. Learn how it works and what it means for your insurance claims.
