Learn about the Cromie Rule, a crucial technique in property insurance for apportioning loss when policies have nonidentical coverage. Understand its significance and application in the insurance industry.
Explore cumulative liability in reinsurance, how it impacts reinsurers, and its significance in the event of a disaster. Understand the total accumulated liability from policies affected by the same disaster.
Learn about custodial care in health insurance, which includes assistance with personal activities such as eating, bathing, and dressing. This care is given per doctors' orders and does not require a medical professional.
Learn about customized coverage in health insurance, which tailors policies to fit individual needs by combining different types of coverage.
Learn about 'Cut off' in reinsurance, a key stipulation in contracts, outlining that reinsurers are not liable for losses from events post-termination.
Explore the Death Benefit Only Plan, a life insurance/pension scheme where a portion of the insured's salary is collected for payout in the event of their death.
Discover the essentials of decreasing term insurance in life insurance. Learn how a level premium works with a gradually reducing death benefit in this type of policy.
Explore the concept of Deep Pockets Liability, also known as joint-and-several liability, where damages can be obtained from co-defendants based on their ability to pay rather than their level of negligence.
Learn about deferred annuity, a financial product designed to begin payments at a later date, and explore its benefits, uses, and how it differs from immediate annuities.
Learn about the delayed payment clause in life insurance plans, detailing how payouts to beneficiaries are managed in case of common disasters or other specific circumstances.
Learn about the Demolition Clause in Property Insurance, a provision that prohibits liability for demolition costs of undamaged property. Essential for property owners and compliance with building ordinances.
Learn about Dental Plans in health insurance, contracts for dental care either on a prepaid basis or paid afterward, available for individuals and groups.
Learn about Dental Plan Organizations (DPO) in health insurance. Understand their role in providing dental care through agreements with providers.
Learn about the role of a Designated Mental Health Provider in health insurance policies and how they deliver mental health services through medical plans.
Explore the role of the Director of Insurance, the key leader in state insurance departments responsible for regulating and overseeing insurance practices.
Learn about the disappearing deductible in property insurance, where the deductible decreases as the loss amount increases, providing full coverage for larger losses.
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.
Understand the concept of double protection in life insurance, a contract that merges whole life insurance and term life insurance, offering enhanced security until the expiration of the term policy.
Understanding Earned Premium: The portion of an insurance premium exhausted during the policy's term. Learn how it affects policy accounting and coverage.
Understand the Electrical or Electrical Apparatus Exemption Clause in Property Insurance. Learn how damage to appliances caused by electrical currents is covered only if a fire begins.
Explore the essential aspects of Employee Welfare Benefit Plans, including their role in providing medical care, benefits upon illness, death, or unemployment. Ideal for employers seeking to understand their obligations.
Learn about Equipment Floater in property insurance, providing coverage against specific types of damage on various kinds of equipment. Protect your assets with the right insurance.
Discover what Errors and Omissions Insurance (Liability) covers, whom it benefits, and why financial advisors and insurance agents need it. Learn how it protects against losses from mistakes and inadequate insurance coverage in financial institutions.
Learn about the estate plan in general insurance, including wills and provisions for distributing one's estate upon death or disability. Find out why having an estate plan is crucial.
Discover what excess insurance means in general insurance terms. Learn how it acts as a secondary coverage that pays beyond the primary policy once a specified amount is exceeded.
Discover how experience modification impacts your insurance premiums. Learn about experience rating plans and how they can increase or decrease your insurance costs.
Learn what Expiry means in Life Insurance, focusing on the conclusion of a term life policy at the end of its coverage period.
Learn about Extra Expense Insurance, a vital form of Property Insurance that compensates for costs associated with keeping a business operational after damage from a covered hazard.
Learn about the Family Automobile Policy (Vehicle Insurance), which provides coverage for injury or property damage to another person, the policyholder's injury, and vehicle damage. Discover why it has been widely replaced by personal automobile insurance policies.
Learn about the farm coverage part in commercial package policies that ensures the protection of farmland, equipment, and livestock through property and liability insurance.
Learn about financed premium in life insurance, where policy premiums are paid using money borrowed from external sources. Understand the implications and nuances of financing life insurance premiums.
Explore the ins and outs of the fire damage limit in liability insurance. Understand how this specific limit applies to fire legal liability coverage and its implications for policyholders.
Learn about the first named insured, the primary individual listed on a commercial insurance policy, and their role and responsibilities.
Learn about Foreign Insurer, an insurance company based in a different state from where the insured's policy is written.
Learn about what a fully paid policy in life insurance entails, including how a limited payment policy works and the benefits of having a 30-pay life insurance policy.
Learn about the General Property Form in property insurance, a widely used commercial insurance form that protects property from specified risks.
Learn about the good driver discount in vehicle insurance, including the criteria to qualify and the benefits it offers to safe drivers. Discover how maintaining a clean driving record can lower your premiums.
Learn how Group Credit Insurance offers protection for debtors by paying or reducing the debt in the event of disability or death. Explore the benefits for both health and life insurance.
Learn about group health insurance, a policy where many individuals, often employees of a single business, are covered under one contract. Explore the benefits and key features of group health insurance plans.
Explore the Guertin Laws in Liability Insurance, established in 1947 for standardizing nonforfeiture and valuation regulations, named after Alfred Guertin from the NAIC committee.
Understand the concept of Highly Protected Risk (HPR) in property insurance, highlighting its significance for buildings with above-average construction and fire sprinklers.
Understand what a hold harmless agreement is in liability insurance. Learn how one party can assume inherent risks, removing potential liability from another party.
Hospital income insurance provides a steady income while an individual is hospitalized, ensuring financial stability. Learn how this insurance covers hospital expenses and other needs.
Learn about hospitalization expense policies in health insurance, providing coverage for inpatient stays, emergency care, surgical costs, and more. Ensure your medical needs are met with adequate coverage.
Learn about the house confinement clause in health insurance policies, predominantly found in loss of income policies, which requires the insured to be confined at home to be eligible for coverage.
Learn about incidents of ownership in liability insurance, including policy owner rights such as choosing a new beneficiary. Ensure you fully understand your policy's terms.
Learn what increased hazard in property insurance entails, including examples and potential risks. Discover how storing risky items can impact your insurance coverage and premiums.
Learn about inflation guard coverage in property insurance, a critical feature that periodically increases your coverage value to match the rising costs of building materials.
Understand the concept of inherent explosion in property insurance, where an explosion occurs due to a situation that exists organically at the insured's premises, like a fireworks factory.
Learn about the Insolvency Clause in Reinsurance, a crucial stipulation ensuring that the reinsurer remains liable for their share of losses even if the insurer becomes financially insolvent.
Learn about inspection in general insurance, a critical process involving the verification of facts about policyholders, claimants, or new applicants by a commercial agency.
Learn about the installment refund option in annuities, an option that ensures continued payouts even after the annuitant's death, until the purchase price is fully refunded.
Understand the concept of installment settlement in liability insurance, where policy benefits are paid in installments rather than a lump sum.
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 significance of an insurance license, a state-issued document that authorizes individuals to operate as agents or insurers in the general insurance domain.
Learn about insured plans for pensions, where an insurance company guarantees your retirement benefits. Understand the workings and advantages of such plans.
Learn about Jewelers Block Insurance Policy, a specialized property insurance that covers the valuables of jewelers and those in their care or custody against potential losses.
Understand the implications of a lapsed policy within general insurance terms, including causes, definition, and potential impacts on policyholders.
Discover the concept of leader location in property insurance. Learn how this important term relates to business income insurance and how it affects dependent properties.
Discover the workings of the level commission system in general insurance, where new and renewed contracts attract the same commission percentage.
Learn about life insurance trusts, where a trust company is named as the beneficiary of a life insurance policy. Understand the benefits issued under such agreements.
Learn about the 'Limit of Liability' in liability insurance, which defines the maximum benefit an insurer is liable to pay. This crucial contract term can impact your coverage and financial protection.
Learn about Limited Payment Life Insurance, where premiums are only paid for a specified number of years but the coverage lasts for the insured's lifetime. Ideal for financial security and budgeting.
Learn about Limited Payment Whole Life Insurance, a policy that allows the insured to complete premium payments in a shorter timeframe compared to traditional whole life insurance.
Learn about limited theft coverage endorsement in property insurance that protects occupants who are not the owners. Explore its benefits and why it's essential for renters.
Understand the term 'Line' in general insurance, its various applications, and how it relates to specific types of insurance, policy grouping, and coverage amounts.
Discover what a line sheet is in the context of general insurance terms, and learn how it assists ceding companies in determining liability limits for various risks.
Explore the concept of Long Term Disability in Health Insurance, where disability conditions persist over a long period of time, and understand its impacts and coverage options.
Learn what loss frequency means in the context of general insurance. Discover how frequently losses occur within specific time frames and its significance in risk assessment and policy pricing.
Understand the concept of loss of market in property insurance, including the common exclusions as a standard business peril.
Learn about loss severity in general insurance, which refers to the amount of a loss in financial terms. Understand how it impacts insurance claims and overall risk management.
Learn about the concept of Lost Policy Release, a statement signed to release an insurer from a lost or misplaced contract during policy replacement.
Learn about malpractice insurance (liability insurance) that protects medical practitioners from claims of malpractice, covering damages and legal defense.
Learn about the role of a Map Clerk in property insurance, including their responsibilities in tracking insurer exposure and entering data on maps.
Explore the concept of market risk in general insurance, focusing on the potential losses associated with investments and understanding that no investment is guaranteed.
Learn about mature policies in liability insurance, which refer to claims made policies that have been active for at least five years without lapses. Explore the impacts on rating credits and policy benefits.
Learn about the role of a medical examiner in health and life insurance. Discover how they conduct examinations for prospective insured individuals.
Learn about medical expense reimbursement plans and how they provide reimbursement for specified health care-related expenses for employees.
Discover what medically necessary procedures or treatments mean in health insurance, emphasizing their critical role in patient care and the consequences of neglect.
Learn about mercantile risk in property insurance, focusing on the unique risks faced by retail or wholesale businesses as opposed to manufacturing or service industries.
Learn about the Million Dollar Round Table (MDRT), an exclusive association for life insurance agents who qualify through exceptional sales and membership in the National Association of Life Underwriters.
Explore the concept of Minimum Deposit Policy in life insurance. Learn about first-year loan values, policy benefits, and why it is not commonly implemented.
Understand mobile agricultural machinery and equipment coverage form in property insurance. Learn how this coverage protects farm machinery and equipment under a commercial property form.
Learn about mobile home policy, a type of homeowners insurance specifically designed for mobile homes in permanently fixed locations.
Discover what the mortality rate in life insurance means, how it's calculated, and its significance. Learn about crude mortality rates and age-specific adjustments in the context of life insurance.
Learn about the National Safety Council, a nonprofit organization established in 1913 to distribute safety education materials. Understand its role and significance in promoting safety education.
Learn about the net increase in life insurance, a crucial metric for determining the amount of new policies and renewals minus lapses or cancellations. Understand how insurers use this calculation to gauge business growth.
Learn about Net Quick Assets, often referred to as working capital, and understand their importance in the surety bonding process for contractors. Discover how the calculation is made and why it's crucial for bond approval.
Learn about the New York Standard Fire Policy, a foundational property insurance contract that covered fire and lightning losses and served as a precursor to modern insurance forms.
Learn about newly acquired autos in vehicle insurance, coverage details, and notification requirements. 30-day rule for informing insurers about new vehicle purchases.
Explore what a Newspaper Policy in health insurance entails. Learn how these limited policies, often sold through newspaper advertisements, aim to boost circulation while offering basic health coverage.
Learn about non-occupational policies in health insurance, which exclude coverage for work-related injuries but are supplemented by workers' compensation.
Learn about nonconcurrency in property insurance, a situation where multiple policies covering the same property do not provide the same amount of coverage. Understand the risks and implications of being underinsured.
Learn about nonduplication of benefits in health insurance, also known as coordination of benefits, where benefits do not cover losses already being covered by another party.
Understand what a Nonparticipating Policy in general insurance means. Learn why these policies do not pay dividends to the policyholder and how they differ from participating policies.
Learn about nonparticipating providers in health insurance, including what it means for a provider to not participate in Medicare or health plans.
Learn about the Noon Clause in Property Insurance, a clause that specifies coverage start time at noon. Discover why this clause is rare and how most modern policies now start at 12:01 a.m.
Learn how numerical rating in life insurance is used to determine the policy rates for substandard insureds. Understand the system of adding values to a standard risk of 100 to establish the appropriate rate.
Discover the role of an obligee (surety) in the context of bonds and insurance. Learn how it compares to the insured in an insurance policy and understand its importance.
Learn about the Occupational Safety and Health Act (OSHA), a federal statute enforced by the Labor Department to uphold safety and health standards nationwide. Understand the role of safety inspectors and the importance of injury statistics records.
