Learn about Old Age Survivors Disability and Health Insurance (OASDHI), a system established by the Social Security Act in 1935 providing benefits for the elderly, disabled workers, and surviving dependents.
Learn about the open enrollment period in health insurance, during which you can switch plans without needing proof of insurability. Ensure you make informed decisions about your health coverage.
Discover what the Outline of Coverage in Health and Life Insurance entails. Learn about its role in summarizing benefits, coverage, exclusions, and premiums, and how it functions as a preliminary overview for insurance applicants.
Explore overage insurance, a specialized health coverage designed for individuals over 65, providing crucial health benefits even beyond the usual age limit.
Discover how overhead expense insurance safeguards business owners by covering rent, utilities, and employee salaries when they become disabled. Learn more about this crucial disability insurance.
Learn about paid-up insurance in life insurance policies, where all premiums are fully paid, guaranteeing coverage without further payments. Understand its significance and benefits.
Discover what a Parasol Policy is in liability insurance, how it differs from and complements existing property insurance by offering all-risk coverage with some exclusions.
Understanding Partial Loss in insurance: A loss that does not completely devalue or destroy the insured's property.
Discover Paymaster Robbery Insurance and how it safeguards against the loss of payroll funds due to robbery by the responsible custodian. Get in-depth insights into the benefits, coverage, and more.
Learn how a payment bond (Surety) guarantees that contractors will provide and pay for labor and materials on a project, protecting property owners from liabilities.
Understand the role of Peer Review Organizations (PROs), where physicians hired by the federal government review services provided to Medicare subscribers by Medicare-approved facilities.
Learn about the per cause deductible in health insurance, a requirement that benefits are only paid after the deductible for each incident is met, and how it impacts your coverage.
Learn about Per Risk Excess Reinsurance, where the insurer pays losses up to a specific limit, and the reinsurer covers the remaining loss up to the agreed limit.
Learn about ‘Peril’ in General Insurance terms, a potential cause of loss, and how it impacts your insurance policies. Essential knowledge for insurance education and risk assessment.
Personal Injury Protection (PIP) in vehicle insurance offers no-fault benefits in certain states, covering loss of income, medical costs, and accidental death. Learn about the essentials of this crucial insurance term.
Learn about 'Policy Anniversary' in general insurance terms. Discover its significance and where to find this crucial date in your insurance policy documents.
Understand the concept of Policy Year Experience, a method of assessing premiums earned and losses experienced during a 12-month policy term. Essential for anyone interested in general insurance terms.
Understand the mechanics of a Postdated Check Plan in life insurance, where premiums are paid via postdated checks. Explore how these plans work and their benefits.
Explore the concept of postmortem dividend in life insurance, a dividend paid out to beneficiaries after the insured person’s death. Learn its significance and implications in life insurance policies.
Learn about power interruption insurance, a critical policy that protects property owners against losses caused by power failures due to specified hazards.
Explore the essential aspects of power plant insurance, a specialized form of property insurance that protects power plants against various hazards specified in the contract.
Learn about the term 'Premises' in general insurance, which refers to the physical location covered by a policy. Understand what constitutes premises in property insurance for better coverage insights.
Learn what a probate bond (surety) is and its role in protecting assets during estate administration, as sometimes mandated by probate court.
Learn about the term 'Producer' in general insurance terms, which refers to a person who sells insurance, such as an agent.
Understanding Product Recall Insurance, a type of liability insurance that covers the costs involved in recalling defective or possibly defective products made by the insured.
Learn about the Prohibited List, also known as the undesirable list, which includes risks that insurers will not cover. Essential for understanding exclusions in general insurance.
Learn about prospective rating in general insurance, a method used to calculate future premiums based on past loss experiences.
Explore the benefits of quantity discounts in life insurance policies. Learn how purchasing a high face value policy can lead to significant savings.
Understand the quarantine benefit in health insurance, which compensates for time lost during quarantine enforced by health authorities.
Learn about Quota Share Insurance in Property Insurance, a type of contract where risks are shared between two policies based on a predetermined percentage.
Discover what a Rabbi Trust is in the context of pensions, its tax implications for employees, and why it is named after the first trust set up for a rabbi.
Explore the concept of rate discrimination in insurance, a practice now prohibited by state laws, which involved charging different rates to insureds with the same characteristics.
Learn about 'Rated' life insurance policies, which cost more due to the insured’s existing injuries or health conditions. Understand how rates are determined and what impacts your premiums.
Understand the importance of readjustment income in life insurance to support families after the loss of a primary wage earner. Learn how it facilitates financial stability.
Learn about realty, also known as real property, which includes non-movable property such as land, homes, and structures. A comprehensive guide to understanding this vital legal concept.
Understand the concept of recurrent disability in health and life insurance, including its definition, implications, and how it affects policyholders. Learn how recurrent disabilities are managed within insurance frameworks.
Learn about rehabilitation benefits under workers compensation, including physical and vocational rehabilitation to help injured workers return to the workforce.
Explore the concept of reinsurance assumed and learn about the premium amounts associated with the assumption of reinsurance in the insurance industry.
Discover the essential role of a Reinsurance Broker in placing risks for reinsurance on behalf of ceding insurers. Learn how these professionals ensure coverage continuity and risk management.
Learn about 'Rejection' in general insurance, which refers to an insurer's refusal to insure a given risk or the refusal to pay a submitted claim.
Explore the concept of representation in legal terminology, focusing on its importance in insurance applications. Learn how truthful declarations by potential insureds play a critical role.
Learn about residual income in health insurance, a crucial aspect of disability policies that provides benefits for partial disabilities. Discover how these stipulations work and their impact on policyholders.
Understand the 'Restoration of Benefits' clause in health insurance, which allows the insured's lifetime maximum benefit to be gradually restored annually after a claim.
Learn about retroactive conversion in life insurance. Discover how it allows the conversion of a term life policy to a cash value form with retrospective effect.
Learn about the role of a Risk Appraiser in Life Insurance. Discover how they screen applications, approve or decline policies, and recommend different options to applicants.
Understand the fundamentals of risk management in general insurance, including the assessment of potential losses and strategies to avoid, reduce, or transfer risk.
Learn about Risk Retention Groups, a type of liability insurer owned by policyholders sharing the same type of business and liability risks. Understand how they spread liability and finance liability differently.
Discover how salary savings insurance works, a life insurance policy paid for by payroll deductions. Learn how employers facilitate this benefit by deducting premiums from employees' paychecks.
Explore Savings Bank Life Insurance, a unique type of life insurance offered exclusively in certain states like Massachusetts, and sold by savings banks.
Learn about the Schedule Rating Plan in vehicle insurance, which allows adjustments based on specific features of commercial risks.
Learn about self-insurance, an alternative to traditional insurance used by large organizations. Discover how companies manage future risks by setting aside funds for anticipated and unanticipated losses.
Learn about Single Premium Policy in Life Insurance, its benefits, and how it works. Understand the single premium payment method and its advantages.
Learn about Social Security, a broad term referring to programs mandated by the Social Security Act of 1935 and its amendments. Understand Old Age, Survivors, Disability, and Health Insurance and how these programs assist the public.
Learn about special acceptance in reinsurance, where risks not automatically accepted through a reinsurance contract are taken on through a separate agreement.
Explore how a spendthrift clause in life insurance protects beneficiaries by preventing creditors from claiming benefits directly. Understand the legal implications and advantages.
Explore the concept of statutory reserve in general insurance, a legally required reserve to ensure the financial stability and integrity of insurance providers.
Discover the essentials of Stop Loss Reinsurance, a type of coverage where a ceding insurer is protected based on the losses incurred within a calendar year. Learn how this affects the financial stability and risk management of insurers.
Learn about strict liability in liability insurance, a form of liability that affects manufacturers and merchandisers due to defective products. Understand how liability applies without negligence and what is needed to prove a product is dangerously defective.
Learn about the strike through clause in reinsurance, a provision that ensures losses are managed even if the ceding insurer is unable to meet them, directing the reinsurer to pay the insured directly.
Explore the role and functions of a Sub Broker in reinsurance, an intermediary who assists the primary broker in acquiring necessary reinsurance placements.
Understand the concept of a subrogation waiver in property insurance, the importance of this waiver in policy agreements, and its implications on claim processes.
Understand the Sue and Labor Clause in Property Insurance that requires insured individuals to protect and salvage property. Learn about the responsibilities and importance of this clause.
Learn about supplemental contracts in life insurance, which specify how the proceeds of a life insurance policy will be settled. Discover the importance of these riders in ensuring clear and agreed-upon payout procedures.
Learn about the Surety Bond Guarantee Program administered by the Small Business Administration (SBA), which backs surety companies against losses under contract bonds for minority contractors.
Learn about the concept of surety in the insurance industry. Understand the role a surety plays in guaranteeing the performance of another party.
Understand the tax factor in liability insurance and how it impacts the overall premium. Learn how state taxes are covered through this essential component.
Learn about tenant’s policy, a specialized form of homeowners insurance designed for renters. Understand its coverage, benefits, and why it's essential for protecting personal belongings in a rental property.
Discover the intricacies of Time Element Insurance in Property Insurance, including how ongoing expenses from insured losses are managed and benefits paid out.
Learn about Triple Protection Life Insurance, a policy that combines whole life and term insurance for enhanced benefits. Perfect for those seeking comprehensive coverage.
Learn about the role of a Trustee in general insurance, who is responsible for managing the property of another individual or group.
Learn about Split Life Insurance, a unique coverage that combines installment annuity and term insurance. Understand how premiums determine the amount of insurance purchased and explore its benefits and uses.
Learn who a tortfeasor is in legal terms, the individual responsible for committing a tort, and their role in legal proceedings.
Learn about adjustment income in life insurance, a crucial benefit designed to provide financial support to beneficiaries following the death of the primary wage earner.
Discover what Asset Depreciation Risk is in the context of general insurance, including its implications and how it can affect the market value of a company's assets over time.
Learn about aviation accident insurance, a specialized form of life insurance that provides coverage for passengers or pilots on regularly scheduled airlines. Discover how this insurance works and its benefits.
Discover what Basic Limit means in general insurance. Learn about the minimum amount for which a liability policy can be written and how it impacts your coverage.
Learn about blending in life insurance, the process of combining a term life insurance policy with an ordinary life insurance policy to create a unique coverage plan.
Explore Blue Cross Health Insurance, a hospital expense plan that provides coverage for hospital treatment with specific restrictions. Learn how Blue Cross and Blue Shield operate under the same federation, with Blue Cross covering hospital expenses and Blue Shield covering medical and surgical costs.
Learn about bonds in general insurance - a contract between a principal, surety, and obligee that provides financial protection. Understand the roles and responsibilities involved.
Learn about the book value, which refers to the cash value of a company's assets as listed on its accounting records. Essential for understanding financial health in general insurance.
An in-depth explanation of Business Risk Exclusion in General Insurance, highlighting omitted coverage for sub-par products that fail to meet promised standards.
Learn about chargeable incidents in vehicle insurance, where the accident is faulted to the insured driver and impacts their driving record.
Learn about co-pay in health insurance, where the insured pays a portion of the cost for services, and the provider covers the remaining balance.
Learn about the coinsurance limit in general insurance terms, specifically the coverage mandated by the coinsurance clause in an open stock burglary policy.
Learn about combination policies in vehicle insurance, a once common type of policy formed by multiple contracts from various insurers.
Learn about the corridor in universal life insurance, its role in maintaining life insurance status for tax purposes, and its significance for policyholders.
Discover what currently insured status means under Old Age, Survivors, and Disability Health Insurance, and how it affects survivor benefits for dependents.
Learn about the insurance deductible, a crucial aspect where insured parties pay a portion of the loss before the insurer covers the claim. Crucial knowledge for policyholders.
Explore the concept of Direct Written Premium in Liability and Property Insurance, which represents the collected premiums before deductions for reinsurers. Learn its significance in the insurance domain.
Learn about disability benefits, which provide financial support to individuals deemed partially or totally disabled. Explore policies and clauses in health and life insurance.
Learn about Disability Income Insurance, a type of health insurance that provides financial support when you are unable to work due to sickness or injury. Explore how it helps replace your regular income.
Learn about dismemberment benefits in health insurance, including how these benefits are paid out upon the dismemberment of the insured.
Explore the drug price review process in health insurance, using the American Druggist Blue Book to determine wholesale medication costs and set maximum drug prices.
Explore the importance of Druggists' Liability Insurance, which protects pharmacists from legal claims related to prescription filling errors and unfulfilled drug deliveries.
Learn about eligibility periods in health insurance, the time frame during which medical costs are reimbursed and when prospective insureds can enroll without proving insurability.
Learn about eligible expenses in health insurance—medical costs or other charges that are covered under the health plan contract.
Learn about what constitutes an emergency in health insurance, defined as an illness or injury with a sudden onset that requires immediate medical attention.
Explore the key features of employee benefit programs, focusing on employer-provided health and life insurance to cover medical care, death, and disability expenses.
Learn about Employees Trust (Pensions), a financial vehicle for funding pensions and profit-sharing plans, benefiting employers and employees.
Learn about Employer's Non-Ownership Liability Insurance, covering the employer from liability when employees use their personal vehicles for business purposes.
