Learn about guaranty funds, also known as insolvency funds, mandated by state law to protect policyholders when insurers are unable to cover debts or unpaid claims.
Learn about Guest Law, a legal principle that limits the rights of automobile passengers in negligence claims against drivers. Understand the requirements and implications of proving willful and wanton negligence.
Discover the essentials of health insurance, including commercial, private noncommercial, and social insurance classifications. Learn how these plans cover or share healthcare expenses.
Discover the HR-10 Pensions, also known as the Keogh Act Plan. Learn how this retirement plan benefits self-employed individuals by providing tax advantages and retirement savings options.
Learn about the illegal occupation provision in health insurance policies. Discover how this clause excludes coverage for losses due to criminal activities or working in illegal occupations.
Understand impaired risk in health and life insurance — a term describing individuals in less-desirable conditions, such as health insurance applicants with multiple heart attacks.
Understand what in-area services mean in health insurance, focusing on the health care services provided within a designated geographical area as per the contract terms.
Learn about independent adjusters in general insurance, their roles, responsibilities, and how they operate as independent contractors for various insurers.
Discover the benefits and workings of an Individual Contract Pension Trust, where insurance and annuity contracts are held by a trust for employees. Ideal for understanding pension plans tailored to policyholders.
Discover what an Individual Risk Premium Modification Rating Plan is in general insurance terms. Learn how this plan allows modification of premiums based on individual risk assessments.
Discover the significance of the Initial Eligibility Period in Health Insurance, allowing prospective insureds to apply for coverage without proving insurability.
Learn the criteria for an insurable risk, including accidental loss, predictable group of risks, and the ability to calculate the probability and cost of a loss.
Learn about the Insurance Guaranty Act, which ensures policyholders are protected in case their insurer becomes insolvent. This crucial act provides the necessary funds as a guaranty.
Learn about the role of an insurer, also known as a carrier or company, in an insurance contract. Discover how insurers indemnify losses for insured parties.
Learn about the Integrated LTC Rider in health insurance policies, which states that Long-Term Care (LTC) benefits will reduce the policy’s other benefits if paid out.
Learn about Interest Adjusted Cost in life insurance—a method that considers the interest your premium payments could have accrued if invested. Get insights on how this calculation reveals the true cost of your life insurance policy.
Explore how an interline endorsement can influence multiple aspects of a commercial package policy. Understand its importance and applications in general insurance terms.
Learn about the significance of an intermediate report in health insurance and workers' compensation. This key document provides updates on the condition of individuals with ongoing disabilities.
Learn about issued business in life insurance, which refers to contracts that have been written but not yet agreed to by the insured. Discover the significance and process.
Understand the role of a Joint Insured in a joint life insurance contract. Learn who qualifies as a joint insured and the advantages of such policies.
Discover the benefits and details of the joint-survivor option in annuities, ensuring continued income for beneficiaries after the annuitant's death.
Explore what Legal Hazard means in the insurance domain, understanding how a rise in the chance of a loss due to legal action impacts risk management.
Learn about legend drugs, which are medications that require a prescription according to federal law. Understand their significance in health insurance.
Explore the life income option in liability insurance, where the beneficiary receives installments for life, regardless of principal exhaustion.
Learn about Life Paid Up at Age (Life Insurance), a policy offering lifetime coverage with premiums that stop at a predetermined age, securing lifelong protection without lifelong payments.
Discover the importance of 'Lines' in reinsurance agreements, specifically focusing on the amount a reinsurer agrees to accept in a surplus treaty.
Learn about the liquidation of an insurer, a process undertaken when an insurance company can no longer meet financial obligations and faces unavoidable dissolution.
Learn about livery use in vehicle insurance, where rented vehicles are used to carry passengers, and why it's commonly excluded from standard automobile insurance policies.
Understand the concept of a Living Benefits Rider, a significant health insurance rider offering long-term care benefits for terminally ill insured individuals when attached to a life insurance contract.
Understand the Major Hospitalization Policy in Health Insurance, which offers extensive coverage for expenses incurred from the point of hospitalization. Learn how this policy helps in mitigating healthcare costs.
Learn about the master contract in pensions, which is the agreement provided to employers for their employees under a group contract. Explore its significance and implications.
Learn what it means for a life insurance policy to mature, including when the face value is paid out, typically upon the insured's death.
Learn about Maxi Tail in liability insurance—a crucial option providing extended reporting period for claims post expiration of a claims-made liability policy.
Discover what medical supplies are deemed necessary for the treatment of illnesses or injuries and how they are covered under health insurance policies.
Medicare is a government-run and funded health insurance plan that covers hospital and medical costs for individuals typically older than 65. Learn about Part A and Part B options.
Learn about Member Certificate in Health Insurance, which is synonymous with a Certificate of Coverage. Understand its importance and uses.
Learn about the essential supplies needed to treat mental illness, substance abuse, and alcoholism, covered under health insurance.
Exploring the term 'Modified' in general insurance, which refers to a premium that has been adjusted from the standard premium on similar policies. Learn about its implications and contexts where it is commonly used.
Explore the concept of Monthly Debit Ordinary Status Cards in life insurance, which indicates monthly debit ordinary business that is still in force and which has lapsed.
Discover the definition and significance of the mortgage clause in property insurance, a key feature in direct damage policies for mortgaged properties.
Learn about Mutualization in General Insurance. Discover how converting a stock insurer to a mutual insurer works through the process of retiring stock. Essential information for insurance professionals.
Learn about net cost in general insurance, including how total premiums paid minus cash value and dividends impact your policy over time.
Learn about the concept of Net Rate in Liability Insurance, how premiums are calculated after dividends, and its significance in nonparticipating policies.
Learn about nonassessable insurance policies where the premium remains fixed and cannot be increased. Understand how these policies work in the realm of general insurance.
Learn what a nonassignable insurance policy is, its restrictions, and why the majority of policies are nonassignable. Understand the implications for the policy owners.
Learn about noncontributory health and life insurance where the employer covers the full premium, relieving employees from any contribution. Ideal for understanding employer-sponsored insurance benefits.
Explore the meaning of nonrenewal in general insurance terms, where either the insurer or the insured refuses to renew coverage at the policy’s expiration date or anniversary.
Learn about the role and requirements of a nonresident agent in the insurance industry, including licensing and state-specific regulations.
Explore the definition and implications of a nonvalued policy within general insurance terms. Learn how these policies operate without specifying an amount for a loss payment.
Learn the meaning and importance of the term Not Otherwise Classified (NOC) in liability insurance and workers compensation. Discover how it applies when insured parties cannot be otherwise classified.
Learn about the notice of cancellation in general insurance, including details on written notification of imminent cancellation from either the insured or the insurer.
Discover what an Occupational Manual is in the realm of general insurance terms. Learn how it classifies various occupations for better risk assessment and insurance coverage.
Learn about the term 'Offeror' in the context of general insurance terms. Discover what an offeror is and their role in the insurance process.
Learn about the Office Burglary and Robbery Policy – a specialized insurance coverage designed for offices to protect equipment and supplies against criminal activities. Discover how this policy includes a package of crime coverages with low limits.
Explore the concept of Old Line in Life Insurance, emphasizing non-fraternal insurers operating based on legal reserve requirements. Gain insights into its significance and impact.
Discover what Open Perils in property insurance entail. Learn about insurance covering any peril causing loss or damage, excluding those explicitly excluded.
Learn about ordinary agency in life insurance, focusing on agencies that deal exclusively with ordinary life insurance policies.
Discover the significance of the ordinary register in life insurance. Learn how it operates as a crucial record book for listing data on ordinary policies within an agent's account.
Learn about the Pair and Set Clause in Property Insurance, which dictates a fair assessment when part of a pair or set is lost or damaged, and the insurer's responsibilities.
Understand the concept of Particular Average in Property Insurance, a type of partial loss due to water transportation that falls on the property owner.
Learn about the 1869 Paul vs. Virginia decision, where the US Supreme Court ruled that insurance is not commerce and thus not federally regulated, a stance reversed in 1944.
Learn about payroll deduction insurance, where employees authorize their employers to deduct life insurance premiums from their paychecks. Understand how this convenient method works to secure continuous coverage.
Explore the concept of percentage participation in health insurance, detailing how insurers and insureds share the cost of claims based on agreed terms.
Learn about physical damage in vehicle insurance - covering collision, theft, and other insured perils. Understand how policies protect against property damage and ensure your vehicle is covered.
Learn about the physician contingency reserve in health insurance, a fund composed from claim deductions aimed at motivating appropriate healthcare provision.
Learn about Physicians and Surgeons Professional Liability Insurance, covering physicians in malpractice lawsuits and legal actions related to malpractice accusations.
Learn about policy proceeds in life insurance, including the payout at death or maturity, dividends on deposit, and extra insurance purchased with dividend amounts.
Understand the pollution liability coverage form, a commercial liability insurance component that addresses clean-up costs for pollution incidents.
Learn about pre-admission authorization in health insurance, a required step for obtaining insurer approval before hospitalization.
Discover what preferred risk means in general insurance. Learn how it differs from standard risk and how it affects premium rates.
Learn about Preliminary Term insurance coverage, its purpose, and how it provides short-term protection until your long-term policy's anniversary date.
Understand what a premium loan is in the context of general insurance terms. Learn how insurers provide these loans and the security involved.
Learn about the role of a Primary Care Physician (PCP) in health insurance, how they provide primary medical care, and when they refer you to specialists.
Learn about the principal sum in health and life insurance, the total amount paid for accidental death, and the percentage paid for dismemberment.
Learn about pro rata cancellation in insurance, where premiums are adjusted based on the time the contract has been in effect. Understand how it affects your insurance policy.
Understand the Pro Rata Liability Clause in general insurance. Learn how this clause ensures that losses are paid proportionally based on the coverage provided.
Understand the concept of Probable Maximum Loss (PML) in property insurance, the largest loss that can be expected if all mitigating measures, like smoke detectors, work as intended.
Learn about Professional Corporation, a unit that offers professional services such as healthcare, within the context of general insurance terms.
Learn about Professional Liability Insurance, also known as malpractice insurance or errors and omissions insurance, and why it's crucial for professionals across various industries.
Learn about Profit and Commissions Insurance, a type of property insurance tailored for individuals whose income is reliant on commissions or profits tied to particular properties. This insurance safeguards against loss of income due to property damage.
Learn what promulgate means in the context of general insurance. From the development to the publishing and enforcement of insurance rates, and its relevance to publicizing legal orders.
Explore the concept of prospective reimbursement in health insurance where providers receive annual payments based on previously established rates. Learn how this system impacts healthcare providers and patients.
Learn about provisional rates in general insurance—temporary rates that can be adjusted at a later time. Understand how provisional rates work and their importance in insurance policies.
Explore Public Liability Insurance, covering bodily injury and property damage liabilities. Essential for protecting your business from legal actions brought by the public.
Learn about Quality Assurance in health insurance, the essential process of reviewing and enhancing the quality of health services and coverage. Discover its importance and methodologies.
Understanding the concept of Quid pro quo in insurance, where items of value are traded to form a valid contract.
Learn about Radioactive Contamination Insurance, a specialized property insurance covering risks of radioactive contamination. Understand its qualifications and exclusions.
Learn how reduced paid-up insurance in life insurance works, allowing the policyholder to use cash value to purchase the highest amount of paid-up insurance possible, offering sustained coverage.
Reduction in insurance refers to the lessening of benefits paid out under a policy due to certain conditions. Learn more about this important general insurance term.
Learn about refund annuities, a type of annuity that ensures a refund to the named beneficiary if the annuitant dies before receiving benefits equal to the total paid premium.
Learn about the Rehabilitation of Insurers, a regulatory process aimed at restoring financially troubled insurers to solvency. Explore the steps involved and its significance in the insurance industry.
Learn about reinsurance, a crucial insurance mechanism that helps ceding companies transfer risks to reinsurers, ensuring financial stability and reducing large losses.
Learn about 'Replacement' in general insurance terms, where a new policy is written to take the place of an existing policy. Understand the implications and benefits.
Discover how the Reporting Form in Property Insurance enables insured individuals to update insurers on the fluctuating values of stocks, furniture, and home improvements, ensuring accurate coverage.
Learn about Retroactive Date in Liability Insurance, its significance in claims-made policies, and how it affects the coverage start date and claim eligibility.
In health insurance, the term 'revenue' is often used interchangeably with 'premium.' Learn about the importance of premiums and how they impact your health coverage.
Learn about the Risk and Insurance Management Society (RIMS): a pivotal group fostering education and communication among risk managers and insurance buyers in the insurance industry.
Learn about the Safe Driver Plan in vehicle insurance, where points are assessed for accidents and traffic violations, affecting your insurance surcharge.
Learn about the Securities Deposited with Others Coverage Form, a commercial crime policy that protects securities deposited with institutions or trusted individuals against loss due to disappearance, destruction, or theft.
Learn about Short Term Disability Income Policies, which offer disability income benefits for a short-term period, generally less than two years.
