Learn about Health Maintenance Organization (HMO) health insurance plans, how they work, and the obligations for employers with more than 25 employees.
Learn about insurance policies, the contracts between insurance companies and the insured, essential in General Insurance Terms.
Explore the concept of liquidity in general insurance terms, focusing on how insurers convert non-monetary assets into cash to pay claims efficiently.
Learn about loss prevention service, a crucial element in liability and property insurance focused on eliminating or reducing hazardous conditions to prevent losses through inspections and engineering efforts.
Learn about policy reserves in life insurance, a crucial concept ensuring that all policies merit a portion of the pro rata reserve.
Learn about rescission, which involves the early termination of an insurance policy due to material misrepresentation and the act of contract repudiation in various conditions.
Learn about the Loss Payable Clause in Property Insurance. Discover how this crucial clause authorizes payments to parties with an insurable interest, safeguarding lenders in mortgage situations.
Explore what Underinsured Motorists Coverage is in vehicle insurance, how it works, and why it's crucial for your financial safety on the road.
Learn about Universal Life Insurance, a life insurance policy offering flexible premiums where policyholders can choose their premium amount and receive corresponding benefits.
Explore the unique features of Variable Universal Life Insurance, a hybrid policy combining the benefits of variable and universal life insurance with adjustable premiums and benefit amounts.
Explore the concept of conversion in life insurance, health insurance, and general insurance. Understand the transfer processes and legal implications.
Learn the definition of 'Criticism' in the context of general insurance. Understand how an auditor's submission of a modification to an insurer impacts your policy.
Learn about dependent properties in property insurance, how they contribute to the insured's income, and their significance in risk management. Discover examples such as customers and suppliers.
Learn about Inside Limits in health insurance and how they apply to hospital expense benefits. Understand their significance compared to maximums stated in the policy contract.
Learn about Messenger Robbery Insurance, a specialized policy that covers money and other property in the care of an employee leaving the premises. Essential for businesses with staff delivering items.
Learn about modified community rating in health insurance, a method of determining medical expense rates using local data. Understand its impact on premiums and regulatory implications.
Learn about the Multiple Location Policy in Property Insurance, a crucial coverage for protecting property owned in multiple locations under a single insurance policy.
Learn about commercial insurance, a type of coverage sold by insurance companies aimed at generating profit. Explore its importance and how it can benefit businesses.
Learn about Interest in General Insurance Terms: It refers to the rate of return earned on the premium the insurance company has invested over the term of the policy.
Discover what Bobtail Liability Insurance is and why it is essential for commercially used tractor-trailer trucks returning to a terminal. Explore coverage details and benefits.
Understand the Non-disabling Injury Rider in disability income policies, which covers medical costs for injuries that do not result in total disability.
Understand the Off Premises clause in Property Insurance, its definition, and how it extends coverage beyond the specified location in your policy.
Understand the concept of ownership of expirations in general insurance, an agreement that protects the originating agent or broker's information from being shared.
Learn about per diem business interruption insurance, a policy that provides daily compensation for businesses affected by interruptions due to covered causes. Understand its importance in property insurance.
Learn about pre-admission certification, a process determining whether a hospital admission is necessary based on established criteria in health insurance.
Learn about the term 'Prospect' in general insurance, which refers to a potential insured. Explore its importance and usage in the insurance industry.
Discover the importance of the Regulatory Information Retrieval Service (RIRS) in general insurance, developed by the NAIC, for tracking actions by state insurance departments.
Understand the concept of Short Term Policy in general insurance, a policy written for shorter than average terms, and its implications.
Learn about the Special Building Form in property insurance, a once prominent but now mostly obsolete form for commercial buildings. Understand its coverage, exclusions, and evolution.
Learn about the threshold level in vehicle insurance - the amount at which insured individuals can bring legal action under a no-fault policy.
Discover what a payroll audit entails in the context of liability insurance and workers compensation. Learn about the examination process conducted by insurance company representatives to determine the premium due for the most recent policy year.
Dive into the concept of retention of risk, a primary risk management technique where a business assumes the responsibility for potential losses instead of insuring against them.
A comprehensive guide to what qualifies as sickness in health insurance policies, excluding mental illness.
Understand what a confining condition in health insurance entails. Learn how illnesses or disabilities that force confinement at home or a medical facility affect your coverage.
Learn about covered expenses in health insurance, including what qualifies for reimbursement or coverage under your policy. Understand the essentials for managing your healthcare costs effectively.
Understand the significance of an emergency fund in life insurance and how it provides immediate financial relief to the beneficiaries during the time before the deceased's estate is finalized.
Understand the concept of an exception in health insurance policies. Learn about clauses in policy contracts that void or remove the obligation for coverage, and how these can impact your health insurance benefits.
Learn about fraternal insurance, a special type of insurance specifically for members of a fraternal group or lodge that covers health and life insurance needs.
Understand the gatekeeper model in health insurance, where the primary care physician acts as a gatekeeper, directing patient care and referrals. Learn how this affects HMO and PPO plans.
Learn about the gender rule in health insurance, which determines which parent's policy will primarily cover dependent children. Find out how the father's policy is prioritized for claims under this rule.
Learn about the role of an independent contractor in general insurance, including how they differ from employees and the implications for contracts and coverage.
Learn about 'Insurance to Value' in general insurance, which refers to an insurance contract that estimates the worth of the items insured. Ensure full coverage for your valuable assets.
Learn about Limited Agents in the insurance industry. Understand their restrictions to specific forms of insurance like travel insurance, and state-specific education and licensing exemptions.
Understand the essentials of a mutual insurer policy, a type of coverage written by an insurer that operates without incorporated capital belonging to the policyholders yet remains an incorporated entity.
Learn about the Omnibus Clause in general insurance terms, a stipulation that extends coverage to other individuals not specifically named in the contract, enhancing the policy's definition of insured.
Learn what an 'Outpatient' means in the context of health insurance, including how they receive treatment without staying overnight in a hospital.
Learn about Owners, Landlords, and Tenants Liability Insurance, a form of liability insurance covering public spaces, providing protection against bodily injury or property damage caused by negligence.
Explore the various settlement options available in life insurance policies beyond the traditional lump sum payment. Learn about choosing the right payout alternative for your needs.
Learn what Short Rate Cancellation in general insurance means. Discover how early termination of your insurance policy can lead to higher costs.
Learn about the Ten Day Free Look period in health insurance, a consumer right that allows you to fully inspect your policy and return it within ten days for a full refund.
Learn about assessment insurance, a type of policy where extra costs can be assessed to the policyholder if the insurer's loss experience is worse than expected. Understand its implications and considerations.
Learn what 'back load' means in the context of general insurance, focusing on expenses deducted at the time benefits are paid out.
Explore the definition of disability in general insurance terms, focusing on medical conditions or psychological afflictions that limit daily activities. Learn about temporary and permanent circumstances.
Explore the essential role of field underwriting in health insurance—a preliminary decision made by the insurance agent to determine a prospect’s eligibility based on underwriting standards.
Learn about Human Life Value in Life Insurance, a method to determine adequate coverage by considering income, expenses, work years remaining, and depreciation.
Learn about the term 'Insured Contract' in Liability Insurance, which specifies the limit of contractual liability coverage for agreements such as leases, easements, and business-related contracts.
Learn about legislative risk in general insurance and how changes in taxation laws can impact investments. Protect your financial future by understanding this important insurance term.
Discover what the Paid Claims Loss Ratio in Health Insurance is, how it’s calculated, and its importance. Learn the key components and implications for policyholders and insurers.
Learn about how riots are defined and covered under property insurance policies, and the state-specific variations in defining a riot.
Learn what secondary coverage in health insurance is and how it helps cover charges not covered by a primary policy. Discover the benefits and importance of secondary health insurance coverage.
Learn about supplemental services in health insurance, the extra services you can add to basic coverage to enhance your health plan benefits.
A comprehensive guide to surgical schedules in health insurance, detailing the list of surgeries and the associated benefits.
Explore the significance of the Life Insurers’ Conference, where life insurance providers exchange insights on management and address important management issues.
Learn about viatical settlements in life insurance, where terminally ill policyholders receive a portion of death benefits ahead of time by transferring policy rights.
Learn about the waiting period in health insurance, also known as the elimination period. It is the time between the start of a disability and when benefits begin.
Learn about unilateral contracts in the realm of general insurance, where only one of the parties makes a legally enforceable promise.
Learn about Warehousemen’s Legal Liability Insurance, which covers loss or damage of property stored in a warehouse in the event of a liability claim.
Understand Aviation Trip Life Insurance, a policy designed to cover the insured’s life for the duration of a specific flight. Learn why it can be essential for frequent flyers and travelers.
Learn about claims reserve in general insurance, a crucial fund designated to cover insurance claims that have occurred but have not yet been settled to ensure financial stability and policyholder trust.
Learn about elective benefits in health insurance. Discover how specific injuries, such as dislocations, can be covered by a lump sum payment instead of installments.
Learn about Explosion Collapse and Underground Damage (XCU) in business liability insurance and how it applies to specific types of work.
Explore the concept of insurability in general insurance terms. Learn what makes a person or property an acceptable risk for insurance companies.
Learn about involuntary unemployment insurance, a coverage that supports policyholders by paying creditors in case of job loss due to layoffs, strikes, or lockouts. Secure financial stability during unexpected unemployment.
Discover the importance of a motor vehicle record in vehicle insurance. Learn how traffic violations and accidents impact your driving history and insurance premiums.
Learn about prepaid legal service plans within pension benefits, which provide employees with access to legal services. Understand how these plans work and their benefits.
Understand what Priority (Reinsurance) means in the insurance industry. Learn that it is another term for retention and its significance in reinsurance agreements.
Learn about rain insurance, a type of property insurance that protects against income loss when outdoor events are cancelled due to rain. Understand coverage specifics including rainfall amounts and time frames.
Discover comprehensive shoppers guides for health and life insurance. Learn about types of coverage, and find the best policies to suit your needs. Make informed insurance decisions.
Understand the concept of statutory earnings or losses in general insurance, particularly as they appear on the NAIC convention blank. Learn how these figures impact an insurer's financial reporting.
Learn about the role and importance of a Survivor (Annuity) as the beneficiary named in an annuity contract. Discover how it impacts the benefits and payouts in the financial planning space.
Discover how age-weighted profit-sharing plans in life insurance make larger contributions for older participants, ensuring equitable retirement benefits through compound interest.
Learn about Increased Cost of Construction Insurance, a crucial coverage that addresses the higher expenses due to new ordinances for rebuilding damaged or destroyed buildings.
Explore the concept of Life Annuity in the insurance domain, focusing on how it provides a lifelong income paid on a regular basis. Learn its benefits and key insights.
Learn about tariff rates in general insurance, which are derived from the data in the tariff of rates and set forth by a rating organization.
Learn about the blackout period in life insurance, the timeframe when a deceased person’s spouse stops receiving survivor benefits and starts receiving retirement benefits.
Learn about the D Ratio in Workers Compensation insurance, a crucial metric comparing losses under $2,000 and the discounted value of larger losses to expected total losses for experience ratings.
Explore the interest sensitive provision in life insurance that ensures a guaranteed interest amount plus potential additional interest based on current interest rates, common in flexible premium policies.
Discover the fundamentals of Use and Occupancy Insurance, an early term for Business Income Insurance, and how it safeguards business continuity and protects against income loss.
Learn about General Adjustment Bureaus, companies specializing in adjusting claims for various insurers. Discover their role in the insurance industry and training offerings.
Understanding agency by ratification in general insurance, and how an insurance company becomes liable for an agent's unauthorized actions.
Learn about the legal terminology of arson, which refers to the intentional burning of property. Understand its implications in the insurance and legal domains.
Learn about an assessment company in general insurance terms. Discover how these insurers operate and what it means when premiums are not enough to cover operating costs.
Explore the concept of attained age in life insurance. Learn how the insured's age at a specific date affects policy premiums and benefits.
Explore the concept of Boot in general insurance terms. Understand how it serves as consideration for a tax-free transfer of property, often involving money or other property.
Learn about the Broad Form Property Damage Endorsement in general liability insurance that negates the exclusion for property in the care or custody of the insured.
Learn about the Carpenter Plan in reinsurance, where the premium amount is linked to the insurance company's incurred losses over a specific period. This article delves into the specifics of how it works and its implications.
Understand the concept of cash flow plans in general insurance, a method that allows insured individuals to pay premiums over a set period.
Discover how cash value life insurance allows policyholders to accumulate savings, providing both insurance coverage and a cash component.
Learn about channeling in health insurance, a policy that safeguards unemployed hospital physicians against medical professional liability while increasing hospital patient admissions.
Learn about the illegal practice of churning in life insurance, where existing policies are unnecessarily replaced to earn extra commissions.
