Explore the role of a Cleanup Fund in life insurance. Learn how it helps cover remaining costs after a policyholder's death and ensure financial stability for beneficiaries.
Explore the concept of contents rate in general insurance, focusing on the premium charged for the contents of a building, excluding the actual building structure.
Learn about the contingency reserve in general insurance—an essential reserve set aside for unforeseen events or damages, typically found in an insurance company's annual statement.
Learn about Contingent Beneficiary in life insurance - a secondary beneficiary who receives benefits if the primary beneficiary is deceased at payout.
Discover the legal concept of contributory negligence and how it impacts the accountability of insured individuals in insurance claims and injury cases.
Learn about 'Credit Carried Forward' in reinsurance, its implications under spread loss, and how it impacts accounting periods. A key term for insurance professionals.
Understand data processing coverage in property insurance, including protection against data processing system failures and restoration costs.
Learn about delivered business in life insurance, where contracts are delivered to the insured but have not yet been paid for. Understand the implications and significance of this term in the insurance industry.
Learn about demolition insurance, part of property insurance, which covers the costs associated with the demolition of buildings not covered under a demolition clause or due to perils requiring demolition, such as fire.
Learn about the Dishonesty, Disappearance, and Destruction policy (formerly known as 3-D policy), a crucial form of commercial crime insurance that shields businesses from losses due to employee fraud and forgery.
Learn about Drug Utilization Review (DUR) in health insurance, a process that evaluates the usage and effectiveness of drug treatments to ensure optimal healthcare outcomes.
Learn about Elevator Collision Coverage, a vital component of business liability insurance policies that covers damages to elevators, personal possessions, and buildings.
Understand who qualifies as an eligible person under health insurance contracts. Learn the difference between eligible employees and persons, their qualifications, and eligibility criteria.
Learn about the Employee Certificate of Insurance in health and life insurance. Discover what this proof of membership in a group plan entails and the key elements it includes.
Learn about the enrolling unit in health insurance and its critical role in managing group health plan memberships. Discover how a company or group becomes an enrolling unit and the implications for members.
Learn about the exclusive agency system in insurance, where agents only represent one company or give them the right of first refusal. Understand its benefits and drawbacks.
Learn about expected claims in health insurance, the anticipated amount of claims during a contract year, and how they are determined by statistical data.
Understand the concept of Expense Reserve in general insurance terms, which refers to the liability to the insurer for expenses incurred but not yet paid. Learn its significance in financial statements.
Learn about Explosion Insurance, a vital property insurance that covers loss due to explosions, excluding steam boilers and pressurized instruments.
Learn about 'Extended Wait' in reinsurance, a provision where the reinsurer begins paying benefits under a disability contract after the ceding company has made payments for several months.
Understand the Fair Credit Reporting Act and its implications in general insurance terms, including the requirements for forewarning applicants and the handling of negative credit information.
Understand the Fellow Servant Rule, a common law principle used as a defense before workers compensation laws, absolving employers from liability when an injury is due to a coworker's negligence.
Discover how franchise insurance, also known as wholesale insurance, provides group health insurance coverage for small groups, offering individual contracts and underwriting.
Understand the concept of Governing Classification in Workers Compensation, a critical aspect that designates the classification based on the highest amount of payroll within a company.
Discover the essentials of Group Retirement Income Insurance, a type of policy that ensures a steady retirement income with an equal premium throughout its duration.
Understanding the concept of Identification of Benefits in Health Insurance, which covers the reimbursement for finding and entrusting the care of a disabled insured to their relatives.
Learn about the concept of in kind replacement in property insurance, where damaged items are replaced with new or comparable items instead of a cash payout. Understand how it impacts your insurance claims and coverage.
Explore the concept of incurred losses in general insurance, which refers to losses sustained during a specific period. Understand its significance, whether paid or not.
An individual contract in health insurance is a policy that covers a particular individual and may extend to include other family members. Learn the essentials of individual health insurance contracts, including their benefits and coverage details.
Learn about juvenile insurance, a life insurance policy tailored for children under the age of 21. Discover its benefits, policy options, and importance.
Learn about life insurance policy summaries, including terms, conditions, coverage limitations, and premium details to better understand your coverage.
Explore the role and responsibilities of a Life Underwriter in Life Insurance. Understand what a life underwriter does, their importance in risk appraisal, and their duties as a life insurance agent.
Understand the Limited Pollution Liability Coverage Form in Liability Insurance - offering pollution liability coverage for claims made while excluding clean-up expenses.
Learn about Livestock Mortality Insurance, an essential type of property insurance that provides life insurance coverage for animals. Safeguard your livestock investments with tailored insurance solutions.
Learn about malicious mischief, a term in general insurance that involves intentionally damaging someone else's property. Understand its implications and coverage under insurance policies.
Understand the Manufacturer’s Selling Price Clause in Property Insurance, which values finished goods at their selling price during a loss. Essential knowledge for property insurance policies.
Comprehensive guide to Manufacturers and Contractors Liability Insurance, covering contractors and manufacturers with premiums based on payroll amounts. Explore the benefits, coverage details, and more.
Discover the significance of manufacturing locations in property insurance. Learn about dependent properties and how they impact business income coverage.
Understand the term 'Messenger (Criminal)' in commercial crime insurance, referring to individuals possessing the insured's property off-site, including the insured, their employees, or partner.
Understand miscellaneous expenses in health insurance, covering additional charges during a hospital stay like diagnostic test fees. Learn about reimbursement limits for these expenses.
Learn about the mode of premium payment in general insurance, including the various frequencies available such as annually, monthly, and quarterly.
Discover the obsolete Money and Securities Broad Form (Criminal), a crime insurance coverage that protected against loss of money or securities due to various perils. Learn why it was replaced by commercial crime coverage.
Learn about mortgage redemption insurance, a term policy that reduces monthly and can be used as mortgage insurance. Discover its role in health and life insurance.
Learn about Multi Peril Policies in general insurance. Discover how these contracts offer coverage against multiple perils, providing broad protection in a single contract.
Learn about Net Interest Earned in the context of general insurance. Understand how insurers calculate the average interest earned on investments after expense but before income taxes.
Explore nonmedical policies in health and life insurance, where no medical examination is required. Understand the benefits and essentials of these insurance options.
Explore the meaning of office visits in health insurance, focusing on the services provided by physicians in their offices. Understand this essential aspect of health coverage.
Learn about 'Open Access' in health insurance, a concept that permits policyholders to visit specialists without referrals. Explore its benefits and implications.
Explore the ins and outs of ordinary life policies in life insurance. Learn how premiums are paid as long as the insured lives and the benefits of this type of insurance.
Explore the importance of persistency in life insurance and how it impacts the underwriting process, ensuring business stability and retention.
Understand the function and importance of the Premium Adjustment Form in Property Insurance. Learn how it helps in adjusting premiums based on potential exposures throughout the policy term.
Learn about the premium receipt book in life insurance, its definition, importance, and usage. Discover how it helps in keeping track of premium payments.
Primary coverage refers to insurance coverage that pays claims submitted without waiting for another policy to pay first. Understand how primary coverage works in health and general insurance.
Learn about prior approval rating forms, a crucial term in general insurance that mandates insurers to seek state approval before changing rates.
Learn about pro rata rates in general insurance terms, which refers to the rate for a shorter term than the usual contract period. Explore its significance and how it is calculated.
Learn about the proration of benefits in health insurance, an adjustment made to medical benefits due to duplicate coverage from another policy.
Learn about prospecting in general insurance terms, which involves activities related to finding and engaging potential clients or prospects for insurance policies and services.
Learn about protected risk in property insurance, defined as property located within the territory served by a fire department. Understand how this affects your insurance coverage and premiums.
A public adjuster works on behalf of an insured, employing expertise to handle claims and maximize insurance payout. Learn their role and importance in the insurance domain.
Understand the concept of Quick Assets in general insurance. Learn how these assets can be swiftly and effortlessly converted into cash to meet immediate financial needs.
Discover the comprehensive retirement program that provides dedicated health insurance benefits to railroad workers. Learn about eligibility, coverage, and more.
Understand the Railroad Subrogation Waiver Clause in liability insurance policies. Learn how this provision interacts with sidetrack agreements and waives subrogation against railroads.
Understand the process of recruiting in the insurance industry, particularly focusing on hiring agents, and learn how it plays a crucial role in ensuring quality service.
Learn about the register method in life insurance—a crucial technique for recording all policies charged to a particular debt account. Understand its importance in financial management within life insurance.
Learn about registered mail insurance in property insurance, which covers money and securities against loss by the post office when sent by registered mail.
Exploring the significance and implications of reinsurance credit in the annual statements of ceding insurers, covering ceded premiums and recoverable losses.
Learn about Second Surplus Reinsurance, a type of reinsurance where a second reinsurer accepts coverage through a surplus treaty. Understand its role, definitions, and implications.
Understand the term 'Settlement' used in insurance and legal contexts. Learn how settlements function as mutually agreed-upon agreements or payments between involved parties, and the potential requirement for court approval.
Understand the Sine Qua Non Rule in liability insurance, a critical principle that determines a person's liability based on whether a loss would have occurred regardless of their behavior.
Learn about Single Premium Whole Life Insurance, a policy paid with one payment at purchase, offering lifetime coverage. Discover its benefits and considerations.
Explore what a Social Security rider in health insurance entails and how it influences disability income policies by potentially providing extra benefits based on Social Security payouts.
Understand what Split Limit in general insurance terms entails. Learn how these coverage amounts are divided according to the type of loss.
Learn about Spread Loss Reinsurance, a type of excess loss reinsurance where annual premium rates are based on the ceding insurer's past excess losses.
Learn about the standard class rate in health insurance, a vital component in calculating group demographic information by applying a base rate for each participant.
Learn about Subscription Policy in general insurance, where multiple insurers share a portion of the risk, ensuring greater coverage and risk diversification.
Learn about the role and importance of a tertiary beneficiary in a life insurance policy, including who they are and how they can impact your insurance outcomes.
Learn about therapeutic equivalence—a critical term in health insurance depicting different drugs controlling medical conditions similarly. Explore its impact.
Learn about aggregate indemnity in health insurance, the maximum amount that can be claimed under a policy. Understand its significance and limitations.
Learn about the term 'Encounter' in health insurance, which refers to a meeting with a healthcare provider where the insured receives any type of service.
Explore the concept of automatic non-proportional reinsurance, a vital protection mechanism for insurers against losses exceeding predetermined limits, ensuring financial stability and risk management.
Learn about the term 'Borderline Risk' in general insurance, referring to an applicant of doubtful quality based on underwriting standards. Discover its implications and how it affects insurance underwriting processes.
Explore the concept of brokerage in general insurance, including the commission paid to brokers and insurance placement through brokers. Learn how these terms impact your insurance policy.
Learn about Business Interruption Insurance which covers lost income due to an interruption in business caused by a covered loss. Explore its benefits and applications.
Discover the meaning of 'Contribution' in general insurance terms. Learn how it applies to insurer losses, premiums paid by the insured, and coinsurance scenarios.
Learn about the definition of 'Cover' in general insurance terms, including its use in insurance contracts, addition of assets, and provision of coverage.
Learn about flat deductibles in property insurance, including how a specific sum is deducted from every loss or claim filed. Understand its impact on your insurance coverage and claims process.
Learn about formal plans in pensions, their legal enforceability, and the rights extended to eligible employees. A must-read for anyone looking to understand retirement plans.
Learn about If clauses in property insurance, which outline conditions under which coverage may be discontinued, such as withholding pertinent information.
Learn about kidnapping coverage in criminal insurance, which protects against the peril of being captured and forced to collude in a criminal act. Ideal for businesses seeking comprehensive crime policies.
Learn what a manual is in the context of general insurance. Discover how it serves as a guide to rates and classifications, crucial for insurance policies.
Learn about Maximum Disability Policy in health insurance, a type of disability coverage that permits multiple claims for various disabilities with predefined limits for each claim.
Discover the role of miscellaneous benefits in health insurance, exploring how they cover most inpatient medical costs without including surgical expenses or room and board.
Explore the concept of Monoline Policy in general insurance. Learn how single line policy coverage works and its benefits.
Learn about the monthly administration fee in life insurance, a charge assessed in universal life policies to cover the company's administrative costs.
A comprehensive guide on mutual funds within the insurance sector. Learn how insurance companies raise funds, types of mutual funds, and their impact on your investments.
Learn about National Health Insurance, a system established by federal governments to cover nearly all citizens, and funded through tax money. Explore how this applies to the United States.
A comprehensive insight into the term 'Natural Death' in general insurance, defined as death due to natural causes excluding accident or homicide.
Learn about additional structures covered by homeowners insurance—detached buildings such as tool sheds and garages on your property.
Explore the concept of Portfolio Reinsurance, where a reinsurer takes on a portion of the ceding insurer's entire portfolio, including all classes or just one coverage class.
Learn about Preferred Provider Organization (PPO) networks in health insurance, how they operate, and their benefits compared to HMO plans. Discover the flexibility PPOs provide for choosing healthcare providers.
