Learn what Full Coverage means in health and auto insurance policies. Comprehensive guide to insurance terms for complete protection.
Learn about the Burning Ratio in general insurance, a key metric that compares the amount of losses suffered to the amount of insurance in effect. Understand its significance for insurers.
Learn about Named Non-Owner Policy in Vehicle Insurance, a type of policy designed for individuals who drive cars they do not own, such as borrowed or rented vehicles.
Learn about Bank Burglary and Robbery Insurance, a specialized type of liability insurance designed to cover banks against theft, unauthorized taking of money or securities, and damages from burglary or robbery.
Understand the commencement of coverage, the crucial date when your insurance coverage officially begins. Learn its significance in general insurance terms.
Discover what 'losses paid' means in general insurance terms. Learn how insurance claims are processed and recognized when they are paid out.
Learn about impaired property in liability insurance, a term that refers to property rendered less useful or unusable due to the insured's defective work or incomplete contractual obligations.
Explore the concept of residual markets in general insurance, including examples such as government-run programs that fall outside usual insurer marketing methods.
Learn about the full reporting clause in property insurance, which mandates the regular reporting of property values to ensure adequate coverage and avoid penalties.
Learn about the Peak Season Endorsement in Property Insurance, which provides increased coverage for insured inventory during specific peak seasons as defined in the endorsement.
Learn about indemnity bonds in general insurance, their significance in protecting against losses, and how they ensure the principal's performance. Understand the key aspects and benefits.
Learn about investigative consumer reports in general insurance, including the process of gathering information through interviews to assess the character of an insured or prospective insured.
Explore the role of Underwriter’s Laboratories in safety testing for the insurance industry, ensuring products meet essential safety standards.
Discover the significance of the Cause of Loss Form in commercial insurance policies. Learn how it specifies the covered causes of loss for comprehensive policy understanding.
Learn about large claim pooling in health insurance, a system that helps stabilize premium amounts for smaller groups by pooling larger claims together.
Learn about insolvent insurers, why they may not have the funds to meet financial obligations, and how to safeguard against potential risks in the insurance domain.
Understanding the combined ratio in general insurance, which combines expense and loss ratios. Learn why a combined ratio under 100% indicates a loss and over 100% indicates a profit in underwriting.
Learn about expediting expenses in property insurance, which are costs incurred by businesses in an effort to accelerate reopening after suffering damage. Understand how these expenses can impact your overall claim and financial recovery.
Discover what an apportionment clause in property insurance entails, and learn how it impacts the division of claims among multiple insurance policies.
Discover the fundamentals of Automatic Proportional Reinsurance, where insurers automatically share risks, premiums, and losses with reinsurers, and the dynamics of transfer commissions.
Learn about the Automobile Assigned Risk Insurance Plan, designed to provide vehicle insurance for individuals with challenging driving records who struggle to obtain standard coverage.
Learn about the Discounted Value Table in general insurance, a vital tool that provides the present and discounted value of dollars payable at specific times in the future, for different interest rates.
Learn about net loss in general insurance terms, which refers to the portion of a loss the insurer retains after reinsurance, salvage, or subrogation coverage.
Learn about the policyowner in general insurance terms, who is the person that owns an insurance policy. Discover how a policyowner may differ from a policyholder.
Learn about Dram Shop Liability Insurance, which protects businesses that serve alcohol from being liable for accidents caused by intoxicated customers. Understand its importance in mitigating risks and ensuring legal compliance.
Explore the concept of life conservation within liability insurance, focusing on research, lawmaking, and public awareness efforts to safeguard human lives.
Learn about the 'Notice to company' term in General Insurance. This notification is a written document sent to the insurer, informing them of an event that may lead to a claim.
Understand what a straight life policy, also known as a continuous premium whole life policy, entails. Learn how premiums are extended over the insured’s lifetime and the benefits involved.
Learn about casualty catastrophes in general insurance terms, focusing on large losses due to accidents and their implications.
Understanding Modified Fire Resistive Construction, a type of building construction using masonry or fire-resistant materials for enhanced safety. Learn how it impacts property insurance.
Learn about the role of a retrocessionaire in reinsurance, who is responsible for reinsuring a reinsurer, adding an extra layer of security within the insurance industry.
Understand the mechanism of Sliding Scale Commission in Reinsurance. Learn how commission paid by a ceding insurer to a reinsurer varies based on the loss ratio formula.
Discover how the limit of liability rule in property insurance helps apportion loss among multiple insurers covering the same property, ensuring fair and equitable distribution.
Discover how the Alliance of American Insurers brings together insurance companies to work on common interests like government affairs, employee education, and loss prevention.
Discover the concept of cash flow underwriting in general insurance, a method that focuses on maximizing the interest earned on premiums through strategic rating and premium collection.
Explore what a dual life stock company is, focusing on its ability to issue both participating and nonparticipating policy contracts within the domain of life insurance.
Discover the fundamentals of Employee Dishonesty Coverage Form, a type of insurance that protects against the loss of money and property due to an employee's dishonesty.
Understanding the Free of Capture and Seizure Clause in property insurance policies, which excludes losses due to war, seizure, or takeover.
Learn about Group Life Insurance, a cost-effective life insurance option for employees that leverages tax cuts, adverse selection, and shared expenses.
Learn about parcel post insurance, a property insurance coverage for items or parcels under the care of the United States Postal Service. Understand how it protects against damage or loss.
Learn about pro rata reinsurance, where a reinsurer shares both claims and premiums with the ceding company, ensuring mutual risk distribution.
Learn about risk pools in general insurance, where a group of insurers share premiums and losses collectively, often for large commercial risks.
Learn about the Statement of Values in property insurance, its purpose, and how it determines the blanket rate for insurance policies.
Learn about Aviation Insurance, a specialized type of insurance that protects against losses resulting from the use of an airplane. Discover the essentials of coverage options, benefits, and requirements.
Explore the concept of Binding Receipt in Property Insurance, a temporary contract ensuring coverage upon premium payment with the application. Learn how this differs from Conditional Receipt in health or life insurance.
Dive into the essentials of Business Liability Insurance, covering property damage, personal injury, fire damage, and bodily injury. Protect your business with the right insurance coverage.
Learn about deposit or provisional premium in general insurance. Discover how it is derived and its significance in initial policy payments.
Learn about insurance policies, the contracts between insurance companies and the insured, essential in General Insurance Terms.
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.
Understand the concept of uniform premium in health and life insurance, where premium amounts are determined without considering the insured’s age, occupation, or gender.
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 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 Property Policy insurance that protects businesses from risks like fire, burglary, or theft. Discover how it safeguards your commercial assets.
Learn about the divisible contract clause in property insurance and understand how coverage remains unaffected when policy conditions are violated at different locations.
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.
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.
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.
Learn about buy-back deductible in general insurance, where a deductible can be eliminated by paying an extra premium. Understand its implications, benefits, and scenarios where it is applicable.
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.
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 what Short Rate Cancellation in general insurance means. Discover how early termination of your insurance policy can lead to higher costs.
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.
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.
Learn about liability limits in liability insurance, which dictate the maximum benefit available for payout in a policy. Discover how they influence coverage and protection.
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 Warehousemen’s Legal Liability Insurance, which covers loss or damage of property stored in a warehouse in the event of a liability claim.
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 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.
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.
Learn about Transportation Insurance, a crucial aspect of Property Insurance that covers your property while in transit across all modes of transport.
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 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.
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.
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.
Discover the concept of Blanket Limit in general insurance, which determines the maximum amount of coverage a company will provide in a specific area.
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.
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.
Discover the legal concept of contributory negligence and how it impacts the accountability of insured individuals in insurance claims and injury cases.
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 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.
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.
