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.
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.
Learn about life insurance policy summaries, including terms, conditions, coverage limitations, and premium details to better understand your coverage.
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.
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.
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 Multi Peril Policies in general insurance. Discover how these contracts offer coverage against multiple perils, providing broad protection in a single contract.
Discover how outage insurance provides critical coverage for lost earnings resulting from machinery failure due to insured perils. Learn why this property insurance is essential for safeguarding your business premises and financial stability.
Discover the definition of 'Overlie' in general insurance and understand how it relates to exceeding the usual capacity for insurance or reinsurance commitments.
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 registered mail insurance in property insurance, which covers money and securities against loss by the post office when sent by registered mail.
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.
Learn about the concept of selection in general insurance, including how insurers or underwriters choose which risks to insure.
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.
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 Subscription Policy in general insurance, where multiple insurers share a portion of the risk, ensuring greater coverage and risk diversification.
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.
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 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 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.
Explore the concept of Monoline Policy in general insurance. Learn how single line policy coverage works and its benefits.
A comprehensive insight into the term 'Natural Death' in general insurance, defined as death due to natural causes excluding accident or homicide.
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 the term 'Risk' in general insurance, which refers to the person, organization, or thing insured, and the uncertain outcomes in events with multiple possibilities.
Learn about seasonal risk in the context of general insurance. Understand what it means for a risk to only exist during a particular time of the year.
Learn about sidetrack agreements in liability insurance, where a property owner and railroad agree that the property owner won't hold the railroad liable for accident-caused losses.
Explore the concept of standard exception in workers compensation, where specific employees or classes are rated separately from the standard classification of a risk.
Learn about Term Insurance, a life insurance policy valid for a set term, often until the insured reaches a certain age like 65 or 70. Discover its unique characteristics compared to whole life policies.
Explore the concept of termination in life and general insurance, including the end of coverage and nonforfeiture value in life insurance policies.
Discover the importance of the term in general insurance, which specifies the length of time for which a policy is valid. Learn how this period affects coverage and policy benefits.
Learn about underwriting, the critical process in which an insurer evaluates an application and decides to insure the risk. Discover its significance and role in the insurance industry.
Learn about variable contracts in life and health insurance, their regulations, and associated risks. Discover how these contracts differ from typical insurance agreements.
Discover the intricacies of unearned premium in general insurance, the fraction of the premium that remains unused within the prepaid period.
Understand the protection offered by Valuable Papers and Records Coverage in Property Insurance. This coverage safeguards important documents against all risks.
Learn about the valuation clause in general insurance, which is essential for defining the value of insured items and effectively transforms the policy into a valued policy.
Learn about valued policy in general insurance where an insurance company agrees to pay a prestated amount if a loss occurs. Comprehensive information on valued policy agreements.
Broad form cause of loss in property insurance covers most reasons for a loss, making it a comprehensive option for homeowners. Learn the specifics and benefits.
Understand the concept of conservation in general insurance, where insurers take actions to retain current policies and prevent them from lapsing.
Learn about the role of an examiner in the insurance industry, including general, health, and life insurance. Understand their responsibilities in auditing insurers and examining prospective policyholders for health and life insurance.
Understand the meaning of impaired insurer, the signs of financial trouble in insurance companies, and the impact on policyholders and the insurance industry.
Understand the Incurred Loss Ratio in General Insurance. Learn how the ratio of losses sustained compares to money earned from premiums, enhancing your insurance knowledge.
Learn about Lloyd's broker, a professional who negotiates and offers prospective risks to underwriters at Lloyd's. Understand their key responsibilities and authorization requirements.
Discover the essentials of Owners and Contractors Protective Liability Policy, also known as independent contractors insurance, ensuring protection against contractor or subcontractor negligence.
Learn what reassured means in the context of reinsurance, and understand the importance and role of companies that obtain reinsurance coverage.
Learn about Replacement Cost Insurance, a type of property insurance that covers losses based on the replacement cost. Understand its benefits and how it compares to actual cash value policies.
Learn about contingency in general insurance, an occurrence that may or may not take place within a certain time frame. Understand its importance and implications in insurance policies.
Learn about blended insurance programs that combine finite risk, reinsurance, and traditional insurance for comprehensive long-term coverage.
Understand what a Comprehensive Policy covers in Vehicle and Liability Insurance, including risks it covers and named exclusions in the contract.
Learn about Lloyd's Association, a group similar to Lloyd's of London, where individuals come together to share insurance risks without being in business together, each responsible for their chosen portion.
Understand the Premium and Dispersion Credit Plan for commercial property insurance policyholders. Learn how credits are allocated due to reduced risk across multiple locations.
Explore the concept of quadruple indemnity in life insurance, a provision that provides multiple indemnity, similar to double indemnity. Learn how it can impact your policy and coverage.
Understand the sistership exclusion in liability insurance, preventing coverage of products withdrawn from the market. Essential insights for policyholders.
Discover the importance of Extra Expense Coverage Form in property insurance which covers added costs a business incurs to remain operational after a property loss.
Learn about specific insurance policies, which provide coverage for a single property. Explore scenarios where specific insurance is primary when a blanket policy is also in place.
Explore the concept of Transfer of Risk, a key risk management method in general insurance where risk is reassigned to another party. Learn how insurance acts as a type of risk transfer.
Learn about yacht insurance, a type of property insurance that provides coverage for pleasure boats against collision, hull damage, and liability indemnity.
Learn about convention values in general insurance, which are the valuations attributed to the insurer's assets in the convention blank. Understand their relevance and impact on insurance reporting.
Learn about the cover note in general insurance, a notice by an agent confirming the commencement of coverage, similar to a binder but not issued by the insurance company.
Learn about dividend additions in life insurance, an option that allows insured individuals to use dividends to purchase additional single premium life insurance policies.
Learn about Earth Movement in Property Insurance and how it affects homeowners and commercial property policies. Understand why dangers like earthquakes, mudslides, and sinking earth are often excluded.
Understand the fire department service clause in property insurance, which reimburses expenses incurred by the fire department while saving insured property from fire damage.
Learn about Fire Legal Liability in Property Insurance, a key coverage that protects you against liability due to negligence causing fire damage to another's property.
Understand the General Aggregate Limit in commercial general liability insurance, covering personal injury, property damage, and bodily injury claims.
Learn about Laser Beam Endorsement in Liability Insurance, an endorsement that allows insurers to exclude particular exposures. Understand its significance and applications.
Learn about maintenance bonds (surety) in construction, which ensure protection against defective materials or craftsmanship, valid for a specified time post-completion.
Discover the concept of negligence within general insurance terms. Learn how a failure to exercise reasonable care can have legal implications in various circumstances.
Learn about Pluvious Insurance, a type of property insurance that covers losses from outdoor event cancellations due to rain. Ensure your event's financial protection.
Explore how Rental Value Insurance under Property Insurance safeguards landlords from loss of rental income due to property damage caused by insured perils. Learn about coverage details and benefits.
Learn about Special Multi Peril (SMP) liability insurance, a policy that combines multiple coverages into one, reducing the need for several contracts and offering customizable options for the insured.
Learn about supplementary payments in liability insurance. Discover how this clause covers certain costs beyond the basic policy limits.
Discover the concept of Actual Cash Value (ACV) in general insurance, which is the cost of replacing damaged or destroyed items with new property while considering condition and depreciation.
Explore the ins and outs of Life Expectancy Term Insurance. Learn how it differs from ordinary life insurance and determine if it suits your financial and coverage needs.
Learn about line cards in property insurance, including what they are and their role in keeping a record of property insurance sold to an insured.
Explore the concept of Loss Control in general insurance. Learn how reducing the chance or extent of loss through proactive actions can benefit both the insured and the insurer.
Learn about paid business in health and life insurance, including the application process, premium payments, and medical exams required.
Learn about Participating Policies in general insurance, including how they pay dividends to policy owners and share loss coverage among multiple insurances.
Learn about policy cancellation in general insurance, including what it entails and the conditions under which a policy can be terminated as per the contract terms.
Learn about a schedule policy in property insurance, which lists the kinds of property covered, locations, and the specific insurance coverage amounts for each.
Learn about self reinsurance, an alternative to purchasing reinsurance where insurers create a fund to cover losses beyond normal means. Explore the benefits and implications of self reinsurance.
Learn about the Appleton Rule, a crucial regulation requiring every insurer in New York to comply with the New York Insurance Code, even if they operate in other states.
Learn about traumatic injury in the context of general insurance. Discover the implications of an injury inflicted on the insured’s body by an external force.
Learn about the work and materials clause in property insurance, which bypasses the increased hazard clause typically found in standard fire policies. Understand its purpose and implications.
Learn about 'Amount at Risk' in life insurance, discover how it affects the life insurance policy, and understand its importance in the payout process.
Understand Claims Occurrence Basis Liability Coverage, where claims caused by events during the policy term are paid even if submitted later.
Understand the conditions for qualification in general insurance. Learn about the essential duties required of the insured, such as submitting an inventory of lost items, before benefits are paid.
Explore how crop insurance helps farmers mitigate risks due to adverse weather conditions such as rain or hail. Learn about coverage details and benefits.
Learn what declination means in general insurance terms. Find out why an insurer may decline an application for coverage.
Understanding Discovery Cover in Reinsurance: A treaty covering losses identified during the agreement term, regardless of the actual loss date. Essential for comprehensive risk management.
Learn about exclusions in general insurance, including how these clauses deny coverage for specific hazards, people, or property.
Learn about the extended death benefit in life insurance, a crucial group policy clause ensuring payout if the insured is disabled when premiums stop or dies within a year of non-payment.
Learn about household personal property under the farm property coverage form, which includes items like household furnishings and personal belongings.
Learn about manual rates in general insurance, how they are derived from average claims data, and their customization based on information from specific groups.
