Understand the importance of material facts in insurance. Learn how misrepresentation of a material fact can impact policy decisions and potentially void an insurance policy.
Learn about the concept of Penalty (Surety) in Fidelity Bonds. Discover how it defines the maximum liability insurance companies are responsible for in surety agreements.
Discover what a return premium is, its significance, and how it affects insurance policies. Learn when and why it may be issued in cases of cancellation, rate adjustments, or overpayments.
Learn about the stacking of limits in insurance, a legal term that involves using the limits of multiple policies to cover a single claim or event. Understand when and how this can be applied.
Discover what a Tabular Plan is in general insurance, how it functions through rating formulas from various tables, and its significance in insurance rating systems.
Explore the concept of cooperative insurance, a policy typically issued by associations such as trade unions, and discover how it functions in the realm of general insurance.
Learn about direct loss in property insurance, including how it is defined and examples such as flood damage.
Learn about employee dishonesty, a term for any false act by an employee that results in a loss to the employer. Get insights into coverage and prevention.
Learn about the impairment of capital in general insurance, including definitions, implications, and regional regulations impacting insurers.
Explore the concept of indemnity in general insurance, where payments or replacements are issued to individuals who have suffered a loss.
Learn about manual excess in liability insurance, an additional premium calculated beyond the liability limit. This involves multiplying the manual rate by specific rate factors to determine the extra cost.
Explore the definition of Occupational Accident in general insurance terms—an accident caused by a person's employment or that occurs while performing job duties.
Explore the concept of reinsurance premium, an amount paid to a reinsurer by the ceding insurer for the reinsurance provided. Learn how it impacts the insurance sector.
Learn about the Agreed Amount Clause in Property Insurance, a clause that ensures the amount of insurance automatically meets the coinsurance requirement.
Learn about the discovery period in surety bonds, the grace period during which insured parties can report losses following bond cancellation. Understand how this one-year term protects against unforeseen financial setbacks.
Learn about the Iron Safe Clause in property insurance, which requires the insured to maintain records in a secure, fireproof safe for documentation and verification purposes.
Learn about Underground Property Damage in Liability Insurance, including what constitutes damage, common causes, and the intricacies involved in covering such incidents.
Explore the concept of underinsurance in the context of property and health insurance, its implications, and strategies to prevent insufficient coverage.
Explore the concept of valuation in general insurance terms - a crucial process of estimating an item's value, typically conducted by a professional appraiser.
Learn about the Adjustment Provision in general insurance policies, which allows changes in premiums, face amounts, and durations of protection. Understand how this key term impacts your insurance coverage.
Discover what adverse selection is in general insurance. Learn how individuals with higher-than-average risks attempt to buy insurance at standard rates and its implications.
Learn about base premiums in general insurance and how they serve as the foundation for calculating reinsurance premiums. Essential knowledge for practitioners and students in the insurance industry.
Explore the concept of block limits in property insurance, understanding the maximum amount an insurance company will write on a specific city block and its impacts.
Learn about the Broad Evidence Rule in Property Insurance. Understand how different types of evidence are used to assess the actual cash value of lost property.
Discover the role of a Bureau Insurer in the insurance industry, and how joining a rating bureau aids companies with limited experience in specific risk types.
Learn about the concept of 'ceding' in reinsurance, which involves transferring insurance or reinsurance from an insurer to a reinsurer. Understand its significance and application in the insurance industry.
Understand how the Change in Occupancy or Use Clause in property insurance affects your premiums and coverage. Learn the implications of increased risk due to changes in property use.
Learn about claim expense in general insurance terms, which includes costs beyond the actual claim, such as administrative fees and legal costs associated with paying a claim.
A comprehensive guide on the term 'Claimant' in general insurance, covering the individual who requests payment of a claim. Learn about the role and significance of a claimant in insurance claims.
Learn about Claims Made Basis Liability Coverage, a type of liability insurance where claims submitted during the policy term are covered, even if the event causing the claim occurred outside the term.
Understand the concept of composite rate in vehicle and liability insurance. A composite rate is a single rate for coverage against various perils, streamlining the premium calculation process.
Discover comprehensive business property and liability insurance. Protect your business-owned properties from damage, fire, or vandalism while covering bodily injury and damage to others' property.
Learn about concurrency in general insurance, where two policies provide the same coverage for the same risk, ensuring greater protection.
Learn about the conditional terms in general insurance that outline the necessary provisions to keep your policy valid. Understand how these conditions affect your coverage and what you need to ensure ongoing validity.
Understand construction insurance, a specialized property insurance that provides coverage for damage or destruction of a building while it is under construction.
Learn about the cost of insurance charge in life insurance, also known as the mortality charge. Discover how this fee impacts your life insurance policy and its pure insurance protection element.
Learn about the Debris Removal Clause in property insurance which ensures reimbursement for cleanup expenses from insured losses.
Discover how double indemnity in health and life insurance works. Learn when twice the policy value is paid out in cases of accidental death or specific situations.
Discover the key details about Earnings Insurance, a type of business interruption insurance without a coinsurance clause, designed specifically for smaller risks.
Learn about the entry date into claims made liability policies, which establishes the maturity of the policy effective date. Essential knowledge for insurance professionals.
Understanding 'Estimated Premium' in General Insurance. Learn how projected premium amounts are initially proposed and later adjusted.
Explore the concept of Excess of Loss Reinsurance, a crucial mechanism in the insurance industry that protects insurers from large-scale losses and financial risks.
Learn about exclusion riders in general insurance, attachments that eliminate coverage for certain hazards. Discover how they affect your insurance policy.
Learn about exhibitions insurance, a type of property insurance that safeguards your property displayed at public exhibitions against damage.
Learn about expense constants in general insurance terms. Discover why these charges are added to premiums, especially in workers' compensation policies.
Learn about the expiration notice in general insurance, which provides insured individuals with alerts about the upcoming expiration of their insurance policies.
Learn about exposure units in the context of general insurance. Understand the definition, the significance of cash value, and the role of the premium base.
Learn about the Face of a life insurance policy which is typically the first page detailing essential information and terms. Understand its components and significance.
Explore facultative reinsurance, a type of reinsurance where the reinsurer can accept or reject individual policies presented by the insurer. Learn how it works and its benefits.
Understand how a Farmers-Ranch Owner’s Policy offers tailored coverage for farm residences, barns, stables, and more, making it a superior option compared to standard homeowners insurance.
Learn about the term 'Field' in general insurance. Discover how it categorizes insurance types like health insurance and refers to regions served by agents.
Discover how fire maps are utilized in property insurance to visualize covered risks and avoid catastrophic losses. Learn about the importance and utility of these maps for insurers.
Learn about First Loss Insurance, the key policy for submitting initial claims and securing anticipated loss coverage.
Understand the concept of flat rate in reinsurance, its derivation from the premium income of the ceding insurer, and its implications in insurance and reinsurance transactions.
Learn about the following form in property insurance, a type of policy written in exactly the same terms as other property insurance policies covering a piece of property.
Understand franchise deductible in general insurance. Learn how it impacts coverage, claims, and what it means for your insurance policies.
Learn about the grading schedule used by the National Board of Fire Underwriters to determine a city's fire rating. Understand the factors that influence these ratings in property insurance.
Incurred But Not Reported (IBNR) refers to losses in general insurance that have occurred but have not yet been filed as claims. Learn how IBNR impacts insurance companies and policyholders.
Understand incurred expenses in general insurance, which refer to costs that have been accrued but not yet paid. Learn about their significance in insurance claim handling and financial reporting.
Understand the term 'Indemnify' in general insurance as the act of returning a policyholder to their pre-loss condition. Learn its importance and application.
Learn about the role of an indemnitor in general insurance terms, where an individual or company agrees to assume obligations normally placed on a surety if the person bonded defaults.
Understand industrial risk insurers, an association of stock property insurers and casualty insurers formed to write insurance for large amount risks.
Learn about the role and importance of inspection bureaus in liability and property insurance. Understand how these groups investigate exposures and establish insurance rates.
Understanding the concept of an investment reserve within general insurance, which is crucial for managing reductions in the value of an insurance company's owned securities.
Understand the term 'Item' in general insurance—a reference to individual pieces of property covered by a policy or a schedule listing all insured property.
Learn about the Joint Underwriting Association, a collective of insurance companies providing specific insurance types, funded through premiums and assessments.
Understand the lessee’s safe deposit box coverage form in insurance. Learn about how it covers the loss of items stored in safe deposit boxes at depository facilities and the exclusions of the policy, including the non-coverage of money.
Discover what a Line Slip is in health insurance. Learn how this broker-written document outlines prospective risks for underwriters and the fractions of risks they insure.
Explore how livestock insurance provides financial support through lump sum benefits if your animals die due to specified perils. Secure your livestock investment with the right coverage.
Explore the role of a Loss Prevention Engineer in liability insurance, including their contributions to reducing possible future claims and ensuring policy efficacy.
Understand the term 'malinger' in general insurance, where individuals misrepresent the severity of a disability to continue collecting benefits longer than necessary.
Understand the concept of a minimum retrospective premium in liability insurance and workers compensation, which is the smallest amount payable by the insured under a retrospective rating plan.
Learn about Multi Peril Crop Insurance, which offers coverage for crop loss due to weather conditions, insects, floods, and other named perils to safeguard your agricultural investments.
Discover how mutual atomic energy reinsurance pools work in liability insurance, focusing on coverage for private nuclear energy reactors. Learn the specifics of this specialized insurance type.
Learn about Mutual Benefit Association in general insurance, where members receive benefits through assessments instead of regular premiums.
Explore the definition of a mutual insurer, an incorporated insurer that operates for the benefit of its policyholders, offering them dividends without incorporated capital.
Learn about mysterious disappearance coverage in insurance, explaining how it differs from named perils like robbery and its implications for property disappearance cases that remain unexplained.
Learn about name schedule bonds (criminal), a fidelity bond that provides coverage for losses due to dishonesty by a specifically named employee. Essential for risk management.
Learn about the definition and implications of being a Named Insured within insurance policies. Discover who is listed, the protections offered, and scenarios where policy coverage extends to others.
Understand the concept of named perils in property insurance, which lists specific causes of loss that are covered on an insured property. Learn how this can affect your coverage.
Understand the diverse meanings of 'Net Premium' in general insurance, including premiums after agent commissions, expected future losses, and deducted dividends.
Understand what constitutes a noninsurable risk within general insurance terms. Discover why certain risks cannot be insured due to high probability of loss or inability to measure actuarially.
Learn about Noninsurance, a term referring to the complete lack of financial preparation for potential losses. Understand its implications in risk management and financial planning.
Learn about the important aspect of 'Notice of Loss' in general insurance terms, how and when to notify your insurer about a loss.
Learn about outstanding premiums in general insurance, referring to premiums that are currently due but have not yet been paid. Understand the importance and implications of outstanding premiums in policy management.
Understanding Package Policy in insurance—Learn how an insurance policy that includes more than two different kinds of coverage can provide comprehensive protection for both personal and commercial requirements.
Learn about the Period of Restoration in property insurance, which defines the duration your business income coverage policy will payout. This period starts from the date of loss and ends when property repairs should be completed.
Discover everything you need to know about Personal Auto Policies, the most commonly sold auto insurance. Understand its significance, benefits, and how it differs from family auto insurance policies.
Discover how a personal effect floater in property insurance provides coverage for personal property carried by the insured while traveling. Learn more about specified risk or open peril policies.
Discover how a Personal Property Floater policy covers your property at any location under most circumstances, with exceptions like war or nuclear disaster.
Explore the concept of portfolio return in reinsurance, which involves the reinsurance of a portfolio that was previously reinsured. Learn about its significance, processes, and regulatory implications.
Learn about prospective rating plans, which use past losses to establish future premiums in general insurance. Understand how this method helps evaluate risks and set accurate premium rates.
Learn about the prospective reserve in health and life insurance, a reserve that accounts for future premiums, interest, and is sufficient to pay future claims.
Understand how Public Employee’s Dishonesty Coverage protects against losses due to employee dishonesty, including the loss of money or securities.
Understanding Pure Premium: The portion of the premium payment designated to cover probable losses in general insurance.
Learn about pure risk in general insurance, a type of risk where loss is the only foreseeable outcome. Explore how it impacts insurers and why it is not beneficial.
Explore the concept of pyramiding in liability insurance, where the limits of liability on multiple policies apply to the same loss, creating the effect of a higher aggregate amount of insurance.
Learn about Rating Bureau in insurance, an organization that classifies rates and hazards by geographic area. Understand its role in the insurance industry.
Learn about recapture in reinsurance, a process where the ceding company reclaims previously transferred business from the reinsurer. Understand its importance and implications in the insurance industry.
Learn about reinstatement in reinsurance, its importance in re-effecting catastrophe reinsurance policies that have already paid out, and how reinstatement premiums work.
