Learn about renewable term life insurance, which allows policyholders to renew their term life policy without needing to provide evidence of insurability. Discover how this type of policy works and its benefits.
Learn about retrocession in reinsurance, a transaction where a reinsurer cedes the reinsurance it has assumed to another reinsurer, diversifying risk.
Learn about the retrospective premium in general insurance, focusing on the last premium paid under a retrospective rating plan. Understand its significance and application.
Learn about shock loss in general insurance, a significant event that affects insurers or underwriting companies. Discover its impact and importance in the insurance industry.
Explore the concept of speculative risk in the context of general insurance—learn why such risks are not typically insurable and the implications for policyholders.
A comprehensive explanation of what a standard policy in general insurance entails, including its characteristics, limitations, and exceptions.
Learn about stock in property insurance, including materials in the manufacturing process and merchandise items for sale. Essential information for businesses and insurers.
Learn what a syndicate in general insurance terms is, how a group of insurers collaborates to insure high-value items or properties, and the benefits of achieving better coverage through this method.
Learn about true group insurance, a type of group insurance policy issued with a master contract and certificates of insurance for each member. Understand how it differs from individual policies.
Learn about Asset Valuation Reserve, a mandatory reserve for all invested assets across classes as required by the NAIC. Essential for maintaining insurance company solvency.
Delve into the concept of aviation hazard and explore the extra risks involved in aviation or aeronautics participation, crucial for aviation insurance policies.
Explore the details of Broad Form Insurance, which provides extensive coverage for various hazards including theft, loss, property damage, and vandalism. Learn how it protects your assets.
Learn about capacity in general insurance terms, which defines the largest quantity of insurance or reinsurance available for purchase from one company or the entire market.
Discover what catastrophe loss means in general insurance—severe, unpredictable losses such as earthquakes and hurricanes—and why they are best covered by insurance companies.
Explore the concept of Contributing Locations under business income insurance. Learn how properties providing equipment or assistance are covered.
Explore the concept of coverage in general insurance terms, which defines the extent of the insurance benefit supplied by an insurance contract.
Explore the concept of Difference in Conditions (DIC) Property Insurance, a separate contract that enhances or complements existing property insurance to provide protection against all risks, excluding specific exclusions.
Learn about direct writers in the insurance industry, who sell their products through direct selling or exclusive agency systems. Find out how they operate in the liability/property insurance sector.
Learn how Dun & Bradstreet, Inc. supports insurers with financial information for underwriting processes. Get insights into their role in the insurance industry.
Explore the essentials of dwelling forms in property insurance, detailing how these forms provide coverage for residential buildings and personal belongings.
Dive into the concept of experienced mortality in life insurance, which examines the actual mortality rates of a specific group compared to expected mortality. Learn how it impacts life insurance policies and premium calculations.
Learn about the concept of General Average, a crucial term in marine insurance, which involves a partial loss incurred to prevent complete damage to a maritime venture.
Learn about the concept of Hazard in general insurance, a situation that increases the chance or severity of a loss due to a peril.
Learn about the role of health history in health insurance underwriting, including its importance in determining risk acceptance for healthcare policies.
Learn what 'Hired Automobile' means in vehicle insurance and how it applies to leased, borrowed, or rented cars, excluding those owned by the insured or their associates.
Insurable interest is a crucial concept in general insurance, referring to the financial stake an individual or company has in an insured item that would result in monetary loss if the item were damaged or lost.
Learn about the lapse ratio in life insurance, a key metric that evaluates the proportion of lapsed contracts compared to the total number in effect over a specific time period.
Explore the concept of latent defect in general insurance terms, where a defect does not present itself right away, impacting claims and coverage.
Explore what life expectancy means in the context of liability insurance, and how it is calculated using the mortality table as a reference.
Explore the concept of 'Limits' in General Insurance, which defines the maximum benefit paid out from a loss and the age-related constraints for policy issuance.
Learn about Livestock Transit Insurance, a specialized property insurance that covers accidents affecting livestock during transportation by rail, truck, or other means.
Explore the concept of loading in general insurance, which accounts for the insurer's operating costs and potential unforeseen losses. Learn how loading impacts premium calculations.
Gain insight into the Loss Development Factor (LDF) used in Workers Compensation. Learn how LDF helps insurers manage extra funds for late-reported claims and the development of losses.
Learn the basics of loss loading in reinsurance and how it influences the reinsurance rate. Explore how this essential factor is applied to a pure loss cost.
Learn about manuscript policies in general insurance, including their unique coverages and conditions, and how they cater to larger accounts in compliance with state laws.
Explore the definition and criteria of mobile equipment in liability insurance, including qualifications for land vehicles not registered as motor vehicles and primarily used off public roads.
Explore the concept of mortality savings in life insurance, which is determined by subtracting actual mortality experienced from expected mortality. Learn how it impacts insurance policies and premiums.
Explore the Multiple Location Rating Plan in property insurance, a strategic plan for commercial clients operating from multiple locations. Learn how it offers credits and reduces hazard through asset distribution.
Discover the concept of Natural Premium in life insurance, which represents the mortality cost for one year. Learn how it impacts your insurance policy.
Learn about net retention in general insurance— the portion of risk that a ceding company retains and does not reinsure to another party.
Learn what a policy lapse is in general insurance terms, which occurs due to non-payment of the premium due. Discover the implications and how to avoid lapses.
Learn about premium discounts in general insurance, including how policyholders benefit by paying premiums in advance and the impact on workers' compensation or general liability policies.
Discover how Pro Rata Distribution operates in general insurance, ensuring proportional payout based on the value of each insured item.
Learn about Products and Completed Operations Insurance, a crucial subline of general liability coverage for manufacturers and contractors. Discover how it protects businesses from claims caused by their products or completed operations.
Learn about Protection Class in Property Insurance, a critical rating determined by the Grading Schedule of Cities and Towns based on the level of fire protection.
Learn about proximate cause in insurance, a critical legal term that describes the primary cause that initiates a series of events leading to damage or loss to the insured person or property.
Learn about pure loss cost ratio in reinsurance, which represents the reinsurer’s losses in relation to the premiums received by the ceding company.
Learn about the term 'Rate' in general insurance, which signifies the cost of a specific insurance unit. Discover how it influences the premium amount.
Learn about reserves in general insurance terms, including how insurers use these funds to cover debts and specific purposes.
Learn about Retrospective Rating, a unique insurance plan used by large entities where the final premium is calculated based on actual loss experience.
Learn about riders in general insurance terms—a document attached to a policy that changes coverage parameters, either by increasing or decreasing benefits, or excluding certain conditions from coverage.
Learn about the runoff provision in reinsurance contracts, which ensures that reinsurers remain liable for losses under policies in force until expiration, even after contract termination.
Learn all about the short rate premium, its definition, and its implications in general insurance for policies issued for shorter terms than usual.
Explore the concept of solvency in the insurance industry, which measures an insurer's ability to cover liabilities and meet financial requirements.
Explore the impact of a sonic boom on property damage and understand the coverage provided by homeowners and commercial property insurance for losses caused by shock waves from supersonic travel.
Learn about the concept of standard risk in life insurance, which refers to an average risk level based on typical rates. Understand its impact on premiums and policy considerations.
Learn about subrogation, a legal principle allowing an insurer to assume the rights of the insured to collect from a third party. Discover its applications and exceptions in insurance.
Explore the Average Earnings Clause in Life Insurance, outlining how disability payments can be adjusted based on beneficiary income. Vital information for the first two years post-disability payments.
Learn about the 'Date of Issue' in general insurance, which is the date when the policy was created by the insurer, and how it may differ from the effective date.
Explore what a deductible clause is in general insurance terms and how it affects your insurance policy. Learn everything about deductible amounts and clauses in insurance contracts.
Learn what the Medical Information Bureau is and how it impacts health and life insurance. Discover how insurers use this bureau to access coded health condition information on individuals.
Learn about the retainer clause in reinsurance and how it specifies the portion of insurance the ceding company retains.
Learn about the unique position of a Broker Agent who acts as a broker for some insurers and an agent for others. Explore their responsibilities, dual roles, and how they differ from other insurance professionals.
Learn about the subrogation clause in general insurance, which enables insurers to take action against liable third parties to recover losses paid out. Discover its function and implications for both insurers and policyholders.
Explore the concept of unfunded plans in pensions, which utilize a pay-as-you-go funding method, and understand their implications.
Understand the role of an Underwriter in general insurance terms. Learn how they assess risks and establish rates and coverage amounts to protect both the insurer and insured.
Discover the process of underwriting in general insurance, where risks are evaluated for their potential insurability and assigned rates based on their assessed risk. Learn the importance and methodologies involved.
Understand the Universal Mercantile System in property insurance, a rating procedure now being replaced by modern systems for evaluating property insurance risks.
Understand the purpose and importance of a valuation reserve in general insurance, ensuring liabilities and assets are appropriately valued.
Discover how a Value Reporting Form in Property Insurance helps businesses manage varying inventory values throughout the year with accurate insurance adjustments.
Learn about the waiver of premium provision in life insurance, which ensures coverage continuation without premium payments if the insured becomes totally disabled.
Explore the significance of a warranty policy in property insurance, which guarantees the continuity of a company's warranty terms, backed by a reputable insurer.
Understanding the role of a Watchperson (Criminal) in insurance, responsible for safeguarding insured premises and property.
Discover the importance of the Work Program clause in contract bond reinsurance, detailing its connection to the principal’s total amount of work.
Discover the meaning of Aggregate Limit in general insurance, highlighting its definition, importance, and coverage framework for insured individuals over a specified period.
Learn about the concept of Association or Syndicate Pool in General Insurance, where a group of insurers collaborates to write large risks and shares the premiums and expenses.
Learn about Assumption Reinsurance, a type of reinsurance where the re-insurer assumes total responsibility for an insurance policy from the original insurer. Understand how the policy transfer process works and its implications.
Explore the concept of backdating in health and life insurance policies, and understand how adjusting the policy's effective date can result in premiums calculated for a younger age.
Learn about Bailee’s Customers Insurance, a property insurance that covers the bailee against potential hazards like fire, theft, robbery, and leaks while temporarily in possession of another's property.
Learn about the Bankers Blanket Bond insurance, a crucial shield for banks against fraudulent acts by employees and theft or burglary by non-employees.
Learn about the concept of a Blanket Contract in health insurance. Explore the definition of blanket insurance and its importance in providing coverage for groups.
Understand the concept of Blanket Rate in Property Insurance, which involves premiums for covering properties at multiple locations under a single policy.
Learn about Bridge Insurance, a crucial component of Property Insurance, that offers protection for structural bridges against damage or destruction. Get insights on coverage and benefits.
Understand Broad Form Storekeepers Insurance, protecting small store owners from burglary, robbery, depositor forgery, and employee dishonesty.
Learn about Business Crime Insurance, which shields your business assets from forgery, robbery, and embezzlement risks. Secure your business with the right coverage.
Explore the concept of business risk, its implications on a company’s earnings, and the importance of managing such risks in a competitive market.
Learn about captive insurance companies, formed exclusively to insure a parent company. Understand benefits, structure, and regulations.
Learn about the change of beneficiary provision in general insurance policies, allowing insured individuals to alter beneficiaries unless irrevocable.
Explore what Class Rate means in Property Insurance and how it involves grouping risks of the same danger. Learn about its significance and application.
Learn about coinsurance penalty in general insurance terms, a penalty applied due to insufficient coverage as stipulated in the coinsurance clause.
Learn about Comprehensive Personal Liability Insurance, a type of insurance that covers individuals in their private lives against liability from accidents. Explore its benefits and coverage.
Learn about the contract in general insurance terms, which is the agreement between the insured and the insurer, outlining the trade of consideration for benefits and services.
Learn about Contractual Liability Insurance, a policy that covers liabilities assumed under a written contract, protecting businesses from financial loss.
Discover how crash coverage in aviation insurance protects your aircraft from damage due to a crash. Learn about its importance and whether it's optional in an aviation policy.
Learn about the Cromie Rule, a crucial technique in property insurance for apportioning loss when policies have nonidentical coverage. Understand its significance and application in the insurance industry.
Explore cumulative liability in reinsurance, how it impacts reinsurers, and its significance in the event of a disaster. Understand the total accumulated liability from policies affected by the same disaster.
Learn about 'Cut off' in reinsurance, a key stipulation in contracts, outlining that reinsurers are not liable for losses from events post-termination.
Discover the essentials of decreasing term insurance in life insurance. Learn how a level premium works with a gradually reducing death benefit in this type of policy.
Learn about the disappearing deductible in property insurance, where the deductible decreases as the loss amount increases, providing full coverage for larger losses.
Explore the concept of divided cover in general insurance, where a person or object is insured with more than one insurer. Learn the benefits and implications of this approach.
