Learn about Equipment Floater in property insurance, providing coverage against specific types of damage on various kinds of equipment. Protect your assets with the right insurance.
Discover what Errors and Omissions Insurance (Liability) covers, whom it benefits, and why financial advisors and insurance agents need it. Learn how it protects against losses from mistakes and inadequate insurance coverage in financial institutions.
Discover what excess insurance means in general insurance terms. Learn how it acts as a secondary coverage that pays beyond the primary policy once a specified amount is exceeded.
Discover how experience modification impacts your insurance premiums. Learn about experience rating plans and how they can increase or decrease your insurance costs.
Understand the extortion coverage form in commercial crime insurance. Learn how it protects businesses from losses due to extortion involving cash, securities, and other goods.
Learn about Extra Expense Insurance, a vital form of Property Insurance that compensates for costs associated with keeping a business operational after damage from a covered hazard.
Explore the ins and outs of the fire damage limit in liability insurance. Understand how this specific limit applies to fire legal liability coverage and its implications for policyholders.
Learn about the first named insured, the primary individual listed on a commercial insurance policy, and their role and responsibilities.
Learn about the General Property Form in property insurance, a widely used commercial insurance form that protects property from specified risks.
Understand the concept of Highly Protected Risk (HPR) in property insurance, highlighting its significance for buildings with above-average construction and fire sprinklers.
Understand what a hold harmless agreement is in liability insurance. Learn how one party can assume inherent risks, removing potential liability from another party.
Learn about income policy in liability insurance, which provides monthly benefits to policyholders. An alternative to one-time payouts, income policy ensures continued financial support.
Learn what increased hazard in property insurance entails, including examples and potential risks. Discover how storing risky items can impact your insurance coverage and premiums.
Understand the concept of inherent explosion in property insurance, where an explosion occurs due to a situation that exists organically at the insured's premises, like a fireworks factory.
Understand the concept of Initial Premium in general insurance terms - the premium paid at the beginning of the policy, which may be adjusted at the end of the contract term.
Learn about the Insolvency Clause in Reinsurance, a crucial stipulation ensuring that the reinsurer remains liable for their share of losses even if the insurer becomes financially insolvent.
Understand the concept of installment settlement in liability insurance, where policy benefits are paid in installments rather than a lump sum.
Learn about insurance in force and its significance in health and life insurance policies, including the amount of policies to be paid out and yearly premiums.
Learn about the term 'Insured' in general insurance terms. Discover who the policyholder or policy owner is and understand their role in an insurance contract.
Learn about Jewelers Block Insurance Policy, a specialized property insurance that covers the valuables of jewelers and those in their care or custody against potential losses.
Discover the concept of leader location in property insurance. Learn how this important term relates to business income insurance and how it affects dependent properties.
Understand the term 'Line' in general insurance, its various applications, and how it relates to specific types of insurance, policy grouping, and coverage amounts.
Understand what 'Line of Business' means in the context of general insurance terms, including examples such as Homeowners, Health, and Life insurance.
Discover what a line sheet is in the context of general insurance terms, and learn how it assists ceding companies in determining liability limits for various risks.
Explore the influential role of Lloyd's of London in the insurance sector, where separate insurers accept or reject risks presented by brokers. Discover the precedents set by Lloyd’s for the industry.
Learn what loss frequency means in the context of general insurance. Discover how frequently losses occur within specific time frames and its significance in risk assessment and policy pricing.
Understand the concept of loss of market in property insurance, including the common exclusions as a standard business peril.
Learn about loss severity in general insurance, which refers to the amount of a loss in financial terms. Understand how it impacts insurance claims and overall risk management.
Learn about losses outstanding in general insurance, which refers to the claims that have not yet been settled by an insurer, as detailed in a summary statement.
Learn about the concept of Lost Policy Release, a statement signed to release an insurer from a lost or misplaced contract during policy replacement.
Learn about lost wages in general insurance, which refer to potential earnings the insured was unable to receive due to an injury or disability. Understand how this crucial term impacts insurance claims and financial planning.
Learn about mature policies in liability insurance, which refer to claims made policies that have been active for at least five years without lapses. Explore the impacts on rating credits and policy benefits.
Learn about the role of a medical examiner in health and life insurance. Discover how they conduct examinations for prospective insured individuals.
Learn about mercantile risk in property insurance, focusing on the unique risks faced by retail or wholesale businesses as opposed to manufacturing or service industries.
Learn about Merit Rating, a rating plan commonly used in personal automobile insurance where the premium amount is determined by the insured's loss record.
Discover what a Multiple Line Policy entails in general insurance terms. Learn about personal or commercial package policies that include various coverages.
Learn about non-occupational policies in health insurance, which exclude coverage for work-related injuries but are supplemented by workers' compensation.
Learn about nonconcurrency in property insurance, a situation where multiple policies covering the same property do not provide the same amount of coverage. Understand the risks and implications of being underinsured.
Understanding nuisance value in general insurance, an amount the insurer pays to settle a claim more for convenience than its validity.
Learn how numerical rating in life insurance is used to determine the policy rates for substandard insureds. Understand the system of adding values to a standard risk of 100 to establish the appropriate rate.
Discover what a Parasol Policy is in liability insurance, how it differs from and complements existing property insurance by offering all-risk coverage with some exclusions.
Understanding Partial Loss in insurance: A loss that does not completely devalue or destroy the insured's property.
Learn about Per Risk Excess Reinsurance, where the insurer pays losses up to a specific limit, and the reinsurer covers the remaining loss up to the agreed limit.
Learn about ‘Peril’ in General Insurance terms, a potential cause of loss, and how it impacts your insurance policies. Essential knowledge for insurance education and risk assessment.
Explore the concept of pilferage in general insurance terms, particularly in marine insurance forms. Learn what pilferage means and how it applies to theft of items of little worth.
Understand the concept of Policy Year Experience, a method of assessing premiums earned and losses experienced during a 12-month policy term. Essential for anyone interested in general insurance terms.
Learn about power interruption insurance, a critical policy that protects property owners against losses caused by power failures due to specified hazards.
Explore the essential aspects of power plant insurance, a specialized form of property insurance that protects power plants against various hazards specified in the contract.
Learn about the term 'Premises' in general insurance, which refers to the physical location covered by a policy. Understand what constitutes premises in property insurance for better coverage insights.
Learn about the term 'Primary Insurer' in reinsurance, also known as the ceding company. Understand their role in transferring risk to reinsurers.
Understanding Product Recall Insurance, a type of liability insurance that covers the costs involved in recalling defective or possibly defective products made by the insured.
Learn about the Prohibited List, also known as the undesirable list, which includes risks that insurers will not cover. Essential for understanding exclusions in general insurance.
Learn about prospective rating in general insurance, a method used to calculate future premiums based on past loss experiences.
Learn about Quota Share Insurance in Property Insurance, a type of contract where risks are shared between two policies based on a predetermined percentage.
Learn about 'Rated' life insurance policies, which cost more due to the insured’s existing injuries or health conditions. Understand how rates are determined and what impacts your premiums.
Understand the importance of readjustment income in life insurance to support families after the loss of a primary wage earner. Learn how it facilitates financial stability.
Learn about reciprocity in reinsurance, where ceding companies and reinsurers engage in reciprocal insurance placement for mutual benefit.
Explore the concept of reinsurance assumed and learn about the premium amounts associated with the assumption of reinsurance in the insurance industry.
Discover the essential role of a Reinsurance Broker in placing risks for reinsurance on behalf of ceding insurers. Learn how these professionals ensure coverage continuity and risk management.
Learn about 'Rejection' in general insurance, which refers to an insurer's refusal to insure a given risk or the refusal to pay a submitted claim.
Learn about the role of a Risk Appraiser in Life Insurance. Discover how they screen applications, approve or decline policies, and recommend different options to applicants.
Learn about Risk Retention Groups, a type of liability insurer owned by policyholders sharing the same type of business and liability risks. Understand how they spread liability and finance liability differently.
Understand the term 'Schedule' in both Property and Health Insurance. Learn how it lists covered items, procedures, and their costs for comprehensive insurance coverage.
Learn about the Schedule Rating Plan in vehicle insurance, which allows adjustments based on specific features of commercial risks.
Understand the concept of selection of risk in general insurance terms, including how insurers choose which risks to insure and the role of reinsurance in managing those risks.
Learn about Single Premium Policy in Life Insurance, its benefits, and how it works. Understand the single premium payment method and its advantages.
Learn about special acceptance in reinsurance, where risks not automatically accepted through a reinsurance contract are taken on through a separate agreement.
Discover the essentials of Stop Loss Reinsurance, a type of coverage where a ceding insurer is protected based on the losses incurred within a calendar year. Learn how this affects the financial stability and risk management of insurers.
Learn about strict liability in liability insurance, a form of liability that affects manufacturers and merchandisers due to defective products. Understand how liability applies without negligence and what is needed to prove a product is dangerously defective.
Learn about subject premium in the context of reinsurance, including how the ceding insurer's premium is used to calculate the reinsurance premium by applying the reinsurance factor.
Understand the concept of a subrogation waiver in property insurance, the importance of this waiver in policy agreements, and its implications on claim processes.
Understand the Sue and Labor Clause in Property Insurance that requires insured individuals to protect and salvage property. Learn about the responsibilities and importance of this clause.
Understand the tax factor in liability insurance and how it impacts the overall premium. Learn how state taxes are covered through this essential component.
Discover the intricacies of Time Element Insurance in Property Insurance, including how ongoing expenses from insured losses are managed and benefits paid out.
Discover what Asset Depreciation Risk is in the context of general insurance, including its implications and how it can affect the market value of a company's assets over time.
Discover what Basic Limit means in general insurance. Learn about the minimum amount for which a liability policy can be written and how it impacts your coverage.
Learn about bonds in general insurance - a contract between a principal, surety, and obligee that provides financial protection. Understand the roles and responsibilities involved.
Discover the essentials of business insurance, including health and life coverage for company principals. Learn how it safeguards your business assets and personnel.
An in-depth explanation of Business Risk Exclusion in General Insurance, highlighting omitted coverage for sub-par products that fail to meet promised standards.
Learn about the coinsurance limit in general insurance terms, specifically the coverage mandated by the coinsurance clause in an open stock burglary policy.
Learn about the insurance deductible, a crucial aspect where insured parties pay a portion of the loss before the insurer covers the claim. Crucial knowledge for policyholders.
Explore the importance of Druggists' Liability Insurance, which protects pharmacists from legal claims related to prescription filling errors and unfulfilled drug deliveries.
Learn about Equipment Breakdown Insurance, a commercial insurance that covers any loss caused by the breakdown of machinery or other equipment. Essential for businesses relying on critical equipment to operate efficiently.
Learn about Experience Refund in Reinsurance, a profit-sharing mechanism where a fixed amount of net profit is returned to the ceding insurer at year's end.
Explore the definition of floods in property insurance, including causes such as overflow of water bodies, unusual surface runoff, and mudflow. Learn how property insurance typically covers these events.
Explore what geographical limitation means in general insurance terms, and learn how it affects your insurance coverage based on specific geographic areas.
Learn about immature policies in liability insurance, specifically claims made on policies in effect for less than five years and the associated rating discounts.
Learn what Index Bureau Experience means in the context of general insurance and how it helps track losses from claims over a year.
Learn about interest rate risk, a critical factor in investments, particularly when investing in bonds. Understand how changing interest rates can impact returns and affect your investment decisions.
Explore the essentials of life insurance, including how it works, the benefits provided, and various circumstances under which payouts are made.
Learn about limitations in general insurance, including limits of liability and exceptions to coverage, and how they affect your insurance contracts.
Learn about the significance of medical examinations for health and life insurance policies. Discover how these physical evaluations, performed by a doctor on behalf of the insured, impact your coverage.
A comprehensive guide to Minimum Premium, explaining its definition, significance, and application in both health and general insurance contexts.
Learn about the misstatement of age in health and life insurance policies, including the consequences of providing a false age when applying for a policy.
Explore the concept of moral hazard in insurance, where an insured's attitudes or morals lead to risky behavior. Learn with an example involving fraudulent claims.
Learn about morbidity tables in health insurance, which are used to show the frequency of illness at specific ages. Discover how these tables are instrumental in assessing health risk and setting premiums.
Learn about the mortality charge in life insurance, its significance, and how it affects your policy costs. Explore pure insurance protection and more.
Learn about mortality cost in life insurance, how it is calculated using a mortality table, and its significance in determining policy premiums.
Explore the concept of nonforfeiture values in life insurance and learn about the options policyholders have when they stop paying premiums, including paid up surrender value and cash surrender value.
Learn about Other Insurance, which refers to other contracts covering the same property and perils. Essential for comprehending overlapping insurance coverages.
