Learn about overlapping insurance which involves insurance from at least two insurers duplicating the coverage for some risks. Discover its implications, benefits, and common scenarios.
Learn about partnership insurance, a crucial life and health insurance product for businesses. Discover how cross purchase and entity plans help partnerships continue operations after the death or dismemberment of a partner.
Explore the payor benefit provision in juvenile policies for liability insurance, which ensures premium waivers if the responsible person becomes disabled or passes away.
Learn about personal assets in general insurance, including the types of items and cash that belong to the insured such as cars, real estate, and jewelry.
Learn about personal property in property insurance, including coverage under homeowners insurance and commercial forms. Find out what items are protected.
Learn about physical hazards in general insurance, which are caused by the structural or operational features of the risk. Find out how these hazards impact insurance policies.
Learn about Premises and Operations Liability Insurance, a crucial subline of general liability insurance offering protection against hazards related to business operations and premises.
Explore the essentials of Property Damage Liability Insurance, a crucial coverage usually paired with bodily injury liability. Learn how it protects against damages to others' property and loss of use.
Discover what a rate card is in general insurance— a small card provided to agents and sales representatives, listing rates for various coverages.
Learn about Reciprocal Insurance Exchange, a unique arrangement where unrelated individuals, known as subscribers, come together to insure each other, sharing the risk through an attorney in fact.
Learn about 'Remainder' in reinsurance, the amount of risk remaining after a ceding company deducts its retained portion.
Learn about smoke damage in property insurance, how it's distinct from fire damage, and what insurers typically cover.
Learn about the Stop Loss clause in general insurance, a crucial concept that caps the insurer's losses at a designated threshold to prevent excessive financial claims.
Explore the concept of submitted business in general insurance, where new business applications are submitted to an insurer but are not yet accepted or declined.
Learn about the abandonment clause in property insurance, which prevents claimants from abandoning salvageable property to claim a total loss.
Learn about the basic time frame in life insurance, the period during which losses must occur for a life insurance policy to pay out benefits.
Explore the Commercial Lines Manual compiled by the Insurance Services Office Inc., detailing its role in determining commercial insurance rates.
Learn how the Law of Large Numbers impacts probability of loss in general insurance. Discover why a larger number of exposures lead to more accurate predictions.
Explore the 'Other Insurance Clause'—a key component in insurance policies detailing the protocol when another insurance contract covers the same property. Learn its importance in general insurance, excluding life and health insurance.
Learn about the Property Insurance Loss Register, a key registry for tracking losses of $500 or more due to fire. Explore its purpose and how insurers use it to identify patterns.
Learn about the responsibilities and functions of an Intermediary (Reinsurance), a specialized broker who negotiates reinsurance contracts on behalf of the insured.
Learn about the war clause in health and life insurance policies, which excludes coverage for losses caused by acts of war.
Learn about time limits in general insurance, including the duration insured individuals have to submit claims and accompanying documents. Ensure timely submission to avoid complications.
Explore the concept of unoccupied property insurance, how it differs from vacant property, and its impact on your insurance policy.
Learn about windstorm coverage in property insurance, including its definition and importance in protecting your property from significant wind damage.
A comprehensive guide on 'Vis Major' or 'Act of God' in general insurance, explaining accidents for which no one can be held responsible.
Learn about Waiver of Restoration Premium, a clause that restores coverage without an additional premium. Understand its significance in general insurance.
Discover the essentials of War Risk Insurance, a specialized coverage that protects against damages caused by war. Learn about its importance, regulations, and benefits.
Understand the Watchman Warranty Clause in property insurance, which offers reduced rates for policies when a watchman is on duty.
Learn about the role of an insurance adjuster, a professional responsible for investigating claims, determining liability, and assessing damages. Understand their duties, including interviews, property inspections, and record reviews.
Learn about apportionment, a crucial method in general insurance for dividing a claim among multiple insurance companies, ensuring fair distribution and clarity in settlements.
Understand the concept of Written Business in Life Insurance, where coverage has been applied for but not yet started.
Understand Yearly Renewable Term (YRT) life insurance policies and their renewability, along with its implications in reinsurance, where the reinsurer assumes only mortality risk.
Discover the concept of absolute liability in general insurance, where individuals are held responsible for extremely dangerous actions regardless of negligence. Learn how this differs from other forms of liability and its implications on public policy.
Explore what Assessable Insurance is, how it works, and its implications in the realm of General Insurance. Learn about the key aspects of first and second premiums.
Discover the importance of an Automatic Reinstatement Clause in Property Insurance. Learn how it helps restore your original policy limit after partial loss claims.
Learn about aviation exclusion in life insurance policies, a clause noting non-coverage for incidents involving non-commercial flights such as small-plane crashes.
Learn about Blanket Bond (Criminal), a type of fidelity bond that provides coverage for losses due to dishonest acts committed by any employee.
Explore the concept of the Burning Cost Ratio in reinsurance, understanding its definition, calculation based on different reinsurance policies, and its crucial role in assessing insurer liabilities and premium income.
Learn about Business Life and Health Insurance, a crucial form of liability insurance that assists businesses in funding day-to-day operations if a key person is lost.
Learn about Business Owner’s Policy (BOP), which provides comprehensive liability and property coverage tailored for small businesses. Ideal guidance for securing your business assets.
Learn about Care, Custody, and Control (Liability), a category often excluded from liability insurance policies, and understand why these exclusions exist.
Learn about Cargo Insurance, a type of Property Insurance that covers your cargo during transportation. Understand its benefits and how it can safeguard your valuables on the move.
Learn about catastrophe futures, a financial instrument that insurance companies use to safeguard against large-scale future losses. Discover how this tool helps in risk management.
Learn about what a ceding company is in the realm of reinsurance, including its role in transferring insurance policies to another insurance company.
Learn about the role of a claim agent in general insurance, their responsibilities, and how they assist in the claims process for insured losses.
Understand the Clear Space Clause in Property Insurance and how it requires certain belongings to be stored at specified distances to minimize the risk of loss. Learn more about its significance and applications.
Discover the role of a coinsurer within an insurance policy, where the coinsurer shares in the loss. Learn more about general insurance terms and their significance.
Learn about Commercial Blanket Bond - a type of insurance providing blanket coverage for employees supplied by the employer. Discover its maximum loss limit and how it applies to any loss regardless of the number of involved employees.
Learn about Completed Operations Insurance, a form of liability insurance that covers contractors for accidents and damages occurring after project completion.
Learn about consequential loss in property insurance, including examples such as business interruptions and food spoilage due to power outages. Understand its definition and significance in indirect loss coverage.
Learn about contingent commission in reinsurance, a commission based on the net profit from a reinsurance treaty, paid to the ceding company in addition to the usual commission.
Learn what a contingent fund is, its significance in general insurance, and how it safeguards against potential rare event losses.
Learn about controlled insurance, a type of insurance policy influenced by agents or brokers rather than by standard agreements. Discover its implications and how it differs from other policy types.
Learn about covered loss in general insurance, including the types of loss an insurer will pay for under a policy, such as death, injury, property damage, loss, or automobile collision.
Understand credit insurance, a vital policy that ensures your debts are handled if you die or become disabled. Learn how it protects your financial obligations in both life and health scenarios.
Learn about defamation, a legal term for statements intended to damage a person’s reputation or business, particularly within the insurance industry. Explore its impact and legal consequences.
Learn about the delay clause in life insurance policies, which prohibits liability for damages or loss due to delayed travel. Understand its implications and protect yourself effectively.
Learn how Depositor’s Forgery Insurance shields you from financial losses due to forged or altered financial instruments like checks or promissory notes.
Learn about deviation in general insurance terms, which refers to a rate that differs from the manual rate. Understand its implications and how it impacts insurance pricing.
Learn about the Endorsement Extending Period of Indemnity in Property Insurance, including how it extends business interruption coverage to ensure adequate time for full recovery.
Learn about the evidence clause in general insurance. Understand its significance, the obligations it places on the insured, and how it aids claim legitimacy and investigations.
Learn about the Excess Loss Premium Factor in workers compensation, a crucial element in retrospective rating formulas that limits large loss exposures for insurers.
Learn about expected morbidity in health insurance, which forecasts the anticipated frequency of illness or injury within a specific group, based on mortality tables.
Experience rating adjusts insurance premiums based on an individual risk's previous experiences, enhancing pricing accuracy and fairness. Understand its significance in the general insurance domain.
Learn about extended coverage in property insurance, which offers protection against additional perils such as hail, riot, smoke damage, and windstorms.
Understand Extended Period of Indemnity in Property Insurance and how it extends existing lost income coverage for a specified period post business resumption.
Learn about the concept of extra premium in general insurance. Discover why certain hazards may necessitate an additional charge beyond the regular premium rate.
Learn about extra premium removal in general insurance, the conditions for elimination of an extra premium, and its implications for policyholders.
Learn about the face amount in insurance contracts, which states the total coverage provided. Understand its importance and implications for your policy.
Explore FC&S Bulletins from the National Underwriter Company, offering detailed information on coverage and underwriting for various insurance policies in fire, casualty, and surety categories.
Learn about the forgery or alteration coverage form in commercial crime insurance. Protect your financial instruments from forgery and unauthorized modifications to your accounts.
Understand garage liability insurance, a crucial liability coverage specifically for garage owners or dealerships. Learn how it provides protection against property damage and bodily injury claims.
Gross line refers to the maximum amount an insurer is willing to cover for a particular risk in general insurance. Learn how it impacts policy limits and risk management.
Understand ground coverage in aviation insurance, including protection for risks to the airplane body while not in flight or in motion, and the specifics of 'not in flight' and 'not in motion' clauses.
Explore group permanent life insurance, a form of group life insurance where policyholders can choose from various permanent life insurance plans. Understand the benefits and options available for comprehensive life insurance coverage.
Learn about group property and liability insurance policies that provide extensive coverage similar to group life insurance. Understand its benefits and applications.
Learn about Guaranteed Insurability in health and life insurance. Discover how this contract option allows you to purchase extra insurance without proving insurability again.
Understand impaired risk in health and life insurance — a term describing individuals in less-desirable conditions, such as health insurance applicants with multiple heart attacks.
Discover what an Individual Risk Premium Modification Rating Plan is in general insurance terms. Learn how this plan allows modification of premiums based on individual risk assessments.
Learn the criteria for an insurable risk, including accidental loss, predictable group of risks, and the ability to calculate the probability and cost of a loss.
Explore how an interline endorsement can influence multiple aspects of a commercial package policy. Understand its importance and applications in general insurance terms.
Learn about leasehold interest insurance, a property insurance form covering lease income loss due to property damage from insured perils. Essential for landlords and tenants.
Explore what Legal Hazard means in the insurance domain, understanding how a rise in the chance of a loss due to legal action impacts risk management.
Learn about Life Paid Up at Age (Life Insurance), a policy offering lifetime coverage with premiums that stop at a predetermined age, securing lifelong protection without lifelong payments.
Discover the importance of 'Lines' in reinsurance agreements, specifically focusing on the amount a reinsurer agrees to accept in a surplus treaty.
Learn about the liquidation of an insurer, a process undertaken when an insurance company can no longer meet financial obligations and faces unavoidable dissolution.
Learn about livery use in vehicle insurance, where rented vehicles are used to carry passengers, and why it's commonly excluded from standard automobile insurance policies.
Learn about Maxi Tail in liability insurance—a crucial option providing extended reporting period for claims post expiration of a claims-made liability policy.
Learn about the maximum retrospective premium, a crucial component in liability and workers' compensation insurance. Understand how this concept affects your insurance premiums and financial planning.
Exploring the term 'Modified' in general insurance, which refers to a premium that has been adjusted from the standard premium on similar policies. Learn about its implications and contexts where it is commonly used.
Explore the concept of Monthly Debit Ordinary Status Cards in life insurance, which indicates monthly debit ordinary business that is still in force and which has lapsed.
Learn about Name Position Bonds in the criminal domain— a critical fidelity bond that protects against losses caused by employees' fraudulent actions in specific positions.
Learn about net cost in general insurance, including how total premiums paid minus cash value and dividends impact your policy over time.
Learn about the net level premium reserve, the crucial reserve an insurer must maintain to pay net level policies in their later years efficiently.
Learn about the concept of Net Rate in Liability Insurance, how premiums are calculated after dividends, and its significance in nonparticipating policies.
Learn about nonassessable insurance policies where the premium remains fixed and cannot be increased. Understand how these policies work in the realm of general insurance.
Explore the meaning of nonrenewal in general insurance terms, where either the insurer or the insured refuses to renew coverage at the policy’s expiration date or anniversary.
Explore the definition and implications of a nonvalued policy within general insurance terms. Learn how these policies operate without specifying an amount for a loss payment.
Learn the meaning and importance of the term Not Otherwise Classified (NOC) in liability insurance and workers compensation. Discover how it applies when insured parties cannot be otherwise classified.
