Learn about the notice of cancellation in general insurance, including details on written notification of imminent cancellation from either the insured or the insurer.
Discover what an Occupational Manual is in the realm of general insurance terms. Learn how it classifies various occupations for better risk assessment and insurance coverage.
Learn about the Office Burglary and Robbery Policy – a specialized insurance coverage designed for offices to protect equipment and supplies against criminal activities. Discover how this policy includes a package of crime coverages with low limits.
Explore the concept of Old Line in Life Insurance, emphasizing non-fraternal insurers operating based on legal reserve requirements. Gain insights into its significance and impact.
Discover what Open Perils in property insurance entail. Learn about insurance covering any peril causing loss or damage, excluding those explicitly excluded.
Discover the significance of the ordinary register in life insurance. Learn how it operates as a crucial record book for listing data on ordinary policies within an agent's account.
Learn about the Pair and Set Clause in Property Insurance, which dictates a fair assessment when part of a pair or set is lost or damaged, and the insurer's responsibilities.
Explore the concept of percentage participation in health insurance, detailing how insurers and insureds share the cost of claims based on agreed terms.
Learn about the concept of power of attorney within the insurance domain, including its definition, importance, and how it empowers individuals or corporations to make legal decisions for others.
Discover what preferred risk means in general insurance. Learn how it differs from standard risk and how it affects premium rates.
Learn about Preliminary Term insurance coverage, its purpose, and how it provides short-term protection until your long-term policy's anniversary date.
Learn about the principal sum in health and life insurance, the total amount paid for accidental death, and the percentage paid for dismemberment.
Learn about pro rata cancellation in insurance, where premiums are adjusted based on the time the contract has been in effect. Understand how it affects your insurance policy.
Understand the Pro Rata Liability Clause in general insurance. Learn how this clause ensures that losses are paid proportionally based on the coverage provided.
Understand the concept of Probable Maximum Loss (PML) in property insurance, the largest loss that can be expected if all mitigating measures, like smoke detectors, work as intended.
Learn about Professional Liability Insurance, also known as malpractice insurance or errors and omissions insurance, and why it's crucial for professionals across various industries.
Learn about provisional rates in general insurance—temporary rates that can be adjusted at a later time. Understand how provisional rates work and their importance in insurance policies.
Explore Public Liability Insurance, covering bodily injury and property damage liabilities. Essential for protecting your business from legal actions brought by the public.
Explore the concept of Quota Share Re-Insurance, a type of pro-rata reinsurance where the ceding insurer is indemnified for risks listed in the contract based on a fixed percentage of loss and premium.
Learn about Radioactive Contamination Insurance, a specialized property insurance covering risks of radioactive contamination. Understand its qualifications and exclusions.
Understanding recipient location under business income coverage in property insurance - a crucial aspect for safeguarding places where your business operations are accepted.
Learn how reduced paid-up insurance in life insurance works, allowing the policyholder to use cash value to purchase the highest amount of paid-up insurance possible, offering sustained coverage.
Reduction in insurance refers to the lessening of benefits paid out under a policy due to certain conditions. Learn more about this important general insurance term.
Learn about reinsurance, a crucial insurance mechanism that helps ceding companies transfer risks to reinsurers, ensuring financial stability and reducing large losses.
Learn about 'Replacement' in general insurance terms, where a new policy is written to take the place of an existing policy. Understand the implications and benefits.
Discover how the Reporting Form in Property Insurance enables insured individuals to update insurers on the fluctuating values of stocks, furniture, and home improvements, ensuring accurate coverage.
Learn about Retroactive Date in Liability Insurance, its significance in claims-made policies, and how it affects the coverage start date and claim eligibility.
Learn about the Risk and Insurance Management Society (RIMS): a pivotal group fostering education and communication among risk managers and insurance buyers in the insurance industry.
Learn about the Securities Deposited with Others Coverage Form, a commercial crime policy that protects securities deposited with institutions or trusted individuals against loss due to disappearance, destruction, or theft.
Learn about sinkhole collapse in property insurance, a peril caused by sudden earth movement into underground cavities. Understand coverage options available under commercial property forms.
Discover the meaning of 'Slip' in general insurance terms, especially within Lloyd's of London. Learn how brokers use slips to identify the syndicate that has accepted a risk and the submission process to Lloyd's underwriters.
Discover the essentials of the Special Coverage Form in property insurance, detailing its comprehensive all-risk coverage and key exclusions.
Learn about special peril insurance, a type of property insurance that only covers items specifically named in the contract. Understand its benefits and limitations.
Learn about the Special Personal Property Form, a former insurance policy that covered commercial risks contents against all perils, now mostly replaced by the Building and Personal Property Coverage Form.
Learn about sprinkler leakage insurance in property insurance, which covers water damage from sprinkler system leaks, but not from fire discharge.
Learn about the standard premium in liability insurance and workers compensation. Understand how it is calculated based on the insured’s payroll and its significance in determining premiums.
Learn about the Storekeeper’s Liability Policy, a comprehensive insurance package covering property damage and bodily injury liability for storekeepers. Essential for everyday business operations.
Learn about surplus lines in insurance, referring to risks that cannot be insured by agents within their jurisdiction. Explore regulations and the role of surplus lines insurers.
Learn about Surplus Reinsurance, an automatic reinsurance type where the ceding company transfers risks exceeding their retention limit. Explore its functions and benefits in risk management.
Understanding the term 'Tabular' in insurance: refers to data or costs derived from tables like mortality tables in risk assessment.
Understand the term rule in general insurance, including the clause detailing coverage duration and applicable discounts for policies of one year or more.
Learn about Transit Policy in Property Insurance, which provides coverage for property during transportation between locations. Ensure your goods are protected with the right transit policy.
Discover the fundamentals of Treaty Reinsurance, an automatic contract defining conditions for reinsuring classes of business, optimizing your reinsurance strategies.
Learn about the trust and commission clause in property insurance policies. Discover how this clause allows individuals to insure their share of another's property, and understand its significance.
Learn how Tuition Fees Insurance safeguards schools from financial losses due to unforeseen closures, ensuring tuition fees are protected similar to business interruption insurance.
Learn about the term 'Accident' in general insurance - an unplanned, sudden occurrence beyond the control of the insured.
Learn about 'Property Other than Money and Securities (Criminal)' in commercial crime policies, which refers to tangible property with intrinsic value, such as office furniture or supplies.
An Act of God in general insurance terms refers to a natural event outside of human control, such as an earthquake. Learn more about its definition and implications.
Learn about the additional death benefit in life insurance, an extra benefit payable to beneficiaries upon the insured's death.
Discover what an Annual Aggregate Limit is in general insurance. Learn about the yearly maximum coverage, the policy limits, and the implications on multiple claims within the year.
Learn what Bordereau is in reinsurance, how it helps ceding companies provide essential information to reinsurers, and its impact on loss history and premium history.
Learn about the term 'Casualty' in general insurance, which refers to a loss incurred due to an accident. Expand your insurance vocabulary with clear definitions.
Learn about catastrophe hazard in general insurance, the risks of large-scale losses due to events like earthquakes, and its impact on insured populations.
A comprehensive overview of the concept of 'Class' in general insurance, which refers to a group of policyholders with similar characteristics grouped together for rating purposes.
Learn about coinsurance in both property and health insurance: how it determines claim payments in property insurance and the policyholder's cost responsibilities in health insurance.
Learn about coinsurance percentage in property insurance, a critical condition influencing coverage and potential penalties for underinsurance.
Learn about the coinsurance requirement in general insurance terms, which defines the necessary amount of insurance coverage to avoid coinsurance penalties on a loss.
Explore the concept of concurrent causation in general insurance. Understand how losses involving multiple events can affect coverage, including scenarios where one event is covered and another is not.
Learn about the concept of control in general insurance terms, which refers to the power to position insurance as seen fit by an agent or broker, granted by the policy owner.
Learn about Coverage Trigger (Liability), a crucial concept in determining if an insurance policy covers a claim. Understand how it functions in liability insurance.
Explore the significance of policy delivery in health and life insurance. Understand the process and its importance in ensuring insurance coverage.
Learn about the dollar limit in property insurance, which sets a cap on coverage in a homeowners policy, typically listed in the Coverage C section.
Learn about endorsements in general insurance terms. An endorsement is a form that modifies the provisions of an insurance policy when attached to it.
Learn about the term 'Experience' in general insurance, which refers to the record of loss associated with an agent, insured, or another category, and can also represent the ratio of losses to premiums.
An overview of the expiration card used in general insurance for track policy renewals, ensuring policies are updated timely for continued coverage.
Learn about the term Exposure in general insurance, which refers to situations where a loss could occur, the likelihood of such a loss, and its impact based on the surrounding area.
Learn about Fair Rental Value Coverage, which safeguards rental income from properties damaged by covered hazards. Protect your rental income with this essential insurance coverage.
Learn about fictitious groups in insurance, which are fabricated entities created to purchase insurance, and are prohibited by law.
Learn about the significance of fur and jewelry floater insurance, covering valuable items like jewelry and furs against all risks, no matter their location.
Learn about general insurance terms, focusing on how insurance reduces risk by transferring it to insurers and the role of premiums and policy contracts.
Discover the importance of housekeeping in general insurance underwriting, particularly for property insurance. Learn how property upkeep influences your insurance policy.
Learn the definition and implications of indirect or consequential loss in property insurance, including real-world examples like loss of income from an accident-damaged taxi.
Discover the concept of inherent vice in property insurance, a fundamental term describing a property defect that leads to its self-destruction.
Learn what an inspection report in general insurance entails, including its purpose, and the type of information it contains.
Explore the specialized kidnap-ransom insurance, designed to protect financial institutions from financial loss due to ransom demands for employees. Learn about its unique coverage and market existence.
Explore the role and function of a Lloyd's syndicate within the general insurance sector. Learn how this group of underwriters manages risks and its significance in the insurance market.
Learn about the loss constant in general insurance, an amount aimed to offset larger-than-average losses for smaller risks within the same classification.
Explore the concept of loss expectancy in general insurance, an estimate of the most likely maximum loss that could be paid on an exposure, factoring in the insured's loss prevention measures.
Explore the definition of 'Loss' in general insurance, including claims filed by the insured, property value decreases, and amounts paid by the insurer.
Learn about Loss Limitation in Workers Compensation and how it functions within retrospective rating formulas to limit catastrophic losses.
Explore the definition and importance of loss ratio in the insurance industry. Learn how the ratio is determined by dividing the losses by premiums paid, with insights into incurred or paid losses and earned or written premiums.
Explore the fundamentals of major medical insurance, a health insurance policy with a high deductible that covers most medical expenses. Learn about its coverage limits, participation clauses, and benefits.
Learn about the Net Amount at Risk in liability insurance, which is the difference between the face value of the policy and the reserve accumulated under the policy.
Learn about the definition of Occurrence in General Insurance, its implications, and how it differs from an accident. Essential insurance terminology explained.
Learn about the concept of odds in general insurance, which represents the likely chance of an event occurring within a statistical sample, expressed either as a decimal fraction or a ratio.
Discover what paid losses refer to in the context of general insurance. Learn how insurers calculate the amount paid out in losses over a specific time frame.
Learn about Personal Liability Supplement in liability insurance, a form attached to dwelling policies providing essential personal liability coverage.
Learn about personal lines in general insurance, which include coverage options like health insurance and homeowners insurance for individuals and families.
Learn about Policyholder's Surplus in general insurance, the foundation that ensures insurers can meet future obligations and guarantee policyholder confidence.
Learn about the pollution liability extension endorsement, an important element in liability insurance that negates certain portions of the pollution exclusion.
Learn about the term 'Portfolio' in general insurance, covering both assets invested by a company and all policies in effect along with unsettled losses.
Learn about pro rata, a term used in insurance to describe the allocation of payouts between beneficiaries or the sharing of liability between insurers. This guide explains its significance in insurance contracts.
Learn about the concept of Removal in Property Insurance, an essential act of moving property to prevent loss or damage, covered by many property insurance policies.
Learn about the concept of renewals in general insurance, focusing on premiums paid toward a renewed policy. Understand how renewals work and their importance in maintaining continuous coverage.
Learn about the concept of 'Target Risk' in general insurance, which encompasses the prospective policyholders divided by race, age, sex, and other demographics. Explore its importance in the insurance industry.
Learn about the Business Income Coverage Form in Property Insurance, which provides coverage against losses due to property damage, including loss of business.
Learn about the concept of Degree of Risk in general insurance terms, representing the uncertainty and chance that reality may differ from predicted outcomes.
Learn about the insuring agreement section of an insurance policy, detailing coverage hazards, insured individuals, and contract duration.
Learn about the Midi Tail in liability insurance, an extended reporting period for claims made after a policy's expiration. Get insights on its five-year extension and specific conditions.
Explore what Total Loss means in general insurance. Learn how it's defined and its implications on insurance claims when property is completely destroyed.
