Learn what Full Coverage means in health and auto insurance policies. Comprehensive guide to insurance terms for complete protection.
Discover what an apportionment clause in property insurance entails, and learn how it impacts the division of claims among multiple insurance policies.
Explore the concept of liquidity in general insurance terms, focusing on how insurers convert non-monetary assets into cash to pay claims efficiently.
Discover what the Paid Claims Loss Ratio in Health Insurance is, how it’s calculated, and its importance. Learn the key components and implications for policyholders and insurers.
Learn about the term 'Loss Payee' in general insurance, referring to the designated person who benefits if a loss occurs, typically a mortgagee of a home or property.
Learn about contingency in general insurance, an occurrence that may or may not take place within a certain time frame. Understand its importance and implications in insurance policies.
Learn about the grievance procedure in health insurance, a process for policyholders to file complaints. Understand how to navigate and utilize this process effectively.
Discover the concept of negligence within general insurance terms. Learn how a failure to exercise reasonable care can have legal implications in various circumstances.
Gain insight into the concept of estoppel in legal terminology. Learn how behavior can influence the ability to deny the existence of a condition in legal contexts, using examples from health insurance claims.
Learn about traumatic injury in the context of general insurance. Discover the implications of an injury inflicted on the insured’s body by an external force.
Understand loss development in general insurance, which refers to the variance between initially estimated losses and reported losses over time.
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.
Learn about the importance of meeting policy conditions in general insurance. Understand how actions like paying premiums on time help in retaining policy validity and ensuring claims are paid.
Learn about the entry date into claims made liability policies, which establishes the maturity of the policy effective date. Essential knowledge for insurance professionals.
Explore the concept of ex gratia payments in general insurance — voluntary compensation by insurers, not required by contract. Understand when and why these goodwill payments are made.
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 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 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.
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.
Understand the term 'Ultimate Net Loss' in general insurance. Learn what it includes, such as legal rulings, settlements, and additional costs like medical and investigative expenses.
Learn about what an Explanation of Benefits (EOB) is, how it itemizes health services, the incurred costs, the payments made by your insurer, and your responsibilities.
A detailed explanation of the term 'Payee' in the context of general insurance, defining a payee as a person receiving money.
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.
Explore the concept of release in general insurance terms, including how it applies to claims and the documents used to terminate claims, such as lien releases in property scenarios.
Learn about subrogation release in general insurance - a mechanism where the insurer gains the insured's rights to collect from an entity responsible for the loss. Understand its implications and how it operates.
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.
Understand the role of the claim department within an insurance company and how they assess whether claims will be paid.
Learn about the concept of consideration in general insurance, where the premium paid by the insured and the future payout of claims by the insurance company form the basis of the contract.
Understanding Partial Loss in insurance: A loss that does not completely devalue or destroy the insured's property.
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 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.
Explore what Occurrence Coverage in Liability Insurance entails, including how it provides coverage for losses occurring within the policy's term, regardless of when the claim is made.
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.
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 apportionment, a crucial method in general insurance for dividing a claim among multiple insurance companies, ensuring fair distribution and clarity in settlements.
Learn about independent adjusters in general insurance, their roles, responsibilities, and how they operate as independent contractors for various insurers.
Learn about 'New for Old' insurance policies, which allow the purchase of new parts to replace old or damaged ones instead of repairing them. Discover the benefits and coverage details.
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.
Understanding the term 'Tabular' in insurance: refers to data or costs derived from tables like mortality tables in risk assessment.
Learn about the role of an umpire in property insurance, a crucial figure in helping claimants and insurers agree on the amount of loss. Understand the process and legal implications.
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 bodily injury in health insurance, which covers physical damage to a person's body. Discover what this term means and its implications for your healthcare coverage.
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.
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 Coverage Trigger (Liability), a crucial concept in determining if an insurance policy covers a claim. Understand how it functions in liability insurance.
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 insurance claims, the process of requesting disbursement of promised benefits, and key terminology in the insurance domain.
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 no-fault insurance in vehicle insurance, which allows the injured party to file claims with their own insurance company irrespective of fault. Discover how this legally mandated insurance works.
Learn about the definition of Occurrence in General Insurance, its implications, and how it differs from an accident. Essential insurance terminology explained.
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.
Reimbursement in general insurance refers to the re-payment of an amount already paid by the insured. Learn how it works and what it means for your insurance claims.
Explore what Total Loss means in general insurance. Learn how it's defined and its implications on insurance claims when property is completely destroyed.
Learn about 'Salvage' in general insurance, where insurers take over property to minimize losses and understand its role in the insurance industry.
Understand what Proof of Loss means in general insurance terms. Learn how insurers use the insured's statements to determine liability for the loss.
