Learn about premium rate in general insurance, which represents the cost of insurance broken down to a per-unit cost. Understand how premiums are calculated and their impact on your insurance policy.
Learn about contingent liability, a type of liability for which a person, partnership, or company may be responsible even though it was caused by non-employees. Understand its importance and implications in the insurance domain.
A detailed explanation of the term 'Payee' in the context of general insurance, defining a payee as a person receiving money.
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 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.
Learn about the concept of equity in general insurance terms, including its significance in determining the cash value of an insurer after liabilities are taken into account.
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 concept of Tax Basis in pensions, including its role in qualified plans and how it affects taxation.
Dive into the concept of the policy fee in life insurance. Learn about its historical significance, its function as a flat rate charge, and its impact on initial costs.
