Understand the commencement of coverage, the crucial date when your insurance coverage officially begins. Learn its significance in general insurance terms.
Discover what 'losses paid' means in general insurance terms. Learn how insurance claims are processed and recognized when they are paid out.
Explore the term 'Not Taken' in the context of general insurance, where a policy is applied for and issued but ultimately rejected and unpaid.
Learn about graded commission in general insurance, a schedule of variable commissions payable to agents based on policy categories or amounts.
Learn about premium notices in general insurance, which provide the due date for premium payments. Essential for managing timely payments and ensuring continuous coverage.
Learn about the beneficiary of trust, an essential term in general insurance. Understand who a beneficiary is and the benefits they receive from a trust.
Learn about Gross Premium in insurance, including its definition, components, and significance in both general and life insurance. Understand how Gross Premium is calculated and its impact on policyholders.
Learn about investigative consumer reports in general insurance, including the process of gathering information through interviews to assess the character of an insured or prospective insured.
Understanding the combined ratio in general insurance, which combines expense and loss ratios. Learn why a combined ratio under 100% indicates a loss and over 100% indicates a profit in underwriting.
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 what a brokerage fee is in the context of insurance. Discover how brokers earn their fees by selling insurance policies and what it means for policyholders.
Learn about the policyowner in general insurance terms, who is the person that owns an insurance policy. Discover how a policyowner may differ from a policyholder.
Learn about independent agents in the insurance industry, including their roles and how they work within the independent agency system.
Learn about deposit or provisional premium in general insurance. Discover how it is derived and its significance in initial policy payments.
Learn about Expense Loading in general insurance, which is an amount added to the rate to cover expenses. Find out why it's important for your insurance policy.
Explore the concept of liquidity in general insurance terms, focusing on how insurers convert non-monetary assets into cash to pay claims efficiently.
Explore the concept of conversion in life insurance, health insurance, and general insurance. Understand the transfer processes and legal implications.
Learn the definition of 'Criticism' in the context of general insurance. Understand how an auditor's submission of a modification to an insurer impacts your policy.
Learn about Interest in General Insurance Terms: It refers to the rate of return earned on the premium the insurance company has invested over the term of the policy.
Learn about Commercial Property Policy insurance that protects businesses from risks like fire, burglary, or theft. Discover how it safeguards your commercial assets.
Understand the concept of Short Term Policy in general insurance, a policy written for shorter than average terms, and its implications.
Learn about 'Insurance to Value' in general insurance, which refers to an insurance contract that estimates the worth of the items insured. Ensure full coverage for your valuable assets.
Learn what Short Rate Cancellation in general insurance means. Discover how early termination of your insurance policy can lead to higher costs.
Learn about assessment insurance, a type of policy where extra costs can be assessed to the policyholder if the insurer's loss experience is worse than expected. Understand its implications and considerations.
Learn what 'back load' means in the context of general insurance, focusing on expenses deducted at the time benefits are paid out.
Explore the definition of disability in general insurance terms, focusing on medical conditions or psychological afflictions that limit daily activities. Learn about temporary and permanent circumstances.
Learn about claims reserve in general insurance, a crucial fund designated to cover insurance claims that have occurred but have not yet been settled to ensure financial stability and policyholder trust.
Understand the concept of statutory earnings or losses in general insurance, particularly as they appear on the NAIC convention blank. Learn how these figures impact an insurer's financial reporting.
Discover the concept of Adverse Financial Selection in General Insurance. Learn why policyholders may surrender their policies and how it impacts insurance providers.
Learn about an assessment company in general insurance terms. Discover how these insurers operate and what it means when premiums are not enough to cover operating costs.
Discover the concept of Blanket Limit in general insurance, which determines the maximum amount of coverage a company will provide in a specific area.
Explore the concept of contents rate in general insurance, focusing on the premium charged for the contents of a building, excluding the actual building structure.
Understand the concept of Expense Reserve in general insurance terms, which refers to the liability to the insurer for expenses incurred but not yet paid. Learn its significance in financial statements.
Learn about the meaning of 'Expiration' in general insurance terms, including its significance as the termination date listed in insurance contracts.
Learn about the mode of premium payment in general insurance, including the various frequencies available such as annually, monthly, and quarterly.
Learn about Multi Peril Policies in general insurance. Discover how these contracts offer coverage against multiple perils, providing broad protection in a single contract.
Learn about Net Interest Earned in the context of general insurance. Understand how insurers calculate the average interest earned on investments after expense but before income taxes.
Primary coverage refers to insurance coverage that pays claims submitted without waiting for another policy to pay first. Understand how primary coverage works in health and general insurance.
Learn about prior approval rating forms, a crucial term in general insurance that mandates insurers to seek state approval before changing rates.
Learn about pro rata rates in general insurance terms, which refers to the rate for a shorter term than the usual contract period. Explore its significance and how it is calculated.
Understand the concept of Quick Assets in general insurance. Learn how these assets can be swiftly and effortlessly converted into cash to meet immediate financial needs.
Learn about the concept of selection in general insurance, including how insurers or underwriters choose which risks to insure.
Understand what Split Limit in general insurance terms entails. Learn how these coverage amounts are divided according to the type of loss.
Learn about what a premium receipt is in general insurance, its purpose, and why it is important for policyholders. Get detailed insights and key information.
Explore the concept of brokerage in general insurance, including the commission paid to brokers and insurance placement through brokers. Learn how these terms impact your insurance policy.
Learn about the definition of 'Cover' in general insurance terms, including its use in insurance contracts, addition of assets, and provision of coverage.
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.
A comprehensive insight into the term 'Natural Death' in general insurance, defined as death due to natural causes excluding accident or homicide.
Learn about the term 'Risk' in general insurance, which refers to the person, organization, or thing insured, and the uncertain outcomes in events with multiple possibilities.
Learn about seasonal risk in the context of general insurance. Understand what it means for a risk to only exist during a particular time of the year.
Explore the concept of termination in life and general insurance, including the end of coverage and nonforfeiture value in life insurance policies.
Learn about the Independent Agency System in insurance, where agents work as independent contractors on a commission basis for multiple insurers.
Discover the importance of the term in general insurance, which specifies the length of time for which a policy is valid. Learn how this period affects coverage and policy benefits.
Learn about underwriting, the critical process in which an insurer evaluates an application and decides to insure the risk. Discover its significance and role in the insurance industry.
Discover the intricacies of unearned premium in general insurance, the fraction of the premium that remains unused within the prepaid period.
Explore the unlevel commission system in general insurance, where first-year commissions are higher than renewal commissions. Learn how this impacts agents and policyholders.
Learn about the role of an examiner in the insurance industry, including general, health, and life insurance. Understand their responsibilities in auditing insurers and examining prospective policyholders for health and life insurance.
Explore the definition and significance of commercial forms in general insurance, which offer coverage against various business risks.
Learn about convention values in general insurance, which are the valuations attributed to the insurer's assets in the convention blank. Understand their relevance and impact on insurance reporting.
Learn about the cover note in general insurance, a notice by an agent confirming the commencement of coverage, similar to a binder but not issued by the insurance company.
Explore the definition of a covered person in insurance. Learn about what it means to be a covered person under an insurance contract and its implications.
Understand the concept of flat cancellation in general insurance, where a policy is cancelled on its effective date with no premiums paid.
Learn about implied authority in general insurance, where public perception allows an agent certain powers. Understand what the public can reasonably believe about an agent's roles and actions.
Learn about rate manuals in general insurance, a crucial document containing rates for coverages and additional guidelines for underwriting and agent operations.
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 the conditions for qualification in general insurance. Learn about the essential duties required of the insured, such as submitting an inventory of lost items, before benefits are paid.
Learn about exclusions in general insurance, including how these clauses deny coverage for specific hazards, people, or property.
Explore the concept of investment income in general insurance, including interest payments, stock dividends, and realized capital gains. Learn how insurers earn from their investments.
Learn about renewal commission in general insurance terms, which refers to the ongoing commissions paid after the first year’s commission. Understand how this impacts insurance agents and brokers.
Discover what a return premium is, its significance, and how it affects insurance policies. Learn when and why it may be issued in cases of cancellation, rate adjustments, or overpayments.
Understand the concept of a Sole Proprietorship in the context of general insurance terms. Learn how a business owned and managed by one person is defined and functionally characterized.
Discover what a Tabular Plan is in general insurance, how it functions through rating formulas from various tables, and its significance in insurance rating systems.
Explore the definition of Occupational Accident in general insurance terms—an accident caused by a person's employment or that occurs while performing job duties.
Learn about the responsibilities and significance of a policywriting agent who is authorized to write policies for an insurer. Dive into the tasks and jurisdiction of policywriting agents in general insurance.
Learn about base premiums in general insurance and how they serve as the foundation for calculating reinsurance premiums. Essential knowledge for practitioners and students in the insurance industry.
Learn about the basic premium in general insurance, a key component of the standard premium covering administrative costs and agents’ commissions.
Learn about claim expense in general insurance terms, which includes costs beyond the actual claim, such as administrative fees and legal costs associated with paying a claim.
A comprehensive guide on the term 'Claimant' in general insurance, covering the individual who requests payment of a claim. Learn about the role and significance of a claimant in insurance claims.
Understand commercial lines, a crucial aspect of general insurance sold to businesses and commercial entities. Learn how these policies protect your business.
Learn about the conditional terms in general insurance that outline the necessary provisions to keep your policy valid. Understand how these conditions affect your coverage and what you need to ensure ongoing validity.
Learn what 'Dependent' means in general insurance terms. Discover how dependents affect policies and the role they play in insurance coverage.
Understanding 'Estimated Premium' in General Insurance. Learn how projected premium amounts are initially proposed and later adjusted.
Learn about expense constants in general insurance terms. Discover why these charges are added to premiums, especially in workers' compensation policies.
Learn about the expiration notice in general insurance, which provides insured individuals with alerts about the upcoming expiration of their insurance policies.
Learn about exposure units in the context of general insurance. Understand the definition, the significance of cash value, and the role of the premium base.
Learn about the term 'Field' in general insurance. Discover how it categorizes insurance types like health insurance and refers to regions served by agents.
Learn about First Loss Insurance, the key policy for submitting initial claims and securing anticipated loss coverage.
Understand franchise deductible in general insurance. Learn how it impacts coverage, claims, and what it means for your insurance policies.
Understand incurred expenses in general insurance, which refer to costs that have been accrued but not yet paid. Learn about their significance in insurance claim handling and financial reporting.
Understand the term 'Indemnify' in general insurance as the act of returning a policyholder to their pre-loss condition. Learn its importance and application.
Understanding the concept of an investment reserve within general insurance, which is crucial for managing reductions in the value of an insurance company's owned securities.
Understand the term 'Item' in general insurance—a reference to individual pieces of property covered by a policy or a schedule listing all insured property.
Learn about the role and responsibilities of a local agent in general insurance. Understand how local agents operate within small territories and how they earn commissions.
Learn about the definition and implications of being a Named Insured within insurance policies. Discover who is listed, the protections offered, and scenarios where policy coverage extends to others.
Learn about the important aspect of 'Notice of Loss' in general insurance terms, how and when to notify your insurer about a loss.
Learn about the preemptive right in general insurance terms, a provision that allows current stockholders to maintain their ownership percentage by purchasing newly issued stock before the public.
Learn about prospective rating plans, which use past losses to establish future premiums in general insurance. Understand how this method helps evaluate risks and set accurate premium rates.
Understanding Pure Premium: The portion of the premium payment designated to cover probable losses in general insurance.
Learn about pure risk in general insurance, a type of risk where loss is the only foreseeable outcome. Explore how it impacts insurers and why it is not beneficial.
Learn about the retrospective premium in general insurance, focusing on the last premium paid under a retrospective rating plan. Understand its significance and application.
