Learn about insurance policies, the contracts between insurance companies and the insured, essential in General Insurance Terms.
Discover the importance of the Regulatory Information Retrieval Service (RIRS) in general insurance, developed by the NAIC, for tracking actions by state insurance departments.
Learn about the role of an independent contractor in general insurance, including how they differ from employees and the implications for contracts and coverage.
Understand the essentials of a mutual insurer policy, a type of coverage written by an insurer that operates without incorporated capital belonging to the policyholders yet remains an incorporated entity.
Explore the concept of Boot in general insurance terms. Understand how it serves as consideration for a tax-free transfer of property, often involving money or other property.
Learn about malicious mischief, a term in general insurance that involves intentionally damaging someone else's property. Understand its implications and coverage under insurance policies.
Learn about the valuation clause in general insurance, which is essential for defining the value of insured items and effectively transforms the policy into a valued policy.
Learn about valued policy in general insurance where an insurance company agrees to pay a prestated amount if a loss occurs. Comprehensive information on valued policy agreements.
Discover the definition of an Asset in general insurance terms. Learn how assets such as property and office furniture are listed on an insurance company's balance sheet.
Understand the power designated to an agent by an insurance company, a critical component in general insurance terms.
Learn about the definition and significance of an Interstate Carrier in General Insurance Terms. Understand the role of companies providing transportation across state lines.
Learn about the Accredited Advisor in Insurance, an individual who has completed the three exams administered by the Insurance Institute of America.
Learn about the concept of 'statutory' in general insurance terms, which refers to mandates established by law or statute. Understand its implications in the insurance domain.
Learn about policy cancellation in general insurance, including what it entails and the conditions under which a policy can be terminated as per the contract terms.
Understand the concept of adhesion insurance contracts, which are non-negotiable and offered on a take-it-or-leave-it basis in general insurance terms.
Learn about adjusted premium, a type of insurance premium calculation that includes a net-level premium and first year’s acquisition expenses, important for life annuity contracts.
Learn about the concept of the expiration file in general insurance, which is a notation kept by agents or salespeople indicating the day on which insurance policies expire.
Learn about the role of an indemnitor in general insurance terms, where an individual or company agrees to assume obligations normally placed on a surety if the person bonded defaults.
Learn about the role of an Insurance Examiner, who administers the examining and auditing of insurers as a representative of the state's insurance department.
Explore the concept of mass merchandising in general insurance, where large groups like employees insure with the same company, remitting premiums in a lump sum. Learn about its benefits and implementation.
Understand the diverse meanings of 'Net Premium' in general insurance, including premiums after agent commissions, expected future losses, and deducted dividends.
Explore the concept of pyramiding in liability insurance, where the limits of liability on multiple policies apply to the same loss, creating the effect of a higher aggregate amount of insurance.
Explore what a representative does in the context of general insurance, including their responsibilities and role as agents or salespersons.
In the realm of real estate, the term 'Grantor' refers to the individual selling the property. Explore the significance of the grantor in property transactions.
Learn the meaning of 'Beneficiary' in general insurance terms: the person designated to receive the benefits of a policy. Understand its importance and role in insurance policies.
Learn about Foreign Insurer, an insurance company based in a different state from where the insured's policy is written.
Learn about the National Safety Council, a nonprofit organization established in 1913 to distribute safety education materials. Understand its role and significance in promoting safety education.
Learn about Old Age Survivors Disability and Health Insurance (OASDHI), a system established by the Social Security Act in 1935 providing benefits for the elderly, disabled workers, and surviving dependents.
Learn about self-insurance, an alternative to traditional insurance used by large organizations. Discover how companies manage future risks by setting aside funds for anticipated and unanticipated losses.
Learn about Social Security, a broad term referring to programs mandated by the Social Security Act of 1935 and its amendments. Understand Old Age, Survivors, Disability, and Health Insurance and how these programs assist the public.
Learn about the coinsurance limit in general insurance terms, specifically the coverage mandated by the coinsurance clause in an open stock burglary policy.
Explore what geographical limitation means in general insurance terms, and learn how it affects your insurance coverage based on specific geographic areas.
Learn about premiums in general insurance, which are the payments due for coverage over a set period, typically a month or a year.
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 Commercial Property Floaters in General Insurance, a way to insure businesses that operate from multiple locations, like food vendors at different events.
Learn about the liquidation of an insurer, a process undertaken when an insurance company can no longer meet financial obligations and faces unavoidable dissolution.
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 what promulgate means in the context of general insurance. From the development to the publishing and enforcement of insurance rates, and its relevance to publicizing legal orders.
Learn about the payback period in general insurance terms, including how to calculate it and its significance in assessing investment returns.
Discover what first party insurance entails, how it safeguards policyholders by covering their property or self, and why it's crucial in risk management.
Learn about the policy period in general insurance, which defines the duration for which your insurance coverage remains valid.
Learn about the definition and implications of sublimits in general insurance policies. Discover how sublimits function and what they mean for policyholders.
Understand what Proof of Loss means in general insurance terms. Learn how insurers use the insured's statements to determine liability for the loss.
