Understand the concept of 'Single Limit' in general insurance terms, where coverage is expressed as a single amount. Learn how this term impacts your insurance policy.
Explore the concept of speculative risk in the context of general insurance—learn why such risks are not typically insurable and the implications for policyholders.
A comprehensive explanation of what a standard policy in general insurance entails, including its characteristics, limitations, and exceptions.
Discover what catastrophe loss means in general insurance—severe, unpredictable losses such as earthquakes and hurricanes—and why they are best covered by insurance companies.
Learn about the term collateral creditor, a person appointed the rights to a benefit, within the context of general insurance terms.
Learn about the expense ratio in general insurance, which represents the portion of the premium dedicated to paying the insurer’s expenses, excluding losses.
Learn about the concept of Hazard in general insurance, a situation that increases the chance or severity of a loss due to a peril.
Explore the concept of latent defect in general insurance terms, where a defect does not present itself right away, impacting claims and coverage.
Explore the concept of loading in general insurance, which accounts for the insurer's operating costs and potential unforeseen losses. Learn how loading impacts premium calculations.
Learn about net retention in general insurance— the portion of risk that a ceding company retains and does not reinsure to another party.
Learn about the concept of overriding commission in general insurance, where agents or brokers receive a commission on business sold by subagents. Explore its significance and impact in the insurance sector.
Learn what a policy lapse is in general insurance terms, which occurs due to non-payment of the premium due. Discover the implications and how to avoid lapses.
Learn about premium discounts in general insurance, including how policyholders benefit by paying premiums in advance and the impact on workers' compensation or general liability policies.
Discover how Pro Rata Distribution operates in general insurance, ensuring proportional payout based on the value of each insured item.
Learn about the term 'Rate' in general insurance, which signifies the cost of a specific insurance unit. Discover how it influences the premium amount.
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 reserves in general insurance terms, including how insurers use these funds to cover debts and specific purposes.
Learn about return commission in general insurance, a situation where a portion of the commission is returned if a policy is cancelled before the entire premium is earned.
Explore the concept of solvency in the insurance industry, which measures an insurer's ability to cover liabilities and meet financial requirements.
Learn about the 'Date of Issue' in general insurance, which is the date when the policy was created by the insurer, and how it may differ from the effective date.
Learn about the policy year, a 12-month period between the policy's anniversary dates in general insurance, crucial for coverage and claim considerations.
Learn about the policyholder in general insurance terms, including definitions and roles. A policyholder, also known as a policy owner or insured, is the person covered by an insurance policy.
Learn about a solicitor in general insurance, their responsibilities, licensing requirements, and limitations in issuing coverage.
Explore what vested commissions mean in general insurance. Learn how agents earn commissions on renewal business even after leaving the insurer.
Learn about written premiums in general insurance, including how they represent the premiums paid on all policies an insurer has written during a specific time frame.
Learn about unemployment insurance, a government-regulated product that provides financial support for individuals who have lost income due to involuntary unemployment.
Understand the purpose and importance of a valuation reserve in general insurance, ensuring liabilities and assets are appropriately valued.
Understand what a binder is in general insurance terms. Discover how binders provide temporary coverage before a contract is finalized or premiums are paid.
Understand the role of the claim department within an insurance company and how they assess whether claims will be paid.
Understand the concept of a Claim Report in general insurance, detailing the specifics of a claim. Learn how agents compile these reports and their significance.
Learn about commercial forgery policy insurance, a vital protection mechanism for businesses against losses from unwittingly accepting forged checks.
Discover the significance of a daily report in general insurance, a concise statement summarizing relevant policy details. Understand its role and why it's crucial for insurers, agents, and policyholders.
Explore the concept of divided cover in general insurance, where a person or object is insured with more than one insurer. Learn the benefits and implications of this approach.
Learn about the estate plan in general insurance, including wills and provisions for distributing one's estate upon death or disability. Find out why having an estate plan is crucial.
Understand the concept of Initial Premium in general insurance terms - the premium paid at the beginning of the policy, which may be adjusted at the end of the contract term.
Understand the significance of an insurance license, a state-issued document that authorizes individuals to operate as agents or insurers in the general insurance domain.
Understand the implications of a lapsed policy within general insurance terms, including causes, definition, and potential impacts on policyholders.
Discover the workings of the level commission system in general insurance, where new and renewed contracts attract the same commission percentage.
Understand the term 'Line' in general insurance, its various applications, and how it relates to specific types of insurance, policy grouping, and coverage amounts.
Learn about losses outstanding in general insurance, which refers to the claims that have not yet been settled by an insurer, as detailed in a summary statement.
Learn about the concept of Lost Policy Release, a statement signed to release an insurer from a lost or misplaced contract during policy replacement.
Understand the role and definition of a Manager in general insurance terms, including their responsibilities, salary structure, and impact on business volume within an insurance agency's branch office.
Understand what a Nonparticipating Policy in general insurance means. Learn why these policies do not pay dividends to the policyholder and how they differ from participating policies.
Understanding nuisance value in general insurance, an amount the insurer pays to settle a claim more for convenience than its validity.
Understanding Partial Loss in insurance: A loss that does not completely devalue or destroy the insured's property.
Understand the concept of Policy Year Experience, a method of assessing premiums earned and losses experienced during a 12-month policy term. Essential for anyone interested in general insurance terms.
Learn about the term 'Premises' in general insurance, which refers to the physical location covered by a policy. Understand what constitutes premises in property insurance for better coverage insights.
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.
Explore the concept of statutory reserve in general insurance, a legally required reserve to ensure the financial stability and integrity of insurance providers.
Learn about temporary agent licenses in the insurance industry, including their purpose and typical duration, especially in cases involving deceased, disabled agents, or active duty military personnel.
Learn about appraisal in general insurance terms—a crucial assessment to determine the value of an item or property for adequate insurance coverage or replacement value.
Discover what Basic Limit means in general insurance. Learn about the minimum amount for which a liability policy can be written and how it impacts your coverage.
Discover the essentials of business insurance, including health and life coverage for company principals. Learn how it safeguards your business assets and personnel.
An in-depth explanation of Business Risk Exclusion in General Insurance, highlighting omitted coverage for sub-par products that fail to meet promised standards.
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.
A comprehensive guide to Minimum Premium, explaining its definition, significance, and application in both health and general insurance contexts.
Learn about Other Insurance, which refers to other contracts covering the same property and perils. Essential for comprehending overlapping insurance coverages.
Learn about overlapping insurance which involves insurance from at least two insurers duplicating the coverage for some risks. Discover its implications, benefits, and common scenarios.
Learn about personal assets in general insurance, including the types of items and cash that belong to the insured such as cars, real estate, and jewelry.
Learn about provisions in general insurance terms, also known as stipulations, where the benefits and conditions of the policy are detailed.
Discover what a rate card is in general insurance— a small card provided to agents and sales representatives, listing rates for various coverages.
Learn about the Stop Loss clause in general insurance, a crucial concept that caps the insurer's losses at a designated threshold to prevent excessive financial claims.
Explore the assignment clause in general insurance, which allows policyholders to transfer or assign their policies to another person or entity.
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.
Learn about Waiver of Restoration Premium, a clause that restores coverage without an additional premium. Understand its significance in general insurance.
Discover the essentials of War Risk Insurance, a specialized coverage that protects against damages caused by war. Learn about its importance, regulations, and benefits.
Learn about the role of an insurance adjuster, a professional responsible for investigating claims, determining liability, and assessing damages. Understand their duties, including interviews, property inspections, and record reviews.
Learn about the term 'Block of Policies' in general insurance. Understand what it means, its significance, and how insurance companies use it.
Learn about brokerage business in general insurance, where business is brought in by a broker to an insurance company. Understand the mechanisms and significance of brokerage business.
Discover the definition of 'Carrier' in general insurance terms. Learn why 'Insurer' is more commonly used and the distinctions between insurance carrier and transportation carrier.
Learn about the role of a claim agent in general insurance, their responsibilities, and how they assist in the claims process for insured losses.
Learn about the claim provision clause in general insurance terms, which outlines the necessary steps for submitting and managing insurance claims efficiently.
Discover the role of a coinsurer within an insurance policy, where the coinsurer shares in the loss. Learn more about general insurance terms and their significance.
Explore comprehensive insurance, a policy that protects against various non-collision circumstances like theft, fire, or vandalism. Learn about its benefits in vehicle insurance.
Learn what a contingent fund is, its significance in general insurance, and how it safeguards against potential rare event losses.
Explore the concept of Deviated Rate in general insurance, a rate lower than the recommended benchmark, often used to provide competitive pricing.
Learn about the Effective Date in general insurance terms, which signifies the date an insurance policy takes effect.
Learn about the evidence clause in general insurance. Understand its significance, the obligations it places on the insured, and how it aids claim legitimacy and investigations.
Learn about extra premium removal in general insurance, the conditions for elimination of an extra premium, and its implications for policyholders.
Learn about the face amount in insurance contracts, which states the total coverage provided. Understand its importance and implications for your policy.
Learn about fractional premiums in general insurance, a payment method where premiums are divided equally and paid at regular intervals such as quarterly.
Discover what an Individual Risk Premium Modification Rating Plan is in general insurance terms. Learn how this plan allows modification of premiums based on individual risk assessments.
Learn the criteria for an insurable risk, including accidental loss, predictable group of risks, and the ability to calculate the probability and cost of a loss.
Learn about the role of an insurer, also known as a carrier or company, in an insurance contract. Discover how insurers indemnify losses for insured parties.
Learn about net cost in general insurance, including how total premiums paid minus cash value and dividends impact your policy over time.
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.
Learn about nonassessable insurance policies where the premium remains fixed and cannot be increased. Understand how these policies work in the realm of general insurance.
Learn what a nonassignable insurance policy is, its restrictions, and why the majority of policies are nonassignable. Understand the implications for the policy owners.
Explore the meaning of nonrenewal in general insurance terms, where either the insurer or the insured refuses to renew coverage at the policy’s expiration date or anniversary.
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.
Understand the Pro Rata Liability Clause in general insurance. Learn how this clause ensures that losses are paid proportionally based on the coverage provided.
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.
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.
Learn about the role of a special agent in general insurance, their responsibilities, and how they represent insurers in specific territories.
Learn about sub agents in general insurance. Discover their roles, responsibilities and how they differ from direct agents in the insurance ecosystem.
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 the term 'Accident' in general insurance - an unplanned, sudden occurrence beyond the control of the insured.
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.
