Learn what Full Coverage means in health and auto insurance policies. Comprehensive guide to insurance terms for complete protection.
Learn about management expense in reinsurance, a crucial component that covers reinsurers' overhead costs according to a contingent commission agreement.
Learn about the Burning Ratio in general insurance, a key metric that compares the amount of losses suffered to the amount of insurance in effect. Understand its significance for insurers.
Discover the role of the National Association of Independent Insurers (NAII) in providing information about insurance law and legislation. Learn more about its significance in the insurance industry.
Learn about Bank Burglary and Robbery Insurance, a specialized type of liability insurance designed to cover banks against theft, unauthorized taking of money or securities, and damages from burglary or robbery.
Understand the commencement of coverage, the crucial date when your insurance coverage officially begins. Learn its significance in general insurance terms.
Learn about the mandatory continuing education requirements for insurance professionals, essential for renewing your insurance license. Understand the stipulated hours and state enforcement.
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 impaired property in liability insurance, a term that refers to property rendered less useful or unusable due to the insured's defective work or incomplete contractual obligations.
Explore the concept of residual markets in general insurance, including examples such as government-run programs that fall outside usual insurer marketing methods.
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 indemnity bonds in general insurance, their significance in protecting against losses, and how they ensure the principal's performance. Understand the key aspects and benefits.
Understand the concept of a Special Auto Policy in vehicle insurance. Learn about its unique liability limits for bodily injury, property damage, and medical payments.
Explore the role of Underwriter’s Laboratories in safety testing for the insurance industry, ensuring products meet essential safety standards.
Learn about the concept of 'Additional Insured' in general insurance terms. Discover how secondary beneficiaries, such as children, are added to policies and what that entails.
Learn about the concept of Present Value in insurance, which refers to the current value of an amount due in the future. Essential for understanding financial decisions and policy valuations.
Learn about insolvent insurers, why they may not have the funds to meet financial obligations, and how to safeguard against potential risks in the insurance domain.
Learn about combination agencies that sell both life insurance and industrial life insurance. Understand the benefits and services offered by such agencies in the insurance sector.
Learn about expediting expenses in property insurance, which are costs incurred by businesses in an effort to accelerate reopening after suffering damage. Understand how these expenses can impact your overall claim and financial recovery.
Learn about 'Market Value' in general insurance: The price at which a product would sell in the current market. Explore its significance and application.
Understand what 'Stated Amount' means in property insurance policies. Learn how it determines the payout in case of total loss.
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.
Discover what an apportionment clause in property insurance entails, and learn how it impacts the division of claims among multiple insurance policies.
Discover the fundamentals of Automatic Proportional Reinsurance, where insurers automatically share risks, premiums, and losses with reinsurers, and the dynamics of transfer commissions.
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 Discounted Value Table in general insurance, a vital tool that provides the present and discounted value of dollars payable at specific times in the future, for different interest rates.
Explore the benefits and workings of Group Annuities, a collective approach to retirement planning for employees of the same employer. Understand how group annuity contracts are structured and their advantages.
Learn about Group Permanent Insurance, a plan that offers both retirement benefits and life insurance for groups. Understand its features, including equal premium usage.
Learn about net loss in general insurance terms, which refers to the portion of a loss the insurer retains after reinsurance, salvage, or subrogation coverage.
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 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.
Learn about Dram Shop Liability Insurance, which protects businesses that serve alcohol from being liable for accidents caused by intoxicated customers. Understand its importance in mitigating risks and ensuring legal compliance.
Learn about independent agents in the insurance industry, including their roles and how they work within the independent agency system.
Learn about whole dollar premiums in general insurance, where premiums are rounded to the nearest dollar, providing a convenient, round number for insured parties to pay.
Explore the concept of life conservation within liability insurance, focusing on research, lawmaking, and public awareness efforts to safeguard human lives.
Explore the concept of Minimum Amount Life Policy, a life insurance policy that specifies only a minimum face value. Learn how it works and why it might be suitable for your needs.
Understand what a residence employee is within the scope of workers compensation. Learn about the roles and responsibilities of individuals employed to perform household services.
Learn about what constitutes an estate in the realm of general insurance terms. An estate includes all the property a deceased person owns at the time of their death.
Learn about casualty catastrophes in general insurance terms, focusing on large losses due to accidents and their implications.
Discover the intricacies of the Glass Coverage Form in Property Insurance, which provides specialized coverage for commercial glass solutions such as plate glass.
Learn about the role of a retrocessionaire in reinsurance, who is responsible for reinsuring a reinsurer, adding an extra layer of security within the insurance industry.
Understand the mechanism of Sliding Scale Commission in Reinsurance. Learn how commission paid by a ceding insurer to a reinsurer varies based on the loss ratio formula.
Learn about the concept of probability in the context of general insurance and understand how the chance of an event occurring is represented as a number.
Learn about Farmer’s comprehensive personal liability insurance, which offers similar coverage to comprehensive personal liability but is specifically tailored for farm-related perils.
Learn about Group II rates in property insurance, replacing Extended Coverage Rates under the newest commercial lines program. This includes rates for hail, riots, and vehicles.
Discover how the limit of liability rule in property insurance helps apportion loss among multiple insurers covering the same property, ensuring fair and equitable distribution.
Explore the Professional Insurance Agents (PIA) Association, its role, and the benefits it offers to mutual insurance agents.
Discover how the Alliance of American Insurers brings together insurance companies to work on common interests like government affairs, employee education, and loss prevention.
Discover the role of the American College in conducting life insurance research and providing continuing education for insurance agents. Learn about its impact on the industry.
Understand the term 'Book of Business' in general insurance, which refers to the cumulative total of all insurance policies written by a company or agent.
Discover the concept of cash flow underwriting in general insurance, a method that focuses on maximizing the interest earned on premiums through strategic rating and premium collection.
Explore what a dual life stock company is, focusing on its ability to issue both participating and nonparticipating policy contracts within the domain of life insurance.
Discover the fundamentals of Employee Dishonesty Coverage Form, a type of insurance that protects against the loss of money and property due to an employee's dishonesty.
Learn about Floater in Property Insurance, which provides coverage for movable items such as boats, wherever they are located within the contract-specified area.
Understanding the Free of Capture and Seizure Clause in property insurance policies, which excludes losses due to war, seizure, or takeover.
Learn about Group Life Insurance, a cost-effective life insurance option for employees that leverages tax cuts, adverse selection, and shared expenses.
Learn about the Insurance Commissioner, the individual who heads the state's agency for insurance regulation, also known as the Director or Superintendent in some states.
Learn about parcel post insurance, a property insurance coverage for items or parcels under the care of the United States Postal Service. Understand how it protects against damage or loss.
Learn about pro rata reinsurance, where a reinsurer shares both claims and premiums with the ceding company, ensuring mutual risk distribution.
Learn about risk pools in general insurance, where a group of insurers share premiums and losses collectively, often for large commercial risks.
Learn about Separate Accounts in the context of Pensions, Annuity, and Life Insurance. Understand how companies hold assets for participants in a variable contract, typically through a unit investment trust registered with the SEC.
Learn about Aviation Insurance, a specialized type of insurance that protects against losses resulting from the use of an airplane. Discover the essentials of coverage options, benefits, and requirements.
Explore the concept of Binding Receipt in Property Insurance, a temporary contract ensuring coverage upon premium payment with the application. Learn how this differs from Conditional Receipt in health or life insurance.
Dive into the essentials of Business Liability Insurance, covering property damage, personal injury, fire damage, and bodily injury. Protect your business with the right insurance coverage.
Explore Comprehensive General Liability Insurance, covering liabilities like completed operations, owner's protective, products liability, and premises and operations.
Learn about the importance of countersignatures in insurance policies, where a licensed insurance agent or representative's signature validates the policy.
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 benefits of Group Disability Insurance, a group policy designed to provide income coverage during periods of disability or illness.
Learn about insurance policies, the contracts between insurance companies and the insured, essential in General Insurance Terms.
Explore the concept of liquidity in general insurance terms, focusing on how insurers convert non-monetary assets into cash to pay claims efficiently.
Learn about loss prevention service, a crucial element in liability and property insurance focused on eliminating or reducing hazardous conditions to prevent losses through inspections and engineering efforts.
Learn about rescission, which involves the early termination of an insurance policy due to material misrepresentation and the act of contract repudiation in various conditions.
Learn about the minimum compensation level, the essential pay threshold that employees must attain to participate in pension or profit-sharing plans.
Learn about Universal Life Insurance, a life insurance policy offering flexible premiums where policyholders can choose their premium amount and receive corresponding benefits.
Understand the concept of uniform premium in health and life insurance, where premium amounts are determined without considering the insured’s age, occupation, or gender.
Explore the concept of conversion in life insurance, health insurance, and general insurance. Understand the transfer processes and legal implications.
Learn about Messenger Robbery Insurance, a specialized policy that covers money and other property in the care of an employee leaving the premises. Essential for businesses with staff delivering items.
Learn about commercial insurance, a type of coverage sold by insurance companies aimed at generating profit. Explore its importance and how it can benefit businesses.
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.
Discover what Bobtail Liability Insurance is and why it is essential for commercially used tractor-trailer trucks returning to a terminal. Explore coverage details and benefits.
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 Off Premises clause in Property Insurance, its definition, and how it extends coverage beyond the specified location in your policy.
Understand the concept of ownership of expirations in general insurance, an agreement that protects the originating agent or broker's information from being shared.
Understand the concept of a parent company, the oldest company out of a group of insurers, its role, and its importance in the insurance industry.
Learn about the term 'Prospect' in general insurance, which refers to a potential insured. Explore its importance and usage in the insurance industry.
Understand the concept of Short Term Policy in general insurance, a policy written for shorter than average terms, and its implications.
Learn about the Special Building Form in property insurance, a once prominent but now mostly obsolete form for commercial buildings. Understand its coverage, exclusions, and evolution.
Discover what a payroll audit entails in the context of liability insurance and workers compensation. Learn about the examination process conducted by insurance company representatives to determine the premium due for the most recent policy year.
Dive into the concept of retention of risk, a primary risk management technique where a business assumes the responsibility for potential losses instead of insuring against them.
Learn about buy-back deductible in general insurance, where a deductible can be eliminated by paying an extra premium. Understand its implications, benefits, and scenarios where it is applicable.
Learn about fraternal insurance, a special type of insurance specifically for members of a fraternal group or lodge that covers health and life insurance needs.
Learn about the role of an independent contractor in general insurance, including how they differ from employees and the implications for contracts and coverage.
Learn about Limited Agents in the insurance industry. Understand their restrictions to specific forms of insurance like travel insurance, and state-specific education and licensing exemptions.
Learn about the Omnibus Clause in general insurance terms, a stipulation that extends coverage to other individuals not specifically named in the contract, enhancing the policy's definition of insured.
Explore the concept of open rating in general insurance, where insurers use state-allowed rates that were not previously approved. Learn how this system impacts policy pricing.
Learn what Short Rate Cancellation in general insurance means. Discover how early termination of your insurance policy can lead to higher costs.
Learn what 'back load' means in the context of general insurance, focusing on expenses deducted at the time benefits are paid out.
Learn about Human Life Value in Life Insurance, a method to determine adequate coverage by considering income, expenses, work years remaining, and depreciation.
Learn about the term 'Insured Contract' in Liability Insurance, which specifies the limit of contractual liability coverage for agreements such as leases, easements, and business-related contracts.
