Discover the concept of immediate vesting in liability and property insurance. Learn how insured individuals may begin collecting benefits right away, typically in pension plans.
Understand the commencement of coverage, the crucial date when your insurance coverage officially begins. Learn its significance in general insurance terms.
Learn about the death benefit in life insurance, the amount payable to the beneficiary upon the insured's death. Discover how it's calculated and factors affecting it.
Learn about in-force business in the context of health and life insurance. Understand the total value of policies either fully paid or being processed, and its impact on insurer portfolios and premium volumes.
Learn about the 'Notice to company' term in General Insurance. This notification is a written document sent to the insurer, informing them of an event that may lead to a claim.
Learn about the Statement of Values in property insurance, its purpose, and how it determines the blanket rate for insurance policies.
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.
Learn about policy reserves in life insurance, a crucial concept ensuring that all policies merit a portion of the pro rata reserve.
Learn about the Loss Payable Clause in Property Insurance. Discover how this crucial clause authorizes payments to parties with an insurable interest, safeguarding lenders in mortgage situations.
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.
A comprehensive guide to what qualifies as sickness in health insurance policies, excluding mental illness.
Learn what an 'Outpatient' means in the context of health insurance, including how they receive treatment without staying overnight in a hospital.
Learn about the Ten Day Free Look period in health insurance, a consumer right that allows you to fully inspect your policy and return it within ten days for a full refund.
Learn about elective benefits in health insurance. Discover how specific injuries, such as dislocations, can be covered by a lump sum payment instead of installments.
Understand what Priority (Reinsurance) means in the insurance industry. Learn that it is another term for retention and its significance in reinsurance agreements.
Discover comprehensive shoppers guides for health and life insurance. Learn about types of coverage, and find the best policies to suit your needs. Make informed insurance decisions.
Learn about Contingent Beneficiary in life insurance - a secondary beneficiary who receives benefits if the primary beneficiary is deceased at payout.
Learn about 'Credit Carried Forward' in reinsurance, its implications under spread loss, and how it impacts accounting periods. A key term for insurance professionals.
Learn about delivered business in life insurance, where contracts are delivered to the insured but have not yet been paid for. Understand the implications and significance of this term in the insurance industry.
Understand who qualifies as an eligible person under health insurance contracts. Learn the difference between eligible employees and persons, their qualifications, and eligibility criteria.
Learn about 'Extended Wait' in reinsurance, a provision where the reinsurer begins paying benefits under a disability contract after the ceding company has made payments for several months.
Learn about juvenile insurance, a life insurance policy tailored for children under the age of 21. Discover its benefits, policy options, and importance.
Learn about life insurance policy summaries, including terms, conditions, coverage limitations, and premium details to better understand your coverage.
Understand the term 'Messenger (Criminal)' in commercial crime insurance, referring to individuals possessing the insured's property off-site, including the insured, their employees, or partner.
Explore the ins and outs of ordinary life policies in life insurance. Learn how premiums are paid as long as the insured lives and the benefits of this type of insurance.
Learn about the register method in life insurance—a crucial technique for recording all policies charged to a particular debt account. Understand its importance in financial management within life insurance.
Learn about the term 'Encounter' in health insurance, which refers to a meeting with a healthcare provider where the insured receives any type of service.
Learn about Business Interruption Insurance which covers lost income due to an interruption in business caused by a covered loss. Explore its benefits and applications.
A comprehensive insight into the term 'Natural Death' in general insurance, defined as death due to natural causes excluding accident or homicide.
Explore the concept of Portfolio Reinsurance, where a reinsurer takes on a portion of the ceding insurer's entire portfolio, including all classes or just one coverage class.
Learn about referral providers in health insurance, including their role and importance in ensuring specialized care for insured individuals.
Learn about Second Injury Fund, a state-established resource aiding partially disabled employees who sustain subsequent injuries, promoting hiring of handicapped or disabled workers.
Learn about Single Interest Policy in Property Insurance, which protects the interests of one party involved with a property. Explore the key aspects and significance of this type of policy.
Learn about the Life Insurance Cost Surrender Index, which helps determine the cash surrender value of a life insurance policy at the 10 or 20-year mark.
Learn about vacant property insurance, which covers buildings without any contents or inhabitants. Discover the importance, implications, and regulations of protecting unoccupied properties.
Learn about commutation in life insurance, a process where policyholders trade a series of future payments for a lump sum settlement. Understand its benefits and implications.
Learn about permanent and total disability in health insurance, a designation for disabilities that persist beyond six months and are deemed incurable.
Learn about the term 'Invalidity' in health insurance, which is often interchangeable with illness, and its implications for policyholders.
Understand the definition and business implications of nonowned autos in vehicle insurance. Learn how rented, leased, or borrowed vehicles are covered when used for business purposes.
Learn about optionally renewable health insurance contracts, where the insurer reserves the right to terminate the policy at specific intervals such as the policy anniversary or premium due date.
Learn about supplementary payments in liability insurance. Discover how this clause covers certain costs beyond the basic policy limits.
Learn about the calendar year deductible in health insurance—how it works and its importance no matter how many claims are made within a calendar year.
Learn about duplicate coverage inquiry in health insurance, including its purpose in coordinating benefit stipulations when multiple insurers are involved.
Learn about the elimination period in health insurance policies, an important waiting or probation period that affects when benefits begin.
Learn about the work and materials clause in property insurance, which bypasses the increased hazard clause typically found in standard fire policies. Understand its purpose and implications.
Learn about basic form rates in property insurance, including the combined Group I and Group II rates as defined under the commercial lines program.
Explore the concept of indemnity in general insurance, where payments or replacements are issued to individuals who have suffered a loss.
Learn about policy loans in life insurance, where the loan amount is based on the policy's cash value and the policy itself serves as collateral.
Learn about the discovery period in surety bonds, the grace period during which insured parties can report losses following bond cancellation. Understand how this one-year term protects against unforeseen financial setbacks.
Learn about the Iron Safe Clause in property insurance, which requires the insured to maintain records in a secure, fireproof safe for documentation and verification purposes.
Learn about the contract year in health insurance, which spans from the effective date to the expiration date. Discover how this period affects your coverage.
Learn about the customary charge, the average cost of medical procedures used to determine Medicare benefits, and its impact on health insurance.
Learn about Depreciation Insurance in Property Insurance, which offers the replacement value of damaged items without deducting depreciation, ensuring complete coverage.
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.
Understand franchise deductible in general insurance. Learn how it impacts coverage, claims, and what it means for your insurance policies.
Learn about the designation of an irrevocable beneficiary in life insurance and the importance of obtaining consent to make changes.
Discover what maturity value in life insurance means and how it affects the total amount paid to policyholders at the end of an endowment or after reaching a specified age.
Learn about open policy in property insurance including its definition, how it's used for goods in transit, and the benefits it offers. Understand the specifics of liability limits and premium payments.
Learn about portfolio runoff in reinsurance, a method where a portfolio is reinsured until all the ceded premiums are paid. Understand its significance and applications.
Learn about pure endowment in life insurance, its benefits, and how payouts are contingent upon the policyholder's survival at the end of the period.
Learn about renewable term life insurance, which allows policyholders to renew their term life policy without needing to provide evidence of insurability. Discover how this type of policy works and its benefits.
Learn about the concept of Replacement Cost in Property Insurance, which covers the amount needed to replace your property with new items without factoring in depreciation.
Learn about the retrospective premium in general insurance, focusing on the last premium paid under a retrospective rating plan. Understand its significance and application.
Learn about Asset Valuation Reserve, a mandatory reserve for all invested assets across classes as required by the NAIC. Essential for maintaining insurance company solvency.
Delve into the concept of aviation hazard and explore the extra risks involved in aviation or aeronautics participation, crucial for aviation insurance policies.
Learn about cost sharing in health insurance, a system wherein individuals pay a fraction of health care costs, such as co-payments, and how it impacts coverage.
Explore the process of signing people up for health insurance plans and understand the significance of enrollment numbers in healthcare coverage. Get insights into health insurance enrollment.
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 the loan value in life insurance, which represents the amount you can borrow against the cash value of your policy. Comprehensive guide on how it works.
Learn about morale hazard, a concept in general insurance describing the risk arising from an insured's attitude towards their belongings. Explore how it affects insurance policies.
Learn about providers in health insurance, including doctors, nurses, and groups who offer medical care and services.
Learn about riders in general insurance terms—a document attached to a policy that changes coverage parameters, either by increasing or decreasing benefits, or excluding certain conditions from coverage.
Learn all about the short rate premium, its definition, and its implications in general insurance for policies issued for shorter terms than usual.
Discover how the statewide average weekly wage impacts workers compensation. Learn why it is updated regularly and how it helps to determine benefit amounts.
Learn about swap maternity in health insurance. Understand how pregnancy coverage works under a group health plan and what happens if the plan terminates.
Explore the concept of Underlying (Reinsurance) in the insurance realm. Learn how it represents the total amount of coverage for a risk before additional reinsurance applies.
Learn about Unemployment Compensation Disability Insurance, a health insurance option covering non-workplace accidents and sickness. Does not encompass injuries covered by workers' compensation.
Explore the significance of a warranty policy in property insurance, which guarantees the continuity of a company's warranty terms, backed by a reputable insurer.
Learn about clauses in general insurance terms, which address specific issues within a contract. Discover how these provisions impact your insurance policies.
Understand what a coupon policy in life insurance entails. Learn how coupons attached to the policy can be used when paying the annual premium.
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 'Cut off' in reinsurance, a key stipulation in contracts, outlining that reinsurers are not liable for losses from events post-termination.
Learn about the disappearing deductible in property insurance, where the deductible decreases as the loss amount increases, providing full coverage for larger losses.
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 incidents of ownership in liability insurance, including policy owner rights such as choosing a new beneficiary. Ensure you fully understand your policy's terms.
Learn about inflation guard coverage in property insurance, a critical feature that periodically increases your coverage value to match the rising costs of building materials.
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.
Learn about the installment refund option in annuities, an option that ensures continued payouts even after the annuitant's death, until the purchase price is fully refunded.
Learn about insurance in force and its significance in health and life insurance policies, including the amount of policies to be paid out and yearly premiums.
Learn about the term 'Insured' in general insurance terms. Discover who the policyholder or policy owner is and understand their role in an insurance contract.
Learn about ‘Peril’ in General Insurance terms, a potential cause of loss, and how it impacts your insurance policies. Essential knowledge for insurance education and risk assessment.
Explore the concept of reinsurance assumed and learn about the premium amounts associated with the assumption of reinsurance in the insurance industry.
Discover the essential role of a Reinsurance Broker in placing risks for reinsurance on behalf of ceding insurers. Learn how these professionals ensure coverage continuity and risk management.
Learn about Single Premium Policy in Life Insurance, its benefits, and how it works. Understand the single premium payment method and its advantages.
Learn about the strike through clause in reinsurance, a provision that ensures losses are managed even if the ceding insurer is unable to meet them, directing the reinsurer to pay the insured directly.
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 co-pay in health insurance, where the insured pays a portion of the cost for services, and the provider covers the remaining balance.
Learn about Disability Income Insurance, a type of health insurance that provides financial support when you are unable to work due to sickness or injury. Explore how it helps replace your regular income.
Learn about dismemberment benefits in health insurance, including how these benefits are paid out upon the dismemberment of the insured.
A comprehensive guide to Joint Annuities in Life Insurance, explaining how they work, who they benefit, and key considerations when choosing this type of annuity.
