Learn about Coverage Trigger (Liability), a crucial concept in determining if an insurance policy covers a claim. Understand how it functions in liability insurance.
Explore the significance of policy delivery in health and life insurance. Understand the process and its importance in ensuring insurance coverage.
Learn about the dollar limit in property insurance, which sets a cap on coverage in a homeowners policy, typically listed in the Coverage C section.
Learn about endorsements in general insurance terms. An endorsement is a form that modifies the provisions of an insurance policy when attached to it.
Explore the concept of expenses in general insurance terms, focusing on the cost, minus losses, of operating an insurance company.
Learn about the term 'Experience' in general insurance, which refers to the record of loss associated with an agent, insured, or another category, and can also represent the ratio of losses to premiums.
An overview of the expiration card used in general insurance for track policy renewals, ensuring policies are updated timely for continued coverage.
Learn about the term Exposure in general insurance, which refers to situations where a loss could occur, the likelihood of such a loss, and its impact based on the surrounding area.
Learn about fictitious groups in insurance, which are fabricated entities created to purchase insurance, and are prohibited by law.
Learn about General Account in Annuities, the investment portfolio used for premiums, often consisting of safe, guaranteed investments.
Learn about general insurance terms, focusing on how insurance reduces risk by transferring it to insurers and the role of premiums and policy contracts.
Learn about group certificates provided to policyholders in group health and life insurance plans, detailing the benefits offered under the group policy.
Learn about the guiding principles in general insurance that dictate how coverage of a loss is shared between two insurance companies, as developed by property and liability associations.
Learn about hospitalization insurance, a form of health insurance covering specific expenses during hospital stays due to injury or illness. Explore coverage limits and key details.
Learn the definition and implications of indirect or consequential loss in property insurance, including real-world examples like loss of income from an accident-damaged taxi.
Learn what an inspection report in general insurance entails, including its purpose, and the type of information it contains.
Learn about insurance claims, the process of requesting disbursement of promised benefits, and key terminology in the insurance domain.
Explore the significance of insurance forms, also known as endorsements or riders, in the completion of an insurance policy. Learn how they are integral in defining the terms and coverage of your insurance.
Learn about Key Person Insurance, a crucial life insurance policy that safeguards businesses from financial hardships due to the death of a key employee. Discover its benefits, coverage, and importance.
Explore the specialized kidnap-ransom insurance, designed to protect financial institutions from financial loss due to ransom demands for employees. Learn about its unique coverage and market existence.
Explore the concept of legal liability in the insurance domain. Learn about liabilities that arise from negligent actions rather than contracts.
Explore the benefits and features of level premium insurance in life policies. Learn how premiums remain constant throughout the term, making life insurance manageable and predictable.
Explore the concept of Lien Plan in liability insurance, a specialized coverage for substandard risks where reduced policy benefits are paid out if the insured dies before a specified timeframe.
Explore the role and function of a Lloyd's syndicate within the general insurance sector. Learn how this group of underwriters manages risks and its significance in the insurance market.
Learn about the loss constant in general insurance, an amount aimed to offset larger-than-average losses for smaller risks within the same classification.
Explore the concept of loss expectancy in general insurance, an estimate of the most likely maximum loss that could be paid on an exposure, factoring in the insured's loss prevention measures.
Explore the definition of 'Loss' in general insurance, including claims filed by the insured, property value decreases, and amounts paid by the insurer.
Learn about Loss Limitation in Workers Compensation and how it functions within retrospective rating formulas to limit catastrophic losses.
Explore the definition and importance of loss ratio in the insurance industry. Learn how the ratio is determined by dividing the losses by premiums paid, with insights into incurred or paid losses and earned or written premiums.
Explore the concept of losses incurred in general insurance, a measure of the insurer's losses, both paid and unpaid, in a specified time frame.
Learn about the lump sum settlement option in life insurance, where the insured or beneficiary receives the entire payout amount at once.
Learn about multiple funding in pension plans, utilizing a separate fund and insurance cash values to secure retirement benefits.
Learn about the Net Amount at Risk in liability insurance, which is the difference between the face value of the policy and the reserve accumulated under the policy.
Discover what occupational hazards are and how they impact the likelihood of sickness, accidents, or death in various professions.
Learn about the definition of Occurrence in General Insurance, its implications, and how it differs from an accident. Essential insurance terminology explained.
Learn about the concept of odds in general insurance, which represents the likely chance of an event occurring within a statistical sample, expressed either as a decimal fraction or a ratio.
Explore the concept of 'Offer' in insurance contracts, its significance in life and property insurance, and how it forms an essential part of the agreement between parties.
Discover what paid losses refer to in the context of general insurance. Learn how insurers calculate the amount paid out in losses over a specific time frame.
Learn about performance bonds (surety) and their importance in ensuring proper contract fulfillment in various industries.
Learn about personal lines in general insurance, which include coverage options like health insurance and homeowners insurance for individuals and families.
Learn about Personal Property of Others, a key term in general insurance referring to property that does not belong to the insured named in the contract, excluding real estate.
Learn about policy dividends, how they are calculated, and what they signify in general insurance. Understand the benefits for policyholders.
Learn about the pollution liability extension endorsement, an important element in liability insurance that negates certain portions of the pollution exclusion.
Learn about the term 'Portfolio' in general insurance, covering both assets invested by a company and all policies in effect along with unsettled losses.
Learn about the presumption of agency, an agency relationship that is legally enforceable without a signed agreement, and its implications in general insurance.
Learn what a Private Carrier in Property Insurance means, and how it differs from a common carrier. Explore the contractual obligations of transportation companies restricted to certain customers.
Learn about pro rata, a term used in insurance to describe the allocation of payouts between beneficiaries or the sharing of liability between insurers. This guide explains its significance in insurance contracts.
Learn what proceeds in life insurance entail, including the face value of a policy and any amounts to be paid out. Get clear, concise information tailored for policyholders.
Discover how Protection and Indemnity Insurance provides coverage for shipowners against negligence-related damages to crew or cargo. Learn about the scope and benefits of this specialized property insurance.
Learn about the role and functions of a regional office in general insurance, also known as a branch office, and how it operates within a particular geographic area, reporting to a home office.
Reimbursement in general insurance refers to the re-payment of an amount already paid by the insured. Learn how it works and what it means for your insurance claims.
Learn about the concept of renewals in general insurance, focusing on premiums paid toward a renewed policy. Understand how renewals work and their importance in maintaining continuous coverage.
Learn about securities in general insurance terms, including their definition as evidence of ownership of a stock, bond, or debt.
Learn about the standard provisions mandated by state law that are included in all life and health insurance policies. Discover how these provisions ensure consistency and compliance with regulations.
Learn about the concept of 'Target Risk' in general insurance, which encompasses the prospective policyholders divided by race, age, sex, and other demographics. Explore its importance in the insurance industry.
Learn about the brokerage department within an insurance company, including its role in placing insurance with brokers and its importance in general insurance operations.
Learn about the Business Income Coverage Form in Property Insurance, which provides coverage against losses due to property damage, including loss of business.
Learn about the concept of Degree of Risk in general insurance terms, representing the uncertainty and chance that reality may differ from predicted outcomes.
Explore the direct selling system in general insurance where insurers sell directly to the insured via employees. Learn about its methods including mail order services.
Learn about the General Agents and Managers Conference, an association affiliated with the National Association of Life Underwriters (NALU), comprising of distinguished agents and managers in the Health and Life Insurance sector.
Learn about the insuring agreement section of an insurance policy, detailing coverage hazards, insured individuals, and contract duration.
Learn about the Ownership Provision in Life Insurance policies, which allows a policy to be owned by someone other than the insured individual.
Learn about the obligor (also known as the surety or principal) in the context of insurance and legal obligations. Understand their responsibilities and significance.
Explore what Total Loss means in general insurance. Learn how it's defined and its implications on insurance claims when property is completely destroyed.
Learn about uninsured motorist’s coverage in vehicle insurance policies, designed to protect you from damages caused by drivers without insurance, including hit and run incidents.
Explore the concept of values in life insurance, specifically referring to nonforfeiture values, and understand their role in policyholder benefits.
Learn about voluntary reserves in the insurance sector, a type of reserve not legally mandated but crucial for financial preparedness and stability.
Explore the concept of Waiver in Insurance and Legal Terminology, including its applications, definitions, and implications for contracts, liabilities, and privileges.
Understand the concept of unearned premium reserve in the context of general insurance. Learn about its significance and how it is represented on an insurer’s balance sheet.
Learn about unearned reinsurance premium, the portion of the premium related to the part of a policy that has been reinsured.
Learn about Unfair Claim Settlement Practices Law, which comprises multiple state-level laws designed to protect individuals during the insurance claims resolution process.
Learn about the function and significance of uniform forms in general insurance, including their standardization and usage by rating bureaus.
Learn what it means when an insurance policy is void and no longer enforceable. Understand the legal implications and scenarios where this might occur.
Discover the ins and outs of Warehouse to Warehouse Coverage, a key stipulation in marine coverage forms that protects your goods from the shipper's warehouse to the consignee’s warehouse.
Learn about Wave Damage Insurance, a type of property insurance that covers damage caused by waves or tides. Understand the benefits and importance of this insurance coverage in protecting your property.
Discover what General Liability Insurance is, why business owners need it, and what it typically covers. Learn about liability coverage for bodily injury on property or product-related losses.
Learn about Widow/Widowers Benefit under pension plans, how social security provides support to surviving spouses, and eligibility criteria for these benefits.
Discover the benefits of Wrap-Up Liability Insurance, a plan designed to cover all liability risks for large amounts, typically tailored for extensive projects or multiple contractors.
Learn about the term 'X table' in general insurance, a table in progress that is not yet fit for rating purposes. Understand its role and significance.
Learn about Cross Purchase Agreement in the context of pensions. Understand how this contract facilitates the buyout of a deceased or permanently disabled partner's interest to maintain business stability.
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 Garage Keepers’ Legal Liability Insurance, which offers protection to garage owners against liability for damages to vehicles in their care or custody.
Learn about the definition of an in-patient, an individual admitted to a hospital or healthcare facility as a patient in residence, in the context of general insurance.
Discover everything you need to know about individual life insurance policies. Learn how it covers a single insured and its benefits.
Understand the concept of Net Line in reinsurance, referring to the insurance amount retained by the original insurer and its implications on risk management.
Learn about the reduction of risk in the context of general insurance. Understand the importance of precautionary measures in minimizing the likelihood or severity of potential losses.
Learn about 'Salvage' in general insurance, where insurers take over property to minimize losses and understand its role in the insurance industry.
Discover the role of a Third Party Administrator (TPA) in administrating life and health insurance policies for employers. Learn how TPAs facilitate communication between employers and insurers, process claims, and determine eligibility.
Explore the fundamentals of commercial health insurance, which includes both medical costs and disability benefits, along with renewal provisions and specific benefits.
Learn about the policy period in general insurance, which defines the duration for which your insurance coverage remains valid.
Learn the definition of Protection in general insurance terms and how it relates to coverage and neighborhood fire safety resources.
Learn about retaliatory law and how it affects insurance agents applying for licenses across different states. Discover the implications and benefits of this legal provision.
Explore the essentials of Robbery and Safe Burglary Coverage Form within commercial crime insurance, including the specifics of Form D and Form Q.
Learn about the definition and implications of sublimits in general insurance policies. Discover how sublimits function and what they mean for policyholders.
Learn about Evidence of Insurability in health and life insurance. Understand the importance of health facts required for underwriting, including medical physicals.
Learn about the coinsurance plan of reinsurance, a form of reinsurance where insurance companies transfer a segment of a life insurance policy to a reinsurer who then shares in the death benefit payments.
Learn about excess per risk reinsurance, a type of reinsurance that protects the ceding company against losses exceeding a specific retention amount for each individual occurrence.
Learn about the role of a fiduciary in insurance, their responsibilities, and the legal obligations to act ethically when handling the money or property held in trust.
Learn about the multiple indemnity clause in life insurance policies, which ensures multiplied benefits if the peril occurs in a specified way, such as double indemnity in case of arson.
Explore the concept of being over insured in insurance. Understanding over insurance, its risks, and how it might impact policyholders. Learn about the moral hazard associated with excessive coverage.
