Learn about legislative risk in general insurance and how changes in taxation laws can impact investments. Protect your financial future by understanding this important insurance term.
Learn about liability limits in liability insurance, which dictate the maximum benefit available for payout in a policy. Discover how they influence coverage and protection.
Learn about unilateral contracts in the realm of general insurance, where only one of the parties makes a legally enforceable promise.
Explore the concept of insurability in general insurance terms. Learn what makes a person or property an acceptable risk for insurance companies.
Learn about involuntary unemployment insurance, a coverage that supports policyholders by paying creditors in case of job loss due to layoffs, strikes, or lockouts. Secure financial stability during unexpected unemployment.
Learn about prepaid legal service plans within pension benefits, which provide employees with access to legal services. Understand how these plans work and their benefits.
Learn about rain insurance, a type of property insurance that protects against income loss when outdoor events are cancelled due to rain. Understand coverage specifics including rainfall amounts and time frames.
Discover the meaning of residence premises in liability insurance and understand its importance for homeowners policyholders. Learn how it affects your protection and coverage.
Understand the concept of statutory earnings or losses in general insurance, particularly as they appear on the NAIC convention blank. Learn how these figures impact an insurer's financial reporting.
Learn about the role and importance of a Survivor (Annuity) as the beneficiary named in an annuity contract. Discover how it impacts the benefits and payouts in the financial planning space.
Learn about Transportation Insurance, a crucial aspect of Property Insurance that covers your property while in transit across all modes of transport.
Discover how age-weighted profit-sharing plans in life insurance make larger contributions for older participants, ensuring equitable retirement benefits through compound interest.
Explore the concept of Life Annuity in the insurance domain, focusing on how it provides a lifelong income paid on a regular basis. Learn its benefits and key insights.
Learn about tariff rates in general insurance, which are derived from the data in the tariff of rates and set forth by a rating organization.
Learn about the D Ratio in Workers Compensation insurance, a crucial metric comparing losses under $2,000 and the discounted value of larger losses to expected total losses for experience ratings.
Discover the fundamentals of Use and Occupancy Insurance, an early term for Business Income Insurance, and how it safeguards business continuity and protects against income loss.
Learn about General Adjustment Bureaus, companies specializing in adjusting claims for various insurers. Discover their role in the insurance industry and training offerings.
Discover the concept of Adverse Financial Selection in General Insurance. Learn why policyholders may surrender their policies and how it impacts insurance providers.
Understanding agency by ratification in general insurance, and how an insurance company becomes liable for an agent's unauthorized actions.
Learn about an assessment company in general insurance terms. Discover how these insurers operate and what it means when premiums are not enough to cover operating costs.
Discover the concept of Blanket Limit in general insurance, which determines the maximum amount of coverage a company will provide in a specific area.
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 the Broad Form Property Damage Endorsement in general liability insurance that negates the exclusion for property in the care or custody of the insured.
Learn about the Carpenter Plan in reinsurance, where the premium amount is linked to the insurance company's incurred losses over a specific period. This article delves into the specifics of how it works and its implications.
Understand the concept of cash flow plans in general insurance, a method that allows insured individuals to pay premiums over a set period.
Discover how cash value life insurance allows policyholders to accumulate savings, providing both insurance coverage and a cash component.
Explore the concept of contents rate in general insurance, focusing on the premium charged for the contents of a building, excluding the actual building structure.
Learn about the contingency reserve in general insurance—an essential reserve set aside for unforeseen events or damages, typically found in an insurance company's annual statement.
Discover the legal concept of contributory negligence and how it impacts the accountability of insured individuals in insurance claims and injury cases.
Learn about the Convention Blank, a mandatory annual financial statement for insurance companies required in all states. Understand its purpose, regulatory requirements, and filing process.
Learn about demolition insurance, part of property insurance, which covers the costs associated with the demolition of buildings not covered under a demolition clause or due to perils requiring demolition, such as fire.
Learn about the Dishonesty, Disappearance, and Destruction policy (formerly known as 3-D policy), a crucial form of commercial crime insurance that shields businesses from losses due to employee fraud and forgery.
Learn about Elevator Collision Coverage, a vital component of business liability insurance policies that covers damages to elevators, personal possessions, and buildings.
Learn about the Employee Certificate of Insurance in health and life insurance. Discover what this proof of membership in a group plan entails and the key elements it includes.
Learn about the exclusive agency system in insurance, where agents only represent one company or give them the right of first refusal. Understand its benefits and drawbacks.
Understand the concept of Expense Reserve in general insurance terms, which refers to the liability to the insurer for expenses incurred but not yet paid. Learn its significance in financial statements.
Learn about the meaning of 'Expiration' in general insurance terms, including its significance as the termination date listed in insurance contracts.
Learn about Explosion Insurance, a vital property insurance that covers loss due to explosions, excluding steam boilers and pressurized instruments.
Understand the Fair Credit Reporting Act and its implications in general insurance terms, including the requirements for forewarning applicants and the handling of negative credit information.
Understand the concept of Governing Classification in Workers Compensation, a critical aspect that designates the classification based on the highest amount of payroll within a company.
Discover the essentials of Group Retirement Income Insurance, a type of policy that ensures a steady retirement income with an equal premium throughout its duration.
Explore the concept of incurred losses in general insurance, which refers to losses sustained during a specific period. Understand its significance, whether paid or not.
Learn about the liberalization clause in property insurance and how it ensures policies are updated to meet legislative or rating authority changes without additional premiums.
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.
Understand the Manufacturer’s Selling Price Clause in Property Insurance, which values finished goods at their selling price during a loss. Essential knowledge for property insurance policies.
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.
Learn about the Mini Tail in liability insurance, a 60-day extension to the reporting time frame that allows the insured to make claims after a claims-made policy has expired.
Learn about misrepresentation, a key legal term in insurance, that involves providing false information during policy acquisition or incorrect explanations of policy terms.
Discover the obsolete Money and Securities Broad Form (Criminal), a crime insurance coverage that protected against loss of money or securities due to various perils. Learn why it was replaced by commercial crime coverage.
Learn about Multi Peril Policies in general insurance. Discover how these contracts offer coverage against multiple perils, providing broad protection in a single contract.
Learn about Net Interest Earned in the context of general insurance. Understand how insurers calculate the average interest earned on investments after expense but before income taxes.
Explore nonmedical policies in health and life insurance, where no medical examination is required. Understand the benefits and essentials of these insurance options.
Discover how outage insurance provides critical coverage for lost earnings resulting from machinery failure due to insured perils. Learn why this property insurance is essential for safeguarding your business premises and financial stability.
Learn about over-the-counter (OTC) drugs, their definition, and their relevance in general insurance. Find out how OTC drugs impact your insurance policy.
Discover the definition of 'Overlie' in general insurance and understand how it relates to exceeding the usual capacity for insurance or reinsurance commitments.
Explore the importance of persistency in life insurance and how it impacts the underwriting process, ensuring business stability and retention.
Understand the function and importance of the Premium Adjustment Form in Property Insurance. Learn how it helps in adjusting premiums based on potential exposures throughout the policy term.
Learn about the premium receipt book in life insurance, its definition, importance, and usage. Discover how it helps in keeping track of premium payments.
Learn about pro rata rates in general insurance terms, which refers to the rate for a shorter term than the usual contract period. Explore its significance and how it is calculated.
Learn about prospecting in general insurance terms, which involves activities related to finding and engaging potential clients or prospects for insurance policies and services.
Learn about protected risk in property insurance, defined as property located within the territory served by a fire department. Understand how this affects your insurance coverage and premiums.
A public adjuster works on behalf of an insured, employing expertise to handle claims and maximize insurance payout. Learn their role and importance in the insurance domain.
Discover the comprehensive retirement program that provides dedicated health insurance benefits to railroad workers. Learn about eligibility, coverage, and more.
Understand the process of recruiting in the insurance industry, particularly focusing on hiring agents, and learn how it plays a crucial role in ensuring quality service.
Exploring the significance and implications of reinsurance credit in the annual statements of ceding insurers, covering ceded premiums and recoverable losses.
Learn about Second Surplus Reinsurance, a type of reinsurance where a second reinsurer accepts coverage through a surplus treaty. Understand its role, definitions, and implications.
Learn about the concept of selection in general insurance, including how insurers or underwriters choose which risks to insure.
Understand the term 'Settlement' used in insurance and legal contexts. Learn how settlements function as mutually agreed-upon agreements or payments between involved parties, and the potential requirement for court approval.
Learn about Single Premium Whole Life Insurance, a policy paid with one payment at purchase, offering lifetime coverage. Discover its benefits and considerations.
Understand what Split Limit in general insurance terms entails. Learn how these coverage amounts are divided according to the type of loss.
Learn about Subscription Policy in general insurance, where multiple insurers share a portion of the risk, ensuring greater coverage and risk diversification.
Learn about the role and importance of a tertiary beneficiary in a life insurance policy, including who they are and how they can impact your insurance outcomes.
Learn all about the Trucker’s Coverage Form, a commercial vehicle insurance policy that provides coverage for truckers who transport goods on behalf of others.
Learn about what a premium receipt is in general insurance, its purpose, and why it is important for policyholders. Get detailed insights and key information.
Learn about the term 'Borderline Risk' in general insurance, referring to an applicant of doubtful quality based on underwriting standards. Discover its implications and how it affects insurance underwriting processes.
Explore the concept of brokerage in general insurance, including the commission paid to brokers and insurance placement through brokers. Learn how these terms impact your insurance policy.
Discover the meaning of 'Contribution' in general insurance terms. Learn how it applies to insurer losses, premiums paid by the insured, and coinsurance scenarios.
Learn about the definition of 'Cover' in general insurance terms, including its use in insurance contracts, addition of assets, and provision of coverage.
Learn about Expense (Health Insurance) including underwriting costs, medical examination expenses, salaries, and other insurer operating expenditures associated with each policy.
Learn about flat deductibles in property insurance, including how a specific sum is deducted from every loss or claim filed. Understand its impact on your insurance coverage and claims process.
Learn about kidnapping coverage in criminal insurance, which protects against the peril of being captured and forced to collude in a criminal act. Ideal for businesses seeking comprehensive crime policies.
Learn about limited policies in health and life insurance, which only pay under specific conditions as specified in the contract. Understand their low limits and limited forms.
Learn about the term 'Loss Payee' in general insurance, referring to the designated person who benefits if a loss occurs, typically a mortgagee of a home or property.
Learn what a manual is in the context of general insurance. Discover how it serves as a guide to rates and classifications, crucial for insurance policies.
Explore the concept of Monoline Policy in general insurance. Learn how single line policy coverage works and its benefits.
A comprehensive guide on mutual funds within the insurance sector. Learn how insurance companies raise funds, types of mutual funds, and their impact on your investments.
Learn about Property Insurance, a vital coverage for property owners to protect against income loss and other risks. Explore how Property Insurance works and its benefits.
Learn about the term 'Risk' in general insurance, which refers to the person, organization, or thing insured, and the uncertain outcomes in events with multiple possibilities.
Learn about seasonal risk in the context of general insurance. Understand what it means for a risk to only exist during a particular time of the year.
Learn about Self Insured Retention (SIR), its implications, and how it affects the insured in assuming a fraction of a risk. Dive into the key aspects of deductibles and uninsured portions.
Explore the concept of standard exception in workers compensation, where specific employees or classes are rated separately from the standard classification of a risk.
Explore the concept of termination in life and general insurance, including the end of coverage and nonforfeiture value in life insurance policies.
Learn about the cancellation provision clause in property and health insurance policies, allowing either party to terminate the agreement before its expiration date.
Learn about the Independent Agency System in insurance, where agents work as independent contractors on a commission basis for multiple insurers.
Discover the importance of the term in general insurance, which specifies the length of time for which a policy is valid. Learn how this period affects coverage and policy benefits.
A comprehensive guide to the Theory of Probability, the mathematical foundation that underpins the principles of general insurance.
Learn about variable contracts in life and health insurance, their regulations, and associated risks. Discover how these contracts differ from typical insurance agreements.
Discover the intricacies of unearned premium in general insurance, the fraction of the premium that remains unused within the prepaid period.
Explore the unlevel commission system in general insurance, where first-year commissions are higher than renewal commissions. Learn how this impacts agents and policyholders.
Learn about unreported claims in general insurance, a vital reserve used to pay claims that have occurred but remain unreported. Discover how insurers estimate this critical reserve.
