Learn about the valuation clause in general insurance, which is essential for defining the value of insured items and effectively transforms the policy into a valued policy.
Learn about valued policy in general insurance where an insurance company agrees to pay a prestated amount if a loss occurs. Comprehensive information on valued policy agreements.
Discover the definition of an Asset in general insurance terms. Learn how assets such as property and office furniture are listed on an insurance company's balance sheet.
Understand the concept of rebate in general insurance terms, including its legal implications and differences from reduced premiums or rate adjustments.
Learn about wrongful abstraction insurance, a type of policy that provides coverage specifically for robbery and burglary involving money and securities.
Broad form cause of loss in property insurance covers most reasons for a loss, making it a comprehensive option for homeowners. Learn the specifics and benefits.
Learn about captive agents in general insurance terms. These agents exclusively represent one insurance company, offering specialized knowledge and dedicated service to clients.
Understand the concept of conservation in general insurance, where insurers take actions to retain current policies and prevent them from lapsing.
Explore Electronic Data Processing Coverage in Property Insurance, including the coverage scope for computers, data systems, and income loss due to data processing disruptions.
Learn about Flexible Spending Accounts (FSAs) in health insurance, pre-tax deductions, and coverage for child care or medical expenses. Understand the benefits and limitations, including the forfeiture rule at year's end.
Learn about gross earnings in property insurance, including how they are calculated by deducting the cost of goods sold from total sales.
Understand the meaning of impaired insurer, the signs of financial trouble in insurance companies, and the impact on policyholders and the insurance industry.
Understand the Incurred Loss Ratio in General Insurance. Learn how the ratio of losses sustained compares to money earned from premiums, enhancing your insurance knowledge.
Learn about Lloyd's broker, a professional who negotiates and offers prospective risks to underwriters at Lloyd's. Understand their key responsibilities and authorization requirements.
Learn about prohibited risk in general insurance, where certain types of businesses are deemed uninsurable by insurers. Gain insights into why some risks are not covered and what alternatives exist.
Learn what reassured means in the context of reinsurance, and understand the importance and role of companies that obtain reinsurance coverage.
Learn about Replacement Cost Insurance, a type of property insurance that covers losses based on the replacement cost. Understand its benefits and how it compares to actual cash value policies.
Learn about the role of the Superintendent of Insurance, a title given to the head of an insurance department in certain states or provinces. Frequently referred to as a 'commissioner' in other regions.
Learn about Binomial Distribution, a pivotal function used to predict the probability of future events in the context of general insurance.
Learn about contingency in general insurance, an occurrence that may or may not take place within a certain time frame. Understand its importance and implications in insurance policies.
Learn about graded premium in life insurance, a type of premium that starts lower and increases over time, offering a cost-effective start for policyholders.
Learn about blended insurance programs that combine finite risk, reinsurance, and traditional insurance for comprehensive long-term coverage.
Understand what a Comprehensive Policy covers in Vehicle and Liability Insurance, including risks it covers and named exclusions in the contract.
Learn about Lloyd's Association, a group similar to Lloyd's of London, where individuals come together to share insurance risks without being in business together, each responsible for their chosen portion.
Discover the importance of Extra Expense Coverage Form in property insurance which covers added costs a business incurs to remain operational after a property loss.
Learn about Guaranteed Cost Premium, a fixed insurance premium not influenced by loss experience during the policy term. Ideal for Liability and Worker's Compensation Insurance.
Learn about specific insurance policies, which provide coverage for a single property. Explore scenarios where specific insurance is primary when a blanket policy is also in place.
Explore the role of the Insurance Institute of America (IIA), known for establishing programs and examinations in fields like insurance, underwriting, adjusting, and risk management.
Explore the concept of Transfer of Risk, a key risk management method in general insurance where risk is reassigned to another party. Learn how insurance acts as a type of risk transfer.
Learn about weekly premium insurance policies in health and life insurance, where an agent visits the insured's home to collect premiums, typically for small amounts.
Learn about the Accredited Advisor in Insurance, an individual who has completed the three exams administered by the Insurance Institute of America.
Learn about the term 'Benefit' in the context of general insurance. Discover how benefit amounts are paid to beneficiaries or participants in retirement plans.
Learn about the capacity of parties in general insurance, which addresses the legal competency of each party to enter into an insurance contract.
Explore the definition and significance of commercial forms in general insurance, which offer coverage against various business risks.
Learn about the role and responsibilities of the Commissioner of Insurance, the primary state-level regulator dedicated to protecting policy owners' interests.
Learn about the cover note in general insurance, a notice by an agent confirming the commencement of coverage, similar to a binder but not issued by the insurance company.
Understanding the role of a custodian (criminal) in commercial crime insurance. Learn about the person responsible for taking care of property, their duties, and significance in crime coverage.
Learn about deferred premium in life insurance, where premiums have yet to be paid and are not yet due. Understand its impact on policyholders and insurers.
Understand the fire department service clause in property insurance, which reimburses expenses incurred by the fire department while saving insured property from fire damage.
Understand the concept of flat cancellation in general insurance, where a policy is cancelled on its effective date with no premiums paid.
Learn about the role of a General Agent in Health and Life Insurance. Understand their responsibilities, commission structure, and the importance of finding their own clients.
Understand the General Aggregate Limit in commercial general liability insurance, covering personal injury, property damage, and bodily injury claims.
Learn about implied authority in general insurance, where public perception allows an agent certain powers. Understand what the public can reasonably believe about an agent's roles and actions.
Understand libel insurance and how it protects against legal action for libelous written statements. Learn how liability insurance can safeguard your assets.
Discover the concept of negligence within general insurance terms. Learn how a failure to exercise reasonable care can have legal implications in various circumstances.
Learn about Pluvious Insurance, a type of property insurance that covers losses from outdoor event cancellations due to rain. Ensure your event's financial protection.
Explore the essentials of Scheduled Premium Variable Life Insurance, a type of whole life policy with a fixed premium and guaranteed minimum face amount.
Learn about Special Multi Peril (SMP) liability insurance, a policy that combines multiple coverages into one, reducing the need for several contracts and offering customizable options for the insured.
Learn about supplementary payments in liability insurance. Discover how this clause covers certain costs beyond the basic policy limits.
Learn about Trust Fund Plans for Pensions where a trustee receives contributions and issues retirement benefits. Explore the benefits and regulations associated with these plans.
Discover the concept of Actual Cash Value (ACV) in general insurance, which is the cost of replacing damaged or destroyed items with new property while considering condition and depreciation.
Gain insight into the concept of estoppel in legal terminology. Learn how behavior can influence the ability to deny the existence of a condition in legal contexts, using examples from health insurance claims.
Learn about joint liability in liability insurance where more than one person is responsible for a liability. Discover how it works and its implications.
Learn about line cards in property insurance, including what they are and their role in keeping a record of property insurance sold to an insured.
Explore the concept of Loss Control in general insurance. Learn how reducing the chance or extent of loss through proactive actions can benefit both the insured and the insurer.
Explore the concept of Medical Loss Ratio in Health Insurance, which is calculated as total benefits divided by total premium. Learn its significance in the health insurance industry.
Learn about paid business in health and life insurance, including the application process, premium payments, and medical exams required.
Learn about Participating Policies in general insurance, including how they pay dividends to policy owners and share loss coverage among multiple insurances.
Learn the definition and causes of personal injury (liability injury), including non-bodily injury arising from libel, slander, false arrest, wrongful eviction, and violation of privacy rights.
Learn about policy cancellation in general insurance, including what it entails and the conditions under which a policy can be terminated as per the contract terms.
Learn about self reinsurance, an alternative to purchasing reinsurance where insurers create a fund to cover losses beyond normal means. Explore the benefits and implications of self reinsurance.
Learn about the American agency system, also known as the independent agency system, where insurance is sold through independent agents, offering clients a broader choice and personalized services.
Learn about the Appleton Rule, a crucial regulation requiring every insurer in New York to comply with the New York Insurance Code, even if they operate in other states.
Learn about traumatic injury in the context of general insurance. Discover the implications of an injury inflicted on the insured’s body by an external force.
Learn about the mortality guarantee clause in annuities, which ensures that annuitants receive a lifetime income regardless of changes in mortality rates.
Learn about bridge insurance for bridges under construction, which covers damages from fire, lightning, earthquakes, floods, and other acts of God. Essential property insurance information for bridge construction projects.
Understand Claims Occurrence Basis Liability Coverage, where claims caused by events during the policy term are paid even if submitted later.
Learn about the role of a Combination Agent in life insurance, including their duties in selling both industrial life insurance and regular life insurance policies.
Understand the conditions for qualification in general insurance. Learn about the essential duties required of the insured, such as submitting an inventory of lost items, before benefits are paid.
Learn what declination means in general insurance terms. Find out why an insurer may decline an application for coverage.
Learn about exclusions in general insurance, including how these clauses deny coverage for specific hazards, people, or property.
Learn about the Federal Insurance Administration (FIA), a division of the U.S. Department of Housing and Urban Development responsible for flood plans, FAIR plans, and federal crime insurance.
Learn everything about guaranteed renewable contracts in health and life insurance. Understand how these policies work, the benefits, and what to consider when opting for such contracts.
Learn about household personal property under the farm property coverage form, which includes items like household furnishings and personal belongings.
Explore the concept of investment income in general insurance, including interest payments, stock dividends, and realized capital gains. Learn how insurers earn from their investments.
Discover what Joint Insurance in Life Insurance involves. Learn how policies are structured with multiple names and how benefits are paid. Ideal for couples or business partners.
Understand loss development in general insurance, which refers to the variance between initially estimated losses and reported losses over time.
Learn about manual rates in general insurance, how they are derived from average claims data, and their customization based on information from specific groups.
Learn about market conduct examinations conducted by state insurance departments to evaluate insurer practices and ensure compliant operations within the state.
Understand the importance of material facts in insurance. Learn how misrepresentation of a material fact can impact policy decisions and potentially void an insurance policy.
Discover the meaning of 'Offeree' in general insurance terms. Learn who the offeree is and the role they play when an offer is extended.
Learn about the concept of Penalty (Surety) in Fidelity Bonds. Discover how it defines the maximum liability insurance companies are responsible for in surety agreements.
Learn what a resident agent is in the field of general insurance. Discover the qualifications and responsibilities of agents who live and conduct business in the same state.
Learn about the stacking of limits in insurance, a legal term that involves using the limits of multiple policies to cover a single claim or event. Understand when and how this can be applied.
Discover what a Tabular Plan is in general insurance, how it functions through rating formulas from various tables, and its significance in insurance rating systems.
Understand the nearly obsolete three-fourths value clause, which restricts insurers from paying more than three-fourths of the cash value of the insured property.
Learn about Acceleration Life Insurance, a policy feature that allows the insured to access a portion of the death benefit before death for certain medical costs.
Learn about Additional Living Expense coverage in homeowners insurance, which reimburses expenses for temporary living arrangements due to covered incidents such as fire or water damage.
Learn about depreciation in general insurance, a loss in the value of property due to wear and tear, usage, or obsolescence. Understand how it impacts your insurance coverage and claims.
Learn about direct loss in property insurance, including how it is defined and examples such as flood damage.
Learn about employee dishonesty, a term for any false act by an employee that results in a loss to the employer. Get insights into coverage and prevention.
Discover what an Extended Reporting Period (ERP) is in liability insurance, and learn how it allows you to make claims even after your "claims made" coverage has expired.
Learn about the impairment of capital in general insurance, including definitions, implications, and regional regulations impacting insurers.
Explore the concept of indemnity in general insurance, where payments or replacements are issued to individuals who have suffered a loss.
Explore the definition of limited health insurance, a type of health insurance policy that specifically covers certain illnesses or injuries as outlined in the contract. Learn about its features and coverage limits.
Explore the concept of malpractice, focusing on improper conduct by professionals and their legal liabilities in the context of liability insurance.
Explore the concept of reinsurance premium, an amount paid to a reinsurer by the ceding insurer for the reinsurance provided. Learn how it impacts the insurance sector.
Learn about Sprinkler Leakage Legal Liability Insurance, which provides coverage for liability arising from sprinkler leaks that cause damage to neighboring or underlying properties.
Learn about the attestation clause, a crucial section requiring insurance company officers to sign a contract for its completion.
Learn about the responsibilities and significance of a policywriting agent who is authorized to write policies for an insurer. Dive into the tasks and jurisdiction of policywriting agents in general insurance.
