Explore the concept of underinsurance in the context of property and health insurance, its implications, and strategies to prevent insufficient coverage.
Explore the concept of valuation in general insurance terms - a crucial process of estimating an item's value, typically conducted by a professional appraiser.
Understand the concept of adhesion insurance contracts, which are non-negotiable and offered on a take-it-or-leave-it basis in general insurance terms.
Learn about adjusted premium, a type of insurance premium calculation that includes a net-level premium and first year’s acquisition expenses, important for life annuity contracts.
Learn about the Adjustment Provision in general insurance policies, which allows changes in premiums, face amounts, and durations of protection. Understand how this key term impacts your insurance coverage.
Discover what adverse selection is in general insurance. Learn how individuals with higher-than-average risks attempt to buy insurance at standard rates and its implications.
Learn about automatic coverage in general insurance, which provides automatic protection for newly purchased property or property that appreciates in value.
Learn about base premiums in general insurance and how they serve as the foundation for calculating reinsurance premiums. Essential knowledge for practitioners and students in the insurance industry.
Learn about the basic premium in general insurance, a key component of the standard premium covering administrative costs and agents’ commissions.
Discover the role of a Bureau Insurer in the insurance industry, and how joining a rating bureau aids companies with limited experience in specific risk types.
Discover what it means to cash out vested benefits in general insurance. Learn how employees can take money out of their vested benefits.
Learn about the concept of 'ceding' in reinsurance, which involves transferring insurance or reinsurance from an insurer to a reinsurer. Understand its significance and application in the insurance industry.
Discover the meaning of Cestui Que Vie, a crucial insurance term referring to the person whose life measures the duration of a trust, gift, estate, or insurance contract.
Understand how the Change in Occupancy or Use Clause in property insurance affects your premiums and coverage. Learn the implications of increased risk due to changes in property use.
Learn about claim expense in general insurance terms, which includes costs beyond the actual claim, such as administrative fees and legal costs associated with paying a claim.
A comprehensive guide on the term 'Claimant' in general insurance, covering the individual who requests payment of a claim. Learn about the role and significance of a claimant in insurance claims.
Understand commercial lines, a crucial aspect of general insurance sold to businesses and commercial entities. Learn how these policies protect your business.
Discover the intricacies of the compensating balances plan. Learn how businesses pay premiums, and how the insurance company manages these funds for withdrawals.
Understand the concept of composite rate in vehicle and liability insurance. A composite rate is a single rate for coverage against various perils, streamlining the premium calculation process.
Explore the benefits of Comprehensive Health Insurance, which provides total coverage for health care-related charges, applicable after deductibles and co-insurance for hospital or physician's office visits.
Learn about concurrency in general insurance, where two policies provide the same coverage for the same risk, ensuring greater protection.
Learn about the importance of meeting policy conditions in general insurance. Understand how actions like paying premiums on time help in retaining policy validity and ensuring claims are paid.
Learn about the conditional terms in general insurance that outline the necessary provisions to keep your policy valid. Understand how these conditions affect your coverage and what you need to ensure ongoing validity.
Explore the fundamentals of a contract of insurance, where the insurer agrees to provide benefits or services to the insured. Understand its legal significance and key components.
Learn about convertible life insurance, a type of policy that allows you to convert your term life insurance into a permanent policy. Explore its benefits and why it might be a strategic choice for your insurance needs.
Understand credit card insurance under homeowner's policy and its significance in protecting your finances against fraudulent credit card use.
Learn about the Debris Removal Clause in property insurance which ensures reimbursement for cleanup expenses from insured losses.
Explore the benefits and workings of Deferred Group Annuities, a group annuity contract that enables annual purchases of deferred annuities, ensuring retirement income.
Discover what a deficiency reserve in life insurance means, including when it is required on a balance sheet if the premium charged is less than the net premium reserve.
Learn what 'Dependent' means in general insurance terms. Discover how dependents affect policies and the role they play in insurance coverage.
Learn about dependent life insurance, a group life insurance benefit that provides death protection to the dependents of an employee covered under the plan.
Learn about depository bonds (surety), which promise that government deposits made to a bank will not experience loss, ensuring financial security and compliance.
Discover the key details about Earnings Insurance, a type of business interruption insurance without a coinsurance clause, designed specifically for smaller risks.
Learn about the term 'Eligible Employee' in health insurance, who qualifies, and the available group policy benefits. Understand what makes an employee eligible for health insurance benefits.
Learn about the entry date into claims made liability policies, which establishes the maturity of the policy effective date. Essential knowledge for insurance professionals.
Understand the Errors and Omissions Clause in reinsurance, ensuring that minor errors or omissions do not invalidate the reinsurer's liability.
Understanding 'Estimated Premium' in General Insurance. Learn how projected premium amounts are initially proposed and later adjusted.
Explore the concept of ex gratia payments in general insurance — voluntary compensation by insurers, not required by contract. Understand when and why these goodwill payments are made.
Learn about the term Excess Limit (Liability), which refers to the additional coverage provided by a policy that exceeds the basic limit. Discover its significance in secondary policies and liability protection.
Explore the concept of Excess of Loss Reinsurance, a crucial mechanism in the insurance industry that protects insurers from large-scale losses and financial risks.
Learn about exclusion riders in general insurance, attachments that eliminate coverage for certain hazards. Discover how they affect your insurance policy.
Learn about exhibitions insurance, a type of property insurance that safeguards your property displayed at public exhibitions against damage.
Learn about expected mortality in life insurance, including how the anticipated probability of death is determined using a mortality table for specific groups.
Learn about the concept of expense allowance in general insurance, which refers to payments made to insurance agents in addition to their set commissions.
Learn about the concept of the expiration file in general insurance, which is a notation kept by agents or salespeople indicating the day on which insurance policies expire.
Learn about the expiration notice in general insurance, which provides insured individuals with alerts about the upcoming expiration of their insurance policies.
Understand the concept of express authority in general insurance, wherein the insurer grants authority to the agent through an agency agreement.
Learn about Extended Term Insurance in Life Insurance, a clause under many policies that allows for the continuation of existing insurance based on the contract's cash value.
Explore facultative reinsurance, a type of reinsurance where the reinsurer can accept or reject individual policies presented by the insurer. Learn how it works and its benefits.
Understand how a Farmers-Ranch Owner’s Policy offers tailored coverage for farm residences, barns, stables, and more, making it a superior option compared to standard homeowners insurance.
Learn about the term 'Field' in general insurance. Discover how it categorizes insurance types like health insurance and refers to regions served by agents.
Learn about First Loss Insurance, the key policy for submitting initial claims and securing anticipated loss coverage.
Understand the concept of flat rate in reinsurance, its derivation from the premium income of the ceding insurer, and its implications in insurance and reinsurance transactions.
Learn about flexible premium policies in life insurance, which allow policyholders to modify the amount and scheduling of their premium payments for better financial management.
Incurred But Not Reported (IBNR) refers to losses in general insurance that have occurred but have not yet been filed as claims. Learn how IBNR impacts insurance companies and policyholders.
Understand the term 'Indemnify' in general insurance as the act of returning a policyholder to their pre-loss condition. Learn its importance and application.
Learn about the role of an indemnitor in general insurance terms, where an individual or company agrees to assume obligations normally placed on a surety if the person bonded defaults.
Discover the essentials of Industrial Life Insurance, including its unique coverage amounts of less than $1,000 and the regular premium collection schedules.
Understand industrial risk insurers, an association of stock property insurers and casualty insurers formed to write insurance for large amount risks.
Learn about the role and importance of inspection bureaus in liability and property insurance. Understand how these groups investigate exposures and establish insurance rates.
Learn about installment refund annuities, a type of annuity that ensures benefit payments until the equivalent of the purchase price is paid out. Essential information for financial planning.
Learn about the role of an Insurance Examiner, who administers the examining and auditing of insurers as a representative of the state's insurance department.
Discover the prestigious Insurance Hall of Fame, an organization dedicated to recognizing individuals for their exceptional contributions to the insurance industry.
Understanding the concept of an investment reserve within general insurance, which is crucial for managing reductions in the value of an insurance company's owned securities.
Understand the term 'Item' in general insurance—a reference to individual pieces of property covered by a policy or a schedule listing all insured property.
Learn about the Joint Underwriting Association, a collective of insurance companies providing specific insurance types, funded through premiums and assessments.
Learn about Key Employee Insurance and its significance in health and life insurance, ensuring continuity and financial protection for businesses against the loss of key personnel.
Learn about landlords protective liability insurance. This coverage protects property owners renting out their properties to tenants from liability claims.
Understand the legal reserve in liability insurance, the minimum amount needed as per the laws to keep the policy in force. Learn the significance and application in various regions.
Understand the lessee’s safe deposit box coverage form in insurance. Learn about how it covers the loss of items stored in safe deposit boxes at depository facilities and the exclusions of the policy, including the non-coverage of money.
Discover what a Line Slip is in health insurance. Learn how this broker-written document outlines prospective risks for underwriters and the fractions of risks they insure.
Discover how the livestock coverage form in property insurance protects farm animals. Learn about the specifics of this commercial form often attached to farm coverage.
Explore how livestock insurance provides financial support through lump sum benefits if your animals die due to specified perils. Secure your livestock investment with the right coverage.
Learn about the role and responsibilities of a local agent in general insurance. Understand how local agents operate within small territories and how they earn commissions.
Learn about loss adjustment expense in general insurance terms. Understand the costs associated with adjusting a claim, excluding the actual amount of the loss.
Explore the role of a Loss Prevention Engineer in liability insurance, including their contributions to reducing possible future claims and ensuring policy efficacy.
Understand the term 'malinger' in general insurance, where individuals misrepresent the severity of a disability to continue collecting benefits longer than necessary.
Learn about the Market Assistance Plan (MAP) promoted by the Department of Insurance, designed to help buyers secure difficult-to-find health insurance. Understand its role, benefits, and how it aids in obtaining the necessary coverage.
Understand what a Master Policy is in the context of general insurance, including group insurance policies for employees and property insurance contracts.
Learn about Medical Payments Insurance, an optional coverage in vehicle and liability insurance policies that covers health care costs regardless of fault.
Learn about Medicare supplement insurance, an essential adjunct that helps cover deductibles and co-payments not covered by Medicare. Explore how it works, what it covers, and how to choose the right plan for you.
Understand the concept of a minimum retrospective premium in liability insurance and workers compensation, which is the smallest amount payable by the insured under a retrospective rating plan.
Discover what Monthly Debit Ordinary (MDO) policies entail in the context of life insurance. Learn how MDO premiums are collected and its similarities to industrial policies.
Learn about Mutual Benefit Association in general insurance, where members receive benefits through assessments instead of regular premiums.
Explore the definition of a mutual insurer, an incorporated insurer that operates for the benefit of its policyholders, offering them dividends without incorporated capital.
Learn about mysterious disappearance coverage in insurance, explaining how it differs from named perils like robbery and its implications for property disappearance cases that remain unexplained.
Learn about name schedule bonds (criminal), a fidelity bond that provides coverage for losses due to dishonesty by a specifically named employee. Essential for risk management.
Learn about the definition and implications of being a Named Insured within insurance policies. Discover who is listed, the protections offered, and scenarios where policy coverage extends to others.
Understand the diverse meanings of 'Net Premium' in general insurance, including premiums after agent commissions, expected future losses, and deducted dividends.
Learn about nonadmitted assets in general insurance, which are assets not qualified to be listed on insurance statements due to not meeting state requirements. Discover examples like furniture and fixtures.
Learn what a nonadmitted insurer is, how they operate without proper licensing in certain jurisdictions, and what this means for policyholders looking for insurance coverage.
Learn about nonadmitted reinsurance, its implications for ceding companies, and the importance of licensing in the jurisdiction where the business is conducted.
Understand what constitutes a noninsurable risk within general insurance terms. Discover why certain risks cannot be insured due to high probability of loss or inability to measure actuarially.
Learn about Noninsurance, a term referring to the complete lack of financial preparation for potential losses. Understand its implications in risk management and financial planning.
Learn about the important aspect of 'Notice of Loss' in general insurance terms, how and when to notify your insurer about a loss.
Learn about outstanding premiums in general insurance, referring to premiums that are currently due but have not yet been paid. Understand the importance and implications of outstanding premiums in policy management.
Understanding Package Policy in insurance—Learn how an insurance policy that includes more than two different kinds of coverage can provide comprehensive protection for both personal and commercial requirements.
Learn about the concept of 'Paid for' in general insurance terms. Find out what it means for insurance premiums to be paid and how it impacts coverage.
Learn about the term 'Participant' in the context of general insurance. Discover who is eligible to receive benefits from health, life, or pension plans.
Learn about the Period of Restoration in property insurance, which defines the duration your business income coverage policy will payout. This period starts from the date of loss and ends when property repairs should be completed.
