Learn about Permit Bonds (Surety), which promise adherence to laws governing specific activities for which a permit is issued. Understand their importance in regulatory compliance.
Discover how a Personal Property Floater policy covers your property at any location under most circumstances, with exceptions like war or nuclear disaster.
Explore the Physicians and Surgeons’ Equipment Form which provides essential coverage for doctors' and dentists' office equipment, supplies, and furnishings.
Explore the concept of portfolio return in reinsurance, which involves the reinsurance of a portfolio that was previously reinsured. Learn about its significance, processes, and regulatory implications.
Learn about the preemptive right in general insurance terms, a provision that allows current stockholders to maintain their ownership percentage by purchasing newly issued stock before the public.
Learn about premises burglary (criminal) and how it is covered under commercial insurance policies. Discover the specifics of coverage for burglary committed on insured premises.
Understand the Premises Theft-Outside Robbery Coverage Form, which covers robberies occurring outside insured premises but typically excludes money or securities.
Learn what a pretext interview is in general insurance terms, where one party misrepresents their identity or intent. Understand the implications and why it's important.
Learn about the Primary Insurance Amount (PIA), a crucial calculation used to determine social security benefits. Understand its significance in estate planning.
Understand the concept of professional partnership in general insurance, where two or more individuals collaborate to offer public services like health care.
Learn about the prospective reserve in health and life insurance, a reserve that accounts for future premiums, interest, and is sufficient to pay future claims.
Learn about public assistance in the context of general insurance terms, detailing welfare services provided by state and federal government to the elderly, disabled, and low-income families.
Understand how Public Employee’s Dishonesty Coverage protects against losses due to employee dishonesty, including the loss of money or securities.
Understanding Pure Premium: The portion of the premium payment designated to cover probable losses in general insurance.
Explore the concept of pyramiding in liability insurance, where the limits of liability on multiple policies apply to the same loss, creating the effect of a higher aggregate amount of insurance.
Understand the Q Schedule in Life Insurance, a crucial compliance requirement in New York State, detailing the insurer's business expenses.
Explore what quasi-insurance institutions are, how they operate, and their role in the insurance industry. Learn about government-created entities that function like private insurance companies.
Discover the importance of Railroad Protective Liability (Liability Insurance), a specialized coverage for those operating on or near railroad property. Learn how it favors the railroad and why it's crucial for operators.
Learn about Rating Bureau in insurance, an organization that classifies rates and hazards by geographic area. Understand its role in the insurance industry.
Learn about recapture in reinsurance, a process where the ceding company reclaims previously transferred business from the reinsurer. Understand its importance and implications in the insurance industry.
Explore the concept of a Refund Life Annuity, an annuity that ensures the same amount paid in by the insured is distributed as installment payments during their lifetime and to their beneficiary upon death.
Learn about reinstatement in reinsurance, its importance in re-effecting catastrophe reinsurance policies that have already paid out, and how reinstatement premiums work.
Learn about retrocession in reinsurance, a transaction where a reinsurer cedes the reinsurance it has assumed to another reinsurer, diversifying risk.
Understand the concept of a revocable beneficiary in life insurance, including the ability to change or revoke this type of beneficiary designation.
Learn about safe burglary, a specific type of burglary involving the unlawful removal of property from a locked safe. Explore its definition, characteristics, and legal implications.
Understand Safe Depository Coverage (Criminal) which protects businesses renting safe deposit boxes, including liability costs and direct loss coverage.
Learn about shock loss in general insurance, a significant event that affects insurers or underwriting companies. Discover its impact and importance in the insurance industry.
Understand the concept of 'Single Limit' in general insurance terms, where coverage is expressed as a single amount. Learn how this term impacts your insurance policy.
Learn about specified causes of loss in vehicle insurance which covers specific perils such as flood, vandalism, or hail, and damage done to a conveyance moving the covered vehicle.
Explore the concept of speculative risk in the context of general insurance—learn why such risks are not typically insurable and the implications for policyholders.
Learn all about Split Dollar Coverage, a common plan where the employer and employee share the costs of insurance premiums. Understand the variations and how the premium is divided based on the type of policy.
A comprehensive explanation of what a standard policy in general insurance entails, including its characteristics, limitations, and exceptions.
Learn about Statutory Accounting Principles (SAP), the legally mandated principles insurers must follow when preparing financial statements for state insurance departments.
Learn about step-rate premiums in health and life insurance, including how they increase at predetermined times and their connection with policy terms.
Explore the essential aspects of stop-loss insurance, a type of reinsurance for health plans or employer-funded plans, designed to safeguard against substantial financial losses.
Learn what a syndicate in general insurance terms is, how a group of insurers collaborates to insure high-value items or properties, and the benefits of achieving better coverage through this method.
Learn about the theft, disappearance, and destruction coverage form (Criminal) in commercial crime insurance. Explore how this coverage protects against the loss of money or securities due to theft, disappearance, or destruction.
Learn about Third Party Administration (TPA) responsible for accounting, reporting for qualified plans, and acting as the liaison between employers and insurers.
Learn about the role and rights of a third party beneficiary in insurance contracts. Understand how individuals not expressly named in a contract can still have legal rights.
Learn about the term 'Transacting Insurance', which refers to the actual conducting of insurance business, including soliciting and negotiating contracts. Discover how this term varies depending on state laws.
Learn about true group insurance, a type of group insurance policy issued with a master contract and certificates of insurance for each member. Understand how it differs from individual policies.
Discover the term 'twisting' in insurance, where policies are misrepresented or wrong comparisons are made to persuade policyholders to change their existing policies.
Understand the term 'Ultimate Net Loss' in general insurance. Learn what it includes, such as legal rulings, settlements, and additional costs like medical and investigative expenses.
Explore the essential elements of auto coverage with our detailed guide on vehicle insurance policies for cars, trucks, and trailers operating on public roadways.
Explore the details of Broad Form Insurance, which provides extensive coverage for various hazards including theft, loss, property damage, and vandalism. Learn how it protects your assets.
Explore the flexibility of cafeteria benefit plans in health insurance which allow employees to customize their premiums and benefits.
Learn about capacity in general insurance terms, which defines the largest quantity of insurance or reinsurance available for purchase from one company or the entire market.
Learn about Casualty Insurance (Liability) which covers legal responsibilities for losses due to property damage or personal injury. Comprehensive insights into coverage and its importance.
Discover what catastrophe loss means in general insurance—severe, unpredictable losses such as earthquakes and hurricanes—and why they are best covered by insurance companies.
Learn about the term collateral creditor, a person appointed the rights to a benefit, within the context of general insurance terms.
Learn about conditional receipts in life and health insurance, how they serve as proof of an interim contract, and the conditions under which an insurance company must pay out benefits.
Explore the concept of coverage in general insurance terms, which defines the extent of the insurance benefit supplied by an insurance contract.
Learn about direct writers in the insurance industry, who sell their products through direct selling or exclusive agency systems. Find out how they operate in the liability/property insurance sector.
Learn how Dun & Bradstreet, Inc. supports insurers with financial information for underwriting processes. Get insights into their role in the insurance industry.
Explore the essentials of dwelling forms in property insurance, detailing how these forms provide coverage for residential buildings and personal belongings.
Learn about the expense ratio in general insurance, which represents the portion of the premium dedicated to paying the insurer’s expenses, excluding losses.
Learn about the concept of Hazard in general insurance, a situation that increases the chance or severity of a loss due to a peril.
Explore Innkeepers Legal Liability Insurance and learn how it safeguards hotel and motel operators against legal liability for guests' property.
Insurable interest is a crucial concept in general insurance, referring to the financial stake an individual or company has in an insured item that would result in monetary loss if the item were damaged or lost.
Learn about Liability Insurance, which covers losses due to the insured's responsibility to others. Explore legal requirements and contractual implications.
Explore the concept of 'Limits' in General Insurance, which defines the maximum benefit paid out from a loss and the age-related constraints for policy issuance.
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.
Gain insight into the Loss Development Factor (LDF) used in Workers Compensation. Learn how LDF helps insurers manage extra funds for late-reported claims and the development of losses.
Learn the basics of loss loading in reinsurance and how it influences the reinsurance rate. Explore how this essential factor is applied to a pure loss cost.
Learn about Loss of Income Insurance, a crucial form of health insurance that provides coverage in case of lost income. Discover how it protects you financially.
Learn about Manufacturers Output Policy—a comprehensive insurance cover for a manufacturer’s personal property while it is away from the premises. Get insights into how this unique insurance policy works and its significance in providing protection against various perils during off-site processing.
Learn about manuscript policies in general insurance, including their unique coverages and conditions, and how they cater to larger accounts in compliance with state laws.
Learn about market conduct in the insurance industry, encompassing sales, marketing, and product issuance, ensuring compliance with laws and regulations.
Learn about mental/emotional distress in general insurance, a psychological condition that is typically covered when resulting from an accident.
Explore the definition and criteria of mobile equipment in liability insurance, including qualifications for land vehicles not registered as motor vehicles and primarily used off public roads.
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.
Explore the concept of mortality savings in life insurance, which is determined by subtracting actual mortality experienced from expected mortality. Learn how it impacts insurance policies and premiums.
Explore the Multiple Location Rating Plan in property insurance, a strategic plan for commercial clients operating from multiple locations. Learn how it offers credits and reduces hazard through asset distribution.
Discover the concept of Natural Premium in life insurance, which represents the mortality cost for one year. Learn how it impacts your insurance policy.
Learn about net retention in general insurance— the portion of risk that a ceding company retains and does not reinsure to another party.
Learn about the Ordinary Life Pension Trust—how it funds through life insurance contracts, offers death benefits to employees, and transitions to retirement benefits.
Learn about ordinary payroll in property insurance, which encompasses payroll expenses for all employees except executives, contract employees, and company officers.
Learn about the concept of overriding commission in general insurance, where agents or brokers receive a commission on business sold by subagents. Explore its significance and impact in the insurance sector.
A detailed explanation of the term 'Payee' in the context of general insurance, defining a payee as a person receiving money.
Learn about personal surety (surety) where an individual guarantees another person’s acts, differentiating from corporate entities in the surety field.
Learn about the term 'Policy' in general insurance terms, referring to the contract that begins insurance coverage and any attached forms.
Learn what a policy lapse is in general insurance terms, which occurs due to non-payment of the premium due. Discover the implications and how to avoid lapses.
Learn about precertification authorization in general insurance, its importance, and how it helps in managing treatment costs effectively.
Learn about Products and Completed Operations Insurance, a crucial subline of general liability coverage for manufacturers and contractors. Discover how it protects businesses from claims caused by their products or completed operations.
Learn about proximate cause in insurance, a critical legal term that describes the primary cause that initiates a series of events leading to damage or loss to the insured person or property.
Learn about pure loss cost ratio in reinsurance, which represents the reinsurer’s losses in relation to the premiums received by the ceding company.
Learn about the term 'Rate' in general insurance, which signifies the cost of a specific insurance unit. Discover how it influences the premium amount.
Explore the concept of release in general insurance terms, including how it applies to claims and the documents used to terminate claims, such as lien releases in property scenarios.
Learn about Retrospective Rating, a unique insurance plan used by large entities where the final premium is calculated based on actual loss experience.
Learn about return commission in general insurance, a situation where a portion of the commission is returned if a policy is cancelled before the entire premium is earned.
A comprehensive guide to reversionary annuities, a unique life insurance contract that pays annuity benefits under specific conditions. Learn how it works, its advantages, and its application in life insurance.
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.
Explore the impact of a sonic boom on property damage and understand the coverage provided by homeowners and commercial property insurance for losses caused by shock waves from supersonic travel.
Learn about subrogation, a legal principle allowing an insurer to assume the rights of the insured to collect from a third party. Discover its applications and exceptions in insurance.
Learn about subrogation release in general insurance - a mechanism where the insurer gains the insured's rights to collect from an entity responsible for the loss. Understand its implications and how it operates.
Learn about the cost of insurance in life insurance and how it is calculated. Understand the net cost valuation to make an informed decision about life insurance policies.
Learn about the 'Date of Issue' in general insurance, which is the date when the policy was created by the insurer, and how it may differ from the effective date.
Explore what a deductible clause is in general insurance terms and how it affects your insurance policy. Learn everything about deductible amounts and clauses in insurance contracts.
Discover the Fair Access to Insurance Requirements (FAIR) Plan, a federal government initiative ensuring property owners can access insurance coverage, along with steps to obtain insurance through a FAIR plan.
