Learn about the policy year, a 12-month period between the policy's anniversary dates in general insurance, crucial for coverage and claim considerations.
Learn about the policyholder in general insurance terms, including definitions and roles. A policyholder, also known as a policy owner or insured, is the person covered by an insurance policy.
Learn about the retainer clause in reinsurance and how it specifies the portion of insurance the ceding company retains.
Learn about the unique position of a Broker Agent who acts as a broker for some insurers and an agent for others. Explore their responsibilities, dual roles, and how they differ from other insurance professionals.
Explore what a representative does in the context of general insurance, including their responsibilities and role as agents or salespersons.
Learn about a solicitor in general insurance, their responsibilities, licensing requirements, and limitations in issuing coverage.
Learn about the subrogation clause in general insurance, which enables insurers to take action against liable third parties to recover losses paid out. Discover its function and implications for both insurers and policyholders.
Explore what vested commissions mean in general insurance. Learn how agents earn commissions on renewal business even after leaving the insurer.
Explore the concept of vested liability in pensions, explaining the non-forfeitable value of a person’s retirement benefits at present.
Learn about warranties in insurance applications, their importance, and how inaccuracies can void contracts. Get detailed insights on legal implications.
Explore Water Damage Legal Liability Insurance that covers losses to neighbors' property caused by water damage. Learn about its applications and protections.
Learn about written premiums in general insurance, including how they represent the premiums paid on all policies an insurer has written during a specific time frame.
Explore the various ways life insurance policyholders can choose to receive dividends, death benefits, or nonforfeiture values. Find out which options best suit your needs.
Understand the role of an Underwriter in general insurance terms. Learn how they assess risks and establish rates and coverage amounts to protect both the insurer and insured.
Discover the process of underwriting in general insurance, where risks are evaluated for their potential insurability and assigned rates based on their assessed risk. Learn the importance and methodologies involved.
Understand the concept of underwriting profit or loss in general insurance. Learn how insurers calculate the profit gained or loss experienced from policies and premiums that exceed losses and costs.
Learn about the Unfair Trade Practices law in insurance, which exists at the state level to prevent unfair or deceptive practices by insurance companies.
Discover the principle of utmost good faith in insurance contracts. Learn how this legal doctrine ensures honest disclosure of facts and mutual intent to abide by contract terms.
Understand the purpose and importance of a valuation reserve in general insurance, ensuring liabilities and assets are appropriately valued.
Discover how a Value Reporting Form in Property Insurance helps businesses manage varying inventory values throughout the year with accurate insurance adjustments.
Learn about the Valued Policy Law, which requires insurers to pay the face value of a policy upon total loss of a building. Understand its purpose and how it impacts insurance policies.
Learn about the term 'Vendee' in general insurance, which refers to the buyer of a property. Understand its significance in property transactions and insurance policies.
Explore Voluntary Compensation Insurance, a type of coverage providing benefits where traditional workers compensation may not apply. Learn how it fills coverage gaps.
Understand the Warsaw Convention, an agreement that establishes liability limits for companies related to bodily injury or death on international flights.
Understanding the role of a Watchperson (Criminal) in insurance, responsible for safeguarding insured premises and property.
Discover the importance of the Work Program clause in contract bond reinsurance, detailing its connection to the principal’s total amount of work.
Discover the essentials of Accidental Death and Dismemberment (AD&D) Insurance, a policy that provides financial benefits upon accidental death or incapacitating injury.
Learn about adjustable life insurance, a flexible life insurance policy that allows changes in policy amount, premium, and period to suit your needs.
Discover the meaning of Aggregate Limit in general insurance, highlighting its definition, importance, and coverage framework for insured individuals over a specified period.
Learn about alien insurers, which are insurance companies formed under the laws of a different country than the one they operate in. Understand their role, regulations, and impact in the insurance market.
Discover the role of the American Insurance Association (AIA) in supporting and promoting property and liability insurance companies, enhancing industry standards and reputation.
Learn the importance and details of an annual statement in general insurance terms, a mandatory financial report submitted by insurers to state insurance departments.
Understand the crucial role of an appointed actuary in general insurance, including responsibilities, and significance in documenting liability reserves.
Learn about asset valuation in the context of general insurance, focusing on how net profit or loss is calculated after deducting insurance and expenses.
Learn about the concept of Association or Syndicate Pool in General Insurance, where a group of insurers collaborates to write large risks and shares the premiums and expenses.
Explore the concept of backdating in health and life insurance policies, and understand how adjusting the policy's effective date can result in premiums calculated for a younger age.
Learn about the Bankers Blanket Bond insurance, a crucial shield for banks against fraudulent acts by employees and theft or burglary by non-employees.
Learn the meaning of 'Beneficiary' in general insurance terms: the person designated to receive the benefits of a policy. Understand its importance and role in insurance policies.
Understand the concept of Blanket Rate in Property Insurance, which involves premiums for covering properties at multiple locations under a single policy.
Understand Broad Form Storekeepers Insurance, protecting small store owners from burglary, robbery, depositor forgery, and employee dishonesty.
Learn about the role and responsibilities of a Brokerage General Agent in the insurance industry. Understand how they facilitate the sale of insurance products through brokers and appoint brokers on behalf of the company.
Understand the role and responsibilities of a Brokerage Supervisor in general insurance, including the authorization to designate insurance company brokers.
Learn about burglary insurance, a form of criminal insurance that protects against financial losses caused by burglary. Understand its importance, coverage, and benefits for securing your assets.
Learn about Business Crime Insurance, which shields your business assets from forgery, robbery, and embezzlement risks. Secure your business with the right coverage.
Explore the concept of business risk, its implications on a company’s earnings, and the importance of managing such risks in a competitive market.
Learn about captive insurance companies, formed exclusively to insure a parent company. Understand benefits, structure, and regulations.
Learn about the Certified Financial Planner designation, a prestigious certification earned by passing national exams set by the International Board of Standards and Practices for Certified Financial Planners.
Learn about the change of beneficiary provision in general insurance policies, allowing insured individuals to alter beneficiaries unless irrevocable.
Understand the role of the claim department within an insurance company and how they assess whether claims will be paid.
Understand the concept of a Claim Report in general insurance, detailing the specifics of a claim. Learn how agents compile these reports and their significance.
Explore what Class Rate means in Property Insurance and how it involves grouping risks of the same danger. Learn about its significance and application.
Learn about coinsurance penalty in general insurance terms, a penalty applied due to insufficient coverage as stipulated in the coinsurance clause.
Learn about collection fees in life insurance, a fee paid to insurance agents for collecting policy premiums. Understand how these fees impact your insurance policy.
Learn about the Combined Single Limit in general insurance, where bodily injury and property damage liabilities are covered as one single sum. Understand how this impacts your coverage.
Explore the essentials of commercial credit insurance, a crucial coverage that protects businesses by insuring against the risk of debtors defaulting on their financial obligations.
Learn about Comprehensive Personal Liability Insurance, a type of insurance that covers individuals in their private lives against liability from accidents. Explore its benefits and coverage.
Learn about the concept of consideration in general insurance, where the premium paid by the insured and the future payout of claims by the insurance company form the basis of the contract.
Learn about the contract in general insurance terms, which is the agreement between the insured and the insurer, outlining the trade of consideration for benefits and services.
Learn about Contractual Liability Insurance, a policy that covers liabilities assumed under a written contract, protecting businesses from financial loss.
Learn how a conversion fund supplements life insurance or limited payment life policies to increase cash dispersed at retirement for a steady monthly income.
Discover the significance of a daily report in general insurance, a concise statement summarizing relevant policy details. Understand its role and why it's crucial for insurers, agents, and policyholders.
Explore what a declaration means in legal terms and its significance in liability and property insurance, detailing how it's a written statement of factual information.
Learn about deferred annuity, a financial product designed to begin payments at a later date, and explore its benefits, uses, and how it differs from immediate annuities.
Explore the role of the Director of Insurance, the key leader in state insurance departments responsible for regulating and overseeing insurance practices.
Explore the definition of earned income in general insurance terms. Learn how the money a person earns from working at a job influences insurance policies and premiums.
Understanding Earned Premium: The portion of an insurance premium exhausted during the policy's term. Learn how it affects policy accounting and coverage.
Explore the essential aspects of Employee Welfare Benefit Plans, including their role in providing medical care, benefits upon illness, death, or unemployment. Ideal for employers seeking to understand their obligations.
Discover what Errors and Omissions Insurance (Liability) covers, whom it benefits, and why financial advisors and insurance agents need it. Learn how it protects against losses from mistakes and inadequate insurance coverage in financial institutions.
Discover what excess insurance means in general insurance terms. Learn how it acts as a secondary coverage that pays beyond the primary policy once a specified amount is exceeded.
Discover how experience modification impacts your insurance premiums. Learn about experience rating plans and how they can increase or decrease your insurance costs.
Learn what Expiry means in Life Insurance, focusing on the conclusion of a term life policy at the end of its coverage period.
Understand the extortion coverage form in commercial crime insurance. Learn how it protects businesses from losses due to extortion involving cash, securities, and other goods.
Learn about the farm coverage part in commercial package policies that ensures the protection of farmland, equipment, and livestock through property and liability insurance.
Understand File and Use Rating Laws, state regulations that allow insurers to implement new rates without obtaining prior approval from the insurance department. Discover its implications in the insurance industry.
Explore the ins and outs of the fire damage limit in liability insurance. Understand how this specific limit applies to fire legal liability coverage and its implications for policyholders.
Learn about the first named insured, the primary individual listed on a commercial insurance policy, and their role and responsibilities.
Learn about the General Property Form in property insurance, a widely used commercial insurance form that protects property from specified risks.
Learn how Group Credit Insurance offers protection for debtors by paying or reducing the debt in the event of disability or death. Explore the benefits for both health and life insurance.
Learn about group renewable term insurance, a life insurance policy that covers a specific period, typically a year, and is renewable at the end. Essential for understanding pension plans.
Understand the concept of Highly Protected Risk (HPR) in property insurance, highlighting its significance for buildings with above-average construction and fire sprinklers.
Understand what a hold harmless agreement is in liability insurance. Learn how one party can assume inherent risks, removing potential liability from another party.
Learn about income policy in liability insurance, which provides monthly benefits to policyholders. An alternative to one-time payouts, income policy ensures continued financial support.
Learn about the Insolvency Clause in Reinsurance, a crucial stipulation ensuring that the reinsurer remains liable for their share of losses even if the insurer becomes financially insolvent.
Learn about inspection in general insurance, a critical process involving the verification of facts about policyholders, claimants, or new applicants by a commercial agency.
Learn about the term 'Insured' in general insurance terms. Discover who the policyholder or policy owner is and understand their role in an insurance contract.
Discover the workings of the level commission system in general insurance, where new and renewed contracts attract the same commission percentage.
Learn about the 'Limit of Liability' in liability insurance, which defines the maximum benefit an insurer is liable to pay. This crucial contract term can impact your coverage and financial protection.
Learn about Limited Payment Life Insurance, where premiums are only paid for a specified number of years but the coverage lasts for the insured's lifetime. Ideal for financial security and budgeting.
Understand what 'Line of Business' means in the context of general insurance terms, including examples such as Homeowners, Health, and Life insurance.
Discover what a line sheet is in the context of general insurance terms, and learn how it assists ceding companies in determining liability limits for various risks.
Explore the influential role of Lloyd's of London in the insurance sector, where separate insurers accept or reject risks presented by brokers. Discover the precedents set by Lloyd’s for the industry.
Learn what loss frequency means in the context of general insurance. Discover how frequently losses occur within specific time frames and its significance in risk assessment and policy pricing.
Learn about loss severity in general insurance, which refers to the amount of a loss in financial terms. Understand how it impacts insurance claims and overall risk management.
Learn about lost wages in general insurance, which refer to potential earnings the insured was unable to receive due to an injury or disability. Understand how this crucial term impacts insurance claims and financial planning.
Learn about malpractice insurance (liability insurance) that protects medical practitioners from claims of malpractice, covering damages and legal defense.
Understand the role and definition of a Manager in general insurance terms, including their responsibilities, salary structure, and impact on business volume within an insurance agency's branch office.
Explore the concept of market risk in general insurance, focusing on the potential losses associated with investments and understanding that no investment is guaranteed.
Learn about the role of a medical examiner in health and life insurance. Discover how they conduct examinations for prospective insured individuals.
Learn about Merit Rating, a rating plan commonly used in personal automobile insurance where the premium amount is determined by the insured's loss record.
Discover what a Multiple Line Policy entails in general insurance terms. Learn about personal or commercial package policies that include various coverages.
