Learn about the net increase in life insurance, a crucial metric for determining the amount of new policies and renewals minus lapses or cancellations. Understand how insurers use this calculation to gauge business growth.
Learn about Net Quick Assets, often referred to as working capital, and understand their importance in the surety bonding process for contractors. Discover how the calculation is made and why it's crucial for bond approval.
Learn about the New York Standard Fire Policy, a foundational property insurance contract that covered fire and lightning losses and served as a precursor to modern insurance forms.
Understand what a Nonparticipating Policy in general insurance means. Learn why these policies do not pay dividends to the policyholder and how they differ from participating policies.
Understanding nuisance value in general insurance, an amount the insurer pays to settle a claim more for convenience than its validity.
Discover the role of an obligee (surety) in the context of bonds and insurance. Learn how it compares to the insured in an insurance policy and understand its importance.
Discover how overhead expense insurance safeguards business owners by covering rent, utilities, and employee salaries when they become disabled. Learn more about this crucial disability insurance.
Discover what a Parasol Policy is in liability insurance, how it differs from and complements existing property insurance by offering all-risk coverage with some exclusions.
Understanding Partial Loss in insurance: A loss that does not completely devalue or destroy the insured's property.
Learn how a payment bond (Surety) guarantees that contractors will provide and pay for labor and materials on a project, protecting property owners from liabilities.
Learn about the per capita distribution method in life insurance, where a beneficiary's portion of an estate is shared equally among all their heirs.
Learn about Per Risk Excess Reinsurance, where the insurer pays losses up to a specific limit, and the reinsurer covers the remaining loss up to the agreed limit.
Learn about ‘Peril’ in General Insurance terms, a potential cause of loss, and how it impacts your insurance policies. Essential knowledge for insurance education and risk assessment.
Explore the concept of pilferage in general insurance terms, particularly in marine insurance forms. Learn what pilferage means and how it applies to theft of items of little worth.
Learn about 'Policy Anniversary' in general insurance terms. Discover its significance and where to find this crucial date in your insurance policy documents.
Explore the concept of postmortem dividend in life insurance, a dividend paid out to beneficiaries after the insured person’s death. Learn its significance and implications in life insurance policies.
Learn about power interruption insurance, a critical policy that protects property owners against losses caused by power failures due to specified hazards.
Learn about the term 'Premises' in general insurance, which refers to the physical location covered by a policy. Understand what constitutes premises in property insurance for better coverage insights.
Learn about the term 'Primary Insurer' in reinsurance, also known as the ceding company. Understand their role in transferring risk to reinsurers.
Learn what a probate bond (surety) is and its role in protecting assets during estate administration, as sometimes mandated by probate court.
Learn about the term 'Producer' in general insurance terms, which refers to a person who sells insurance, such as an agent.
Understanding Product Recall Insurance, a type of liability insurance that covers the costs involved in recalling defective or possibly defective products made by the insured.
Learn about the Prohibited List, also known as the undesirable list, which includes risks that insurers will not cover. Essential for understanding exclusions in general insurance.
Explore the benefits of quantity discounts in life insurance policies. Learn how purchasing a high face value policy can lead to significant savings.
Learn about Quota Share Insurance in Property Insurance, a type of contract where risks are shared between two policies based on a predetermined percentage.
Explore the concept of rate discrimination in insurance, a practice now prohibited by state laws, which involved charging different rates to insureds with the same characteristics.
Learn about realty, also known as real property, which includes non-movable property such as land, homes, and structures. A comprehensive guide to understanding this vital legal concept.
Learn about reciprocity in reinsurance, where ceding companies and reinsurers engage in reciprocal insurance placement for mutual benefit.
Learn about 'Rejection' in general insurance, which refers to an insurer's refusal to insure a given risk or the refusal to pay a submitted claim.
Explore the concept of representation in legal terminology, focusing on its importance in insurance applications. Learn how truthful declarations by potential insureds play a critical role.
Understand the fundamentals of risk management in general insurance, including the assessment of potential losses and strategies to avoid, reduce, or transfer risk.
Learn about Risk Retention Groups, a type of liability insurer owned by policyholders sharing the same type of business and liability risks. Understand how they spread liability and finance liability differently.
Explore Savings Bank Life Insurance, a unique type of life insurance offered exclusively in certain states like Massachusetts, and sold by savings banks.
Understand the term 'Schedule' in both Property and Health Insurance. Learn how it lists covered items, procedures, and their costs for comprehensive insurance coverage.
Understand the concept of selection of risk in general insurance terms, including how insurers choose which risks to insure and the role of reinsurance in managing those risks.
Learn about special acceptance in reinsurance, where risks not automatically accepted through a reinsurance contract are taken on through a separate agreement.
Learn about the Staff Model HMO, a type of Health Maintenance Organization (HMO) where premiums are paid directly to the HMO, which employs physicians who receive salaries and predetermined bonuses.
Explore the concept of statutory reserve in general insurance, a legally required reserve to ensure the financial stability and integrity of insurance providers.
Learn about strict liability in liability insurance, a form of liability that affects manufacturers and merchandisers due to defective products. Understand how liability applies without negligence and what is needed to prove a product is dangerously defective.
Explore the role and functions of a Sub Broker in reinsurance, an intermediary who assists the primary broker in acquiring necessary reinsurance placements.
Learn about subject premium in the context of reinsurance, including how the ceding insurer's premium is used to calculate the reinsurance premium by applying the reinsurance factor.
Learn about the Surety Bond Guarantee Program administered by the Small Business Administration (SBA), which backs surety companies against losses under contract bonds for minority contractors.
Learn about the concept of surety in the insurance industry. Understand the role a surety plays in guaranteeing the performance of another party.
Learn about survivorship benefits in life insurance, including how funds are used to support annuitants living longer than expected and the role of premiums from deceased annuitants.
Learn about temporary agent licenses in the insurance industry, including their purpose and typical duration, especially in cases involving deceased, disabled agents, or active duty military personnel.
Learn about the role of a Trustee in general insurance, who is responsible for managing the property of another individual or group.
Learn about appraisal in general insurance terms—a crucial assessment to determine the value of an item or property for adequate insurance coverage or replacement value.
Discover what Asset Depreciation Risk is in the context of general insurance, including its implications and how it can affect the market value of a company's assets over time.
Learn about aviation accident insurance, a specialized form of life insurance that provides coverage for passengers or pilots on regularly scheduled airlines. Discover how this insurance works and its benefits.
Discover what Basic Limit means in general insurance. Learn about the minimum amount for which a liability policy can be written and how it impacts your coverage.
Learn about Blanket Crime Policy, which offers coverage for dishonest employees, forgery, counterfeit currency, and money order losses. Understand its transition to commercial crime coverage or commercial package policies.
Learn about bonds in general insurance - a contract between a principal, surety, and obligee that provides financial protection. Understand the roles and responsibilities involved.
Learn about the book value, which refers to the cash value of a company's assets as listed on its accounting records. Essential for understanding financial health in general insurance.
Learn about the role of a Broker in general insurance, a person who acts on behalf of another to obtain insurance, and occasionally represent the insurer to collect premiums.
Learn about the coinsurance limit in general insurance terms, specifically the coverage mandated by the coinsurance clause in an open stock burglary policy.
Learn about the corridor in universal life insurance, its role in maintaining life insurance status for tax purposes, and its significance for policyholders.
Discover what currently insured status means under Old Age, Survivors, and Disability Health Insurance, and how it affects survivor benefits for dependents.
Learn about the term 'Debit' in general insurance, which refers to the outstanding premiums and areas managed by debit or home service agents. Gain insights into how it affects insurance collection practices.
Learn about the insurance deductible, a crucial aspect where insured parties pay a portion of the loss before the insurer covers the claim. Crucial knowledge for policyholders.
Explore the concept of Direct Written Premium in Liability and Property Insurance, which represents the collected premiums before deductions for reinsurers. Learn its significance in the insurance domain.
Learn about disability benefits, which provide financial support to individuals deemed partially or totally disabled. Explore policies and clauses in health and life insurance.
Learn what Disability Insured status means in health insurance, how it is granted by the SSA, and the requirements involving social security taxes.
Learn about dividends in general insurance terms, where an insurer returns part of the premium paid by an insured for a policy or part of a surplus paid to stockholders.
Explore the importance of Druggists' Liability Insurance, which protects pharmacists from legal claims related to prescription filling errors and unfulfilled drug deliveries.
Learn about Employees Trust (Pensions), a financial vehicle for funding pensions and profit-sharing plans, benefiting employers and employees.
Learn about Employer's Non-Ownership Liability Insurance, covering the employer from liability when employees use their personal vehicles for business purposes.
Learn about Endorsement Split Dollar Plans, a liability insurance strategy where an employer holds ownership and control of an employee’s life insurance policy, ensuring the employee's right to benefits through the employer’s endorsement.
Learn about Equipment Breakdown Insurance, a commercial insurance that covers any loss caused by the breakdown of machinery or other equipment. Essential for businesses relying on critical equipment to operate efficiently.
Learn about the concept of equity in general insurance terms, including its significance in determining the cash value of an insurer after liabilities are taken into account.
Learn about examination, an essential evaluation conducted by the state insurance department of an insurance company, its significance, and its impact on insurance practices.
Learn about excess interest (liability) in life insurance, where interest added to the cash value of a policy exceeds the minimum rate guaranteed by the insurer.
Learn about Experience Refund in Reinsurance, a profit-sharing mechanism where a fixed amount of net profit is returned to the ceding insurer at year's end.
Learn about financed insurance, including how policy premiums are paid by borrowing against the cash value of the policy. Discover the legal implications and benefits.
Explore the definition of floods in property insurance, including causes such as overflow of water bodies, unusual surface runoff, and mudflow. Learn how property insurance typically covers these events.
Explore what geographical limitation means in general insurance terms, and learn how it affects your insurance coverage based on specific geographic areas.
Learn about immature policies in liability insurance, specifically claims made on policies in effect for less than five years and the associated rating discounts.
Learn what Index Bureau Experience means in the context of general insurance and how it helps track losses from claims over a year.
Learn about interest rate risk, a critical factor in investments, particularly when investing in bonds. Understand how changing interest rates can impact returns and affect your investment decisions.
Learn about legal reserve life insurance companies, which maintain reserves as mandated by local laws to ensure financial stability and compliance.
Explore the essentials of life insurance, including how it works, the benefits provided, and various circumstances under which payouts are made.
Learn about limitations in general insurance, including limits of liability and exceptions to coverage, and how they affect your insurance contracts.
Learn about limited partnerships, where two or more individuals manage a business together, focusing on the role and liability of limited partners in the insurance domain.
Learn about loss assessment charges, their importance in liability and property insurance, and how homeowners insurance policies may cover these costs.
Learn about the misstatement of age in health and life insurance policies, including the consequences of providing a false age when applying for a policy.
Learn about Monopolistic State Funds in workers compensation insurance, how they operate in certain states, and their impact on businesses. Understand why private insurers are prohibited in these states.
Explore the concept of moral hazard in insurance, where an insured's attitudes or morals lead to risky behavior. Learn with an example involving fraudulent claims.
Learn about Multiple Line Law, a state law permitting insurers to write both property and casualty insurance within the same policy. Discover key insights and implications for policyholders and insurers.
Explore multiple protection insurance, combining term life and whole life insurance. Learn how it pays out a multiple of the face value during the term period and converts to whole life insurance.
Explore what Occurrence Coverage in Liability Insurance entails, including how it provides coverage for losses occurring within the policy's term, regardless of when the claim is made.
Learn about Other Insurance, which refers to other contracts covering the same property and perils. Essential for comprehending overlapping insurance coverages.
Learn about overlapping insurance which involves insurance from at least two insurers duplicating the coverage for some risks. Discover its implications, benefits, and common scenarios.
Learn about partnership insurance, a crucial life and health insurance product for businesses. Discover how cross purchase and entity plans help partnerships continue operations after the death or dismemberment of a partner.
Explore the payor benefit provision in juvenile policies for liability insurance, which ensures premium waivers if the responsible person becomes disabled or passes away.
Learn about personal property in property insurance, including coverage under homeowners insurance and commercial forms. Find out what items are protected.
Learn about physical hazards in general insurance, which are caused by the structural or operational features of the risk. Find out how these hazards impact insurance policies.
Learn about Premises and Operations Liability Insurance, a crucial subline of general liability insurance offering protection against hazards related to business operations and premises.
Learn about premiums in general insurance, which are the payments due for coverage over a set period, typically a month or a year.
Learn about prepayment of premiums in general insurance, including how it works, the benefits, and potential interest earnings on deposits.
Learn about provisions in general insurance terms, also known as stipulations, where the benefits and conditions of the policy are detailed.
Learn about Public Official Bonds (Surety), a type of surety bond guaranteeing that a public official will perform their duties and manage funds properly.
