Learn about punitive damages, a form of punishment awarded against negligent, omission, or malicious acts by individuals or companies. Explore how these damages relate to general liability policies.
Learn about the Stop Loss clause in general insurance, a crucial concept that caps the insurer's losses at a designated threshold to prevent excessive financial claims.
Explore the concept of submitted business in general insurance, where new business applications are submitted to an insurer but are not yet accepted or declined.
Comprehensive definition of 'Surplus' in the context of general insurance, referring to the assets of an insurer after deducting liabilities.
Explore the assignment clause in general insurance, which allows policyholders to transfer or assign their policies to another person or entity.
Explore the Commercial Lines Manual compiled by the Insurance Services Office Inc., detailing its role in determining commercial insurance rates.
Discover the benefits of the Free Look Period in Health and Life Insurance policies. Learn how you can review and decide without commitment.
Learn how the Law of Large Numbers impacts probability of loss in general insurance. Discover why a larger number of exposures lead to more accurate predictions.
Explore the 'Other Insurance Clause'—a key component in insurance policies detailing the protocol when another insurance contract covers the same property. Learn its importance in general insurance, excluding life and health insurance.
Learn about the responsibilities and functions of an Intermediary (Reinsurance), a specialized broker who negotiates reinsurance contracts on behalf of the insured.
Explore the role and responsibilities of the Principal in surety bonds, including how the Principal is guaranteed by the surety company.
Learn about the Standard Annuity Table, a crucial mortality table used for annuities, formally known as The 1937 Standard Annuity Table, and its significance in pensions.
Learn about the war clause in health and life insurance policies, which excludes coverage for losses caused by acts of war.
Learn about time limits in general insurance, including the duration insured individuals have to submit claims and accompanying documents. Ensure timely submission to avoid complications.
Explore the concept of Unallocated Claim or Loss Expense in general insurance, examining the expenses incurred by insurers that are not specific to a single claim, like operating costs.
Learn about the Uniform Simultaneous Death Act, a law detailing how life insurers proceed when both the insured and the beneficiary die simultaneously. Discover who receives the benefits.
Explore the intricacies of Variable Life Insurance, a form whose face value is influenced by the equity products invested in. Learn how securities impact the payout.
Learn the definition of 'Vendor' in general insurance terms. Understand the role of a Vendor, commonly referred to as the seller of a property, in insurance transactions.
A comprehensive guide on 'Vis Major' or 'Act of God' in general insurance, explaining accidents for which no one can be held responsible.
Learn about Waiver of Restoration Premium, a clause that restores coverage without an additional premium. Understand its significance in general insurance.
Learn about Warehouse and Custom Bonds (Surety), a type of bond that ensures the payment of customs fees. Understand its significance in international trade and importation.
Understand the Watchman Warranty Clause in property insurance, which offers reduced rates for policies when a watchman is on duty.
Learn about the role of an insurance adjuster, a professional responsible for investigating claims, determining liability, and assessing damages. Understand their duties, including interviews, property inspections, and record reviews.
Learn about apportionment, a crucial method in general insurance for dividing a claim among multiple insurance companies, ensuring fair distribution and clarity in settlements.
Understand Yearly Renewable Term (YRT) life insurance policies and their renewability, along with its implications in reinsurance, where the reinsurer assumes only mortality risk.
Discover the concept of absolute liability in general insurance, where individuals are held responsible for extremely dangerous actions regardless of negligence. Learn how this differs from other forms of liability and its implications on public policy.
Understanding what an admitted company is and how it is licensed to provide insurance in a particular state. Learn the regulations and benefits of choosing an admitted insurance provider.
Learn what annuities are, their role in providing annual payments or regular payments for a specific period. Discover how this agreement can be a valuable financial tool.
Learn about appurtenant structures in property insurance, which refer to secondary structures on the insured premises. Understand their implications for your insurance policy.
Explore what Assessable Insurance is, how it works, and its implications in the realm of General Insurance. Learn about the key aspects of first and second premiums.
Learn about the Assumed Interest Rate in immediate variable annuities, how it is calculated, and its impact on the insurer's determination of initial income payment.
Learn about aviation exclusion in life insurance policies, a clause noting non-coverage for incidents involving non-commercial flights such as small-plane crashes.
Understand the Basic Limits of Liability in general insurance, defining the minimum amount for which a liability policy can be written according to published rates or the law.
Explore the Beneficiary Clause in general insurance, allowing the insured to designate and change a beneficiary at any time. Learn its importance and implementation.
Learn about Blanket Bond (Criminal), a type of fidelity bond that provides coverage for losses due to dishonest acts committed by any employee.
Learn about the term 'Block of Policies' in general insurance. Understand what it means, its significance, and how insurance companies use it.
Learn about builder's risk coverage forms in property insurance, a specialized coverage for buildings under construction. Get complete insights into its importance and benefits.
Explore the concept of the Burning Cost Ratio in reinsurance, understanding its definition, calculation based on different reinsurance policies, and its crucial role in assessing insurer liabilities and premium income.
Learn about business interruption in liability insurance, its definition, and how it affects the daily operations of a business due to unforeseen losses.
Learn about Business Owner’s Policy (BOP), which provides comprehensive liability and property coverage tailored for small businesses. Ideal guidance for securing your business assets.
Learn about Care, Custody, and Control (Liability), a category often excluded from liability insurance policies, and understand why these exclusions exist.
Learn about Cargo Insurance, a type of Property Insurance that covers your cargo during transportation. Understand its benefits and how it can safeguard your valuables on the move.
Discover the definition of 'Carrier' in general insurance terms. Learn why 'Insurer' is more commonly used and the distinctions between insurance carrier and transportation carrier.
Learn about catastrophe futures, a financial instrument that insurance companies use to safeguard against large-scale future losses. Discover how this tool helps in risk management.
Learn about what a ceding company is in the realm of reinsurance, including its role in transferring insurance policies to another insurance company.
Learn about the Certificate of Authority in health insurance, a state-issued certificate crucial for the licensing and operation of health maintenance organizations.
Learn about the choice no-fault plan in vehicle insurance, where a vehicle owner opts for the no-fault coverage provided by the state. Discover how it impacts your car insurance.
Learn about the role of a claim agent in general insurance, their responsibilities, and how they assist in the claims process for insured losses.
Learn about the claim provision clause in general insurance terms, which outlines the necessary steps for submitting and managing insurance claims efficiently.
Discover the role of a coinsurer within an insurance policy, where the coinsurer shares in the loss. Learn more about general insurance terms and their significance.
Learn about Commercial Blanket Bond - a type of insurance providing blanket coverage for employees supplied by the employer. Discover its maximum loss limit and how it applies to any loss regardless of the number of involved employees.
Learn about commercial insurance companies, which are privately owned entities selling insurance for profit. Discover their role in the insurance industry.
Learn about Commercial Property Floaters in General Insurance, a way to insure businesses that operate from multiple locations, like food vendors at different events.
Learn about Completed Operations Insurance, a form of liability insurance that covers contractors for accidents and damages occurring after project completion.
Understanding the different forms of commercial crime coverage, from employee dishonesty to computer fraud and beyond.
Explore comprehensive insurance, a policy that protects against various non-collision circumstances like theft, fire, or vandalism. Learn about its benefits in vehicle insurance.
Explore the concept of Condition Subsequent, a vital stipulation in insurance policies that can render a contract invalid if a specified event occurs.
Learn about consequential loss in property insurance, including examples such as business interruptions and food spoilage due to power outages. Understand its definition and significance in indirect loss coverage.
Understand the role of a conservator in insurance: a court-appointed individual who directs and manages financially troubled insurance companies.
Learn about controlled insurance, a type of insurance policy influenced by agents or brokers rather than by standard agreements. Discover its implications and how it differs from other policy types.
Discover the significance of Countrywide Rates and how they impact commercial lines insurance premiums and rates across major divisions.
Explore the countrywide rules in general insurance including a comprehensive listing of rules and rating factors for each major division in the Commercial Lines Manual.
Understand the concept of Coverage Part in commercial insurance. Learn how it forms part of your commercial contract, either as a separate policy or attached to an existing one.
Learn about covered loss in general insurance, including the types of loss an insurer will pay for under a policy, such as death, injury, property damage, loss, or automobile collision.
Understand the importance of Credit Health Insurance, a group insurance covering creditors in case of debtors' total disability. Learn how this form of disability income insurance works.
Learn about deferred vesting in life insurance, where rights to the benefits are attained after meeting specific requirements. Enhance your knowledge about vesting schedules and their significance in insurance.
Learn about the delay clause in life insurance policies, which prohibits liability for damages or loss due to delayed travel. Understand its implications and protect yourself effectively.
Learn about Deposit Administration Liability, a group annuity allowing contributions to accumulate in an undivided account for retirement annuities.
Learn how Depositor’s Forgery Insurance shields you from financial losses due to forged or altered financial instruments like checks or promissory notes.
Explore the concept of Deviated Rate in general insurance, a rate lower than the recommended benchmark, often used to provide competitive pricing.
Learn about deviation in general insurance terms, which refers to a rate that differs from the manual rate. Understand its implications and how it impacts insurance pricing.
Learn about Directors and Officers Liability Insurance, which protects leadership from liability claims due to alleged misjudgments and unjust acts.
Learn how the Disability Insurance Training Council Inc., a branch of the National Association of Health Underwriters, supports education and administers university and executive seminars.
Learn about the concept of discrimination in general insurance terms. Discover why the law prohibits the refusal to insure individuals with the same characteristics as others who have been insured.
Explore the meaning of a domestic insurer which refers to an insurance company established in the same state it operates. Learn more about its regulatory environment and role in the local insurance market.
Learn about the Effective Date in general insurance terms, which signifies the date an insurance policy takes effect.
Understand the Eligibility Date in health insurance: the crucial date when insured individuals can start receiving benefits. Learn more about how this date impacts your health insurance claims and coverage.
Learn about Employer’s Liability Coverage under Workers Compensation, part B of standard policies, which covers an employer's common law liability for employee injuries.
Learn about environmental restoration in annuity and legal terminology, focusing on compensation for destruction or damage to natural resources by motor carriers, including mitigating effects on humans, fish, and wildlife.
Learn about the evidence clause in general insurance. Understand its significance, the obligations it places on the insured, and how it aids claim legitimacy and investigations.
Learn about excess line brokers, who are licensed to deal with non-admitted insurers in their state, and their importance in the insurance industry.
Learn about the Excess Loss Premium Factor in workers compensation, a crucial element in retrospective rating formulas that limits large loss exposures for insurers.
Understand what an Expense Reimbursement Allowance is in the context of general insurance. Learn how this payment works in addition to set commissions for insurance agents.
Experience rating adjusts insurance premiums based on an individual risk's previous experiences, enhancing pricing accuracy and fairness. Understand its significance in the general insurance domain.
Understand Extended Period of Indemnity in Property Insurance and how it extends existing lost income coverage for a specified period post business resumption.
Learn about the concept of extra premium in general insurance. Discover why certain hazards may necessitate an additional charge beyond the regular premium rate.
Learn about extra premium removal in general insurance, the conditions for elimination of an extra premium, and its implications for policyholders.
Learn about Federal Officials Bond (Surety), a vital insurance tool offering compensation to the government for losses resulting from dishonest employees. Understand its importance in ensuring integrity within federal operations.
Explore the Financial Responsibility Law in vehicle insurance, which mandates policyholders to demonstrate their ability to cover losses. Learn about state-specific requirements and how an insurance policy serves as evidence.
Understand the concept of flat commission in general insurance terms. Learn about the standard commission paid to insurance agents regardless of the policy sold.
Learn about Fleet Policy in Vehicle Insurance, a contract designed to provide coverage for multiple vehicles, typically five or more. Ideal for businesses managing several vehicles.
Understanding Forfeitures in Pensions and General Insurance. Learn how relinquishing the right to future benefits impacts employer contributions.
Learn about the foundation exclusion clause in property insurance policies. Understand how it impacts the calculation of total property value after a loss event.
Learn about the fully insured status clause within OASDHI, detailing eligibility requirements for social security retirement benefits.
Understand garage liability insurance, a crucial liability coverage specifically for garage owners or dealerships. Learn how it provides protection against property damage and bodily injury claims.
Gross line refers to the maximum amount an insurer is willing to cover for a particular risk in general insurance. Learn how it impacts policy limits and risk management.
Understand ground coverage in aviation insurance, including protection for risks to the airplane body while not in flight or in motion, and the specifics of 'not in flight' and 'not in motion' clauses.
Explore the benefits and working mechanism of Group Ordinary Life Insurance, featuring equal premium issuance to groups. Ideal for understanding insurance policies related to pensions.
Learn about group property and liability insurance policies that provide extensive coverage similar to group life insurance. Understand its benefits and applications.
Understanding the term 'Guaranteed Cash Value' in whole life insurance policies. Learn how it accumulates and its impact on your life insurance over time.
