Learn about Guaranteed Insurability in health and life insurance. Discover how this contract option allows you to purchase extra insurance without proving insurability again.
Learn about guaranty funds, also known as insolvency funds, mandated by state law to protect policyholders when insurers are unable to cover debts or unpaid claims.
Learn about independent adjusters in general insurance, their roles, responsibilities, and how they operate as independent contractors for various insurers.
Learn the criteria for an insurable risk, including accidental loss, predictable group of risks, and the ability to calculate the probability and cost of a loss.
Discover the critical role of Insurance Departments in enforcing insurance laws, licensing professionals, and regulatory oversight in the U.S. and Canada.
Learn about the Insurance Guaranty Act, which ensures policyholders are protected in case their insurer becomes insolvent. This crucial act provides the necessary funds as a guaranty.
Learn about the role of an insurer, also known as a carrier or company, in an insurance contract. Discover how insurers indemnify losses for insured parties.
Explore how an interline endorsement can influence multiple aspects of a commercial package policy. Understand its importance and applications in general insurance terms.
Understand the role of a Joint Insured in a joint life insurance contract. Learn who qualifies as a joint insured and the advantages of such policies.
Learn about leasehold interest insurance, a property insurance form covering lease income loss due to property damage from insured perils. Essential for landlords and tenants.
Explore what Legal Hazard means in the insurance domain, understanding how a rise in the chance of a loss due to legal action impacts risk management.
Explore the concept of legislated coverages in general insurance, covering essential protections like Flood Insurance and Medicare. Understand how laws influence these mandatory insurance policies.
Understand the importance of license and permit bonds, mandated by governing jurisdictions to ensure compliance in various occupations, such as plumbers.
Explore the life income option in liability insurance, where the beneficiary receives installments for life, regardless of principal exhaustion.
Understand the Major Hospitalization Policy in Health Insurance, which offers extensive coverage for expenses incurred from the point of hospitalization. Learn how this policy helps in mitigating healthcare costs.
Learn what it means for a life insurance policy to mature, including when the face value is paid out, typically upon the insured's death.
Learn about Maxi Tail in liability insurance—a crucial option providing extended reporting period for claims post expiration of a claims-made liability policy.
Learn about the maximum retrospective premium, a crucial component in liability and workers' compensation insurance. Understand how this concept affects your insurance premiums and financial planning.
Learn about mixed insurers/companies in the insurance domain. Understand their structure of being owned by both stockholders and policyholders, and their scope in writing both life and health contracts.
Explore the ins and outs of a Modified Endowment Contract in Life Insurance. Understand how it operates, its unique properties, and the tax implications involved.
Exploring the term 'Modified' in general insurance, which refers to a premium that has been adjusted from the standard premium on similar policies. Learn about its implications and contexts where it is commonly used.
Learn about Mutualization in General Insurance. Discover how converting a stock insurer to a mutual insurer works through the process of retiring stock. Essential information for insurance professionals.
Learn about Name Position Bonds in the criminal domain— a critical fidelity bond that protects against losses caused by employees' fraudulent actions in specific positions.
Learn about net cost in general insurance, including how total premiums paid minus cash value and dividends impact your policy over time.
Learn about the net level premium reserve, the crucial reserve an insurer must maintain to pay net level policies in their later years efficiently.
Learn about the concept of Net Rate in Liability Insurance, how premiums are calculated after dividends, and its significance in nonparticipating policies.
Learn about 'New for Old' insurance policies, which allow the purchase of new parts to replace old or damaged ones instead of repairing them. Discover the benefits and coverage details.
Learn about nonassessable insurance policies where the premium remains fixed and cannot be increased. Understand how these policies work in the realm of general insurance.
Explore the meaning of nonrenewal in general insurance terms, where either the insurer or the insured refuses to renew coverage at the policy’s expiration date or anniversary.
Learn about the role and requirements of a nonresident agent in the insurance industry, including licensing and state-specific regulations.
Explore the definition and implications of a nonvalued policy within general insurance terms. Learn how these policies operate without specifying an amount for a loss payment.
Learn the meaning and importance of the term Not Otherwise Classified (NOC) in liability insurance and workers compensation. Discover how it applies when insured parties cannot be otherwise classified.
Learn about the notice of cancellation in general insurance, including details on written notification of imminent cancellation from either the insured or the insurer.
Discover what an Occupational Manual is in the realm of general insurance terms. Learn how it classifies various occupations for better risk assessment and insurance coverage.
Learn about the term 'Offeror' in the context of general insurance terms. Discover what an offeror is and their role in the insurance process.
Learn about the Office Burglary and Robbery Policy – a specialized insurance coverage designed for offices to protect equipment and supplies against criminal activities. Discover how this policy includes a package of crime coverages with low limits.
Discover the significance of the ordinary register in life insurance. Learn how it operates as a crucial record book for listing data on ordinary policies within an agent's account.
Understand the concept of Particular Average in Property Insurance, a type of partial loss due to water transportation that falls on the property owner.
Learn about the 1869 Paul vs. Virginia decision, where the US Supreme Court ruled that insurance is not commerce and thus not federally regulated, a stance reversed in 1944.
Learn about the concept of power of attorney within the insurance domain, including its definition, importance, and how it empowers individuals or corporations to make legal decisions for others.
Discover what preferred risk means in general insurance. Learn how it differs from standard risk and how it affects premium rates.
Learn about Preliminary Term insurance coverage, its purpose, and how it provides short-term protection until your long-term policy's anniversary date.
Understand what a premium loan is in the context of general insurance terms. Learn how insurers provide these loans and the security involved.
Discover the essential role of a primary beneficiary in life insurance. Learn how they are designated to receive benefits or a pay-out from an insurance policy after it becomes due.
Learn about the principal sum in health and life insurance, the total amount paid for accidental death, and the percentage paid for dismemberment.
Learn about pro rata cancellation in insurance, where premiums are adjusted based on the time the contract has been in effect. Understand how it affects your insurance policy.
Understand the concept of Probable Maximum Loss (PML) in property insurance, the largest loss that can be expected if all mitigating measures, like smoke detectors, work as intended.
Learn about Professional Corporation, a unit that offers professional services such as healthcare, within the context of general insurance terms.
Learn about Professional Liability Insurance, also known as malpractice insurance or errors and omissions insurance, and why it's crucial for professionals across various industries.
Learn about provisional rates in general insurance—temporary rates that can be adjusted at a later time. Understand how provisional rates work and their importance in insurance policies.
Explore Public Liability Insurance, covering bodily injury and property damage liabilities. Essential for protecting your business from legal actions brought by the public.
Understanding the concept of Quid pro quo in insurance, where items of value are traded to form a valid contract.
Explore the concept of Quota Share Re-Insurance, a type of pro-rata reinsurance where the ceding insurer is indemnified for risks listed in the contract based on a fixed percentage of loss and premium.
Learn about Radioactive Contamination Insurance, a specialized property insurance covering risks of radioactive contamination. Understand its qualifications and exclusions.
Understanding recipient location under business income coverage in property insurance - a crucial aspect for safeguarding places where your business operations are accepted.
Reduction in insurance refers to the lessening of benefits paid out under a policy due to certain conditions. Learn more about this important general insurance term.
Learn about refund annuities, a type of annuity that ensures a refund to the named beneficiary if the annuitant dies before receiving benefits equal to the total paid premium.
Learn about the Rehabilitation of Insurers, a regulatory process aimed at restoring financially troubled insurers to solvency. Explore the steps involved and its significance in the insurance industry.
Learn about 'Replacement' in general insurance terms, where a new policy is written to take the place of an existing policy. Understand the implications and benefits.
Learn about Retroactive Date in Liability Insurance, its significance in claims-made policies, and how it affects the coverage start date and claim eligibility.
In health insurance, the term 'revenue' is often used interchangeably with 'premium.' Learn about the importance of premiums and how they impact your health coverage.
Learn about the Securities Deposited with Others Coverage Form, a commercial crime policy that protects securities deposited with institutions or trusted individuals against loss due to disappearance, destruction, or theft.
Learn about sinkhole collapse in property insurance, a peril caused by sudden earth movement into underground cavities. Understand coverage options available under commercial property forms.
Discover the meaning of 'Slip' in general insurance terms, especially within Lloyd's of London. Learn how brokers use slips to identify the syndicate that has accepted a risk and the submission process to Lloyd's underwriters.
Discover the Society of Insurance Research (SIR) and its role in promoting insurance research and fostering the exchange of ideas among researchers in the insurance industry.
Learn about the role of a special agent in general insurance, their responsibilities, and how they represent insurers in specific territories.
Discover the essentials of the Special Coverage Form in property insurance, detailing its comprehensive all-risk coverage and key exclusions.
Learn about special peril insurance, a type of property insurance that only covers items specifically named in the contract. Understand its benefits and limitations.
Learn about the standard premium in liability insurance and workers compensation. Understand how it is calculated based on the insured’s payroll and its significance in determining premiums.
Discover the role of a state agent in the insurance industry, a term historically referring to an agent who operates exclusively within specific states.
Learn about the role of state associations of insurance agents in promoting agencies and addressing common problems within the insurance industry.
Learn about State Funds in general insurance, including their role in financing legally mandated insurance such as workers compensation.
Learn about Storekeeper’s Burglary and Robbery Insurance, a package policy that provides storekeepers with coverage against seven key criminal hazards, ensuring protection for their business.
Learn about the Storekeeper’s Liability Policy, a comprehensive insurance package covering property damage and bodily injury liability for storekeepers. Essential for everyday business operations.
Learn about sub agents in general insurance. Discover their roles, responsibilities and how they differ from direct agents in the insurance ecosystem.
Learn about surplus lines in insurance, referring to risks that cannot be insured by agents within their jurisdiction. Explore regulations and the role of surplus lines insurers.
Learn about Surplus Reinsurance, an automatic reinsurance type where the ceding company transfers risks exceeding their retention limit. Explore its functions and benefits in risk management.
Understanding the term 'Tabular' in insurance: refers to data or costs derived from tables like mortality tables in risk assessment.
Learn about tax sheltered annuities, where contributions are tax-deductible and benefits are not taxable until payout. Ideal for employees seeking tax-deferred growth.
Understand the term rule in general insurance, including the clause detailing coverage duration and applicable discounts for policies of one year or more.
Discover what third party insurance, or liability insurance, entails. Learn how it involves the insured, the insurer, and the third party who's been affected.
Comprehensive guide to Tobacco Sales Warehouses Coverage Form in Property Insurance, focusing on operational coverage and specific time frame protection for tobacco products.
Discover the fundamentals of Treaty Reinsurance, an automatic contract defining conditions for reinsuring classes of business, optimizing your reinsurance strategies.
Learn how Tuition Fees Insurance safeguards schools from financial losses due to unforeseen closures, ensuring tuition fees are protected similar to business interruption insurance.
Learn about the role of an umpire in property insurance, a crucial figure in helping claimants and insurers agree on the amount of loss. Understand the process and legal implications.
Learn about the term 'Accident' in general insurance - an unplanned, sudden occurrence beyond the control of the insured.
Learn about 'Property Other than Money and Securities (Criminal)' in commercial crime policies, which refers to tangible property with intrinsic value, such as office furniture or supplies.
An Act of God in general insurance terms refers to a natural event outside of human control, such as an earthquake. Learn more about its definition and implications.
Learn about the average weekly wage, how it is calculated, and its significance in determining workers compensation benefits.
Learn about the term 'Casualty' in general insurance, which refers to a loss incurred due to an accident. Expand your insurance vocabulary with clear definitions.
A comprehensive overview of the concept of 'Class' in general insurance, which refers to a group of policyholders with similar characteristics grouped together for rating purposes.
Learn about coinsurance in both property and health insurance: how it determines claim payments in property insurance and the policyholder's cost responsibilities in health insurance.
Learn about the coinsurance requirement in general insurance terms, which defines the necessary amount of insurance coverage to avoid coinsurance penalties on a loss.
Learn about Commercial Package Policy (CPP) which includes coverage options for Commercial Property, Business Crime, Business Automobile, and more for commercial organizations.
Learn about Commissioner's Values, a crucial list of securities' values published annually by the National Association of Insurance Commissioners, used for insurance company balance sheets.
Compulsory insurance refers to types of insurance coverage that are mandated by law such as automobile insurance. Learn what it means, why it's required, and common examples.
Explore the concept of concurrent causation in general insurance. Understand how losses involving multiple events can affect coverage, including scenarios where one event is covered and another is not.
Learn about contributory plans where employees contribute to their premium in health and life insurance policies.
Learn about the concept of control in general insurance terms, which refers to the power to position insurance as seen fit by an agent or broker, granted by the policy owner.
Explore what conversion privilege means in health and life insurance, including how it allows insured individuals to switch from group to individual policies upon leaving a group.
