Learn about buy-back deductible in general insurance, where a deductible can be eliminated by paying an extra premium. Understand its implications, benefits, and scenarios where it is applicable.
Learn about the liberalization clause in property insurance and how it ensures policies are updated to meet legislative or rating authority changes without additional premiums.
Discover the meaning of 'Contribution' in general insurance terms. Learn how it applies to insurer losses, premiums paid by the insured, and coinsurance scenarios.
Learn about paid business in health and life insurance, including the application process, premium payments, and medical exams required.
Discover what a return premium is, its significance, and how it affects insurance policies. Learn when and why it may be issued in cases of cancellation, rate adjustments, or overpayments.
Explore the concept of reinsurance premium, an amount paid to a reinsurer by the ceding insurer for the reinsurance provided. Learn how it impacts the insurance sector.
Understand what a binder is in general insurance terms. Discover how binders provide temporary coverage before a contract is finalized or premiums are paid.
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.
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.
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.
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 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.
