Discover what a payroll audit entails in the context of liability insurance and workers compensation. Learn about the examination process conducted by insurance company representatives to determine the premium due for the most recent policy year.
Learn about tariff rates in general insurance, which are derived from the data in the tariff of rates and set forth by a rating organization.
Explore the concept of contents rate in general insurance, focusing on the premium charged for the contents of a building, excluding the actual building structure.
Learn about expected claims in health insurance, the anticipated amount of claims during a contract year, and how they are determined by statistical data.
Learn about the standard class rate in health insurance, a vital component in calculating group demographic information by applying a base rate for each participant.
Learn about base premiums in general insurance and how they serve as the foundation for calculating reinsurance premiums. Essential knowledge for practitioners and students in the insurance industry.
Understand the concept of composite rate in vehicle and liability insurance. A composite rate is a single rate for coverage against various perils, streamlining the premium calculation process.
Understanding 'Estimated Premium' in General Insurance. Learn how projected premium amounts are initially proposed and later adjusted.
Learn about exposure units in the context of general insurance. Understand the definition, the significance of cash value, and the role of the premium base.
Understanding Pure Premium: The portion of the premium payment designated to cover probable losses in general insurance.
Learn about the term 'Rate' in general insurance, which signifies the cost of a specific insurance unit. Discover how it influences the premium amount.
Learn about Retrospective Rating, a unique insurance plan used by large entities where the final premium is calculated based on actual loss experience.
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.
Understand the concept of Blanket Rate in Property Insurance, which involves premiums for covering properties at multiple locations under a single policy.
Explore what Class Rate means in Property Insurance and how it involves grouping risks of the same danger. Learn about its significance and application.
Discover how experience modification impacts your insurance premiums. Learn about experience rating plans and how they can increase or decrease your insurance costs.
Learn about the role of a Risk Appraiser in Life Insurance. Discover how they screen applications, approve or decline policies, and recommend different options to applicants.
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.
Explore the Commercial Lines Manual compiled by the Insurance Services Office Inc., detailing its role in determining commercial insurance rates.
Learn about the concept of Net Rate in Liability Insurance, how premiums are calculated after dividends, and its significance in nonparticipating policies.
Learn about the concept of 'Target Risk' in general insurance, which encompasses the prospective policyholders divided by race, age, sex, and other demographics. Explore its importance in the insurance industry.
