Learn about the concept of probability in the context of general insurance and understand how the chance of an event occurring is represented as a number.
Explore the concept of insurability in general insurance terms. Learn what makes a person or property an acceptable risk for insurance companies.
Discover the importance of a motor vehicle record in vehicle insurance. Learn how traffic violations and accidents impact your driving history and insurance premiums.
Explore the concept of attained age in life insurance. Learn how the insured's age at a specific date affects policy premiums and benefits.
Explore the concept of incurred losses in general insurance, which refers to losses sustained during a specific period. Understand its significance, whether paid or not.
Explore the role and responsibilities of a Life Underwriter in Life Insurance. Understand what a life underwriter does, their importance in risk appraisal, and their duties as a life insurance agent.
Learn about the term 'Borderline Risk' in general insurance, referring to an applicant of doubtful quality based on underwriting standards. Discover its implications and how it affects insurance underwriting processes.
Learn about underwriting, the critical process in which an insurer evaluates an application and decides to insure the risk. Discover its significance and role in the insurance industry.
Learn about the role of an examiner in the insurance industry, including general, health, and life insurance. Understand their responsibilities in auditing insurers and examining prospective policyholders for health and life insurance.
Learn about Binomial Distribution, a pivotal function used to predict the probability of future events in the context of general insurance.
Explore the rating process in health insurance, which determines premium rates based on factors such as sex, age, benefits, and administrative costs.
Explore the concept of Transfer of Risk, a key risk management method in general insurance where risk is reassigned to another party. Learn how insurance acts as a type of risk transfer.
Learn what declination means in general insurance terms. Find out why an insurer may decline an application for coverage.
Learn about manual rates in general insurance, how they are derived from average claims data, and their customization based on information from specific groups.
Learn about expected mortality in life insurance, including how the anticipated probability of death is determined using a mortality table for specific groups.
Learn about prospective rating plans, which use past losses to establish future premiums in general insurance. Understand how this method helps evaluate risks and set accurate premium rates.
Learn about Rating Bureau in insurance, an organization that classifies rates and hazards by geographic area. Understand its role in the insurance industry.
Learn about red-lining in property insurance, a discriminatory practice that impacts insurability and rates based on location. Understand the implications and regulations surrounding it.
A comprehensive explanation of what a standard policy in general insurance entails, including its characteristics, limitations, and exceptions.
Discover what catastrophe loss means in general insurance—severe, unpredictable losses such as earthquakes and hurricanes—and why they are best covered by insurance companies.
Learn how Dun & Bradstreet, Inc. supports insurers with financial information for underwriting processes. Get insights into their role in the insurance industry.
Learn about the role of health history in health insurance underwriting, including its importance in determining risk acceptance for healthcare policies.
Explore the concept of latent defect in general insurance terms, where a defect does not present itself right away, impacting claims and coverage.
Explore what life expectancy means in the context of liability insurance, and how it is calculated using the mortality table as a reference.
Dive into the concept of minimum rate in property insurance, a rate assigned to low-peril risks, ensuring cost-effectiveness and adequate coverage for less risky properties.
Explore the concept of mortality savings in life insurance, which is determined by subtracting actual mortality experienced from expected mortality. Learn how it impacts insurance policies and premiums.
Learn about the mortality table in life insurance, which displays the frequency of death at particular ages, along with deaths by age group and based on a population of a million.
Learn about Protection Class in Property Insurance, a critical rating determined by the Grading Schedule of Cities and Towns based on the level of fire protection.
Learn about the concept of standard risk in life insurance, which refers to an average risk level based on typical rates. Understand its impact on premiums and policy considerations.
Learn what the Medical Information Bureau is and how it impacts health and life insurance. Discover how insurers use this bureau to access coded health condition information on individuals.
Understand the role of an Underwriter in general insurance terms. Learn how they assess risks and establish rates and coverage amounts to protect both the insurer and insured.
Discover the process of underwriting in general insurance, where risks are evaluated for their potential insurability and assigned rates based on their assessed risk. Learn the importance and methodologies involved.
Understand the Universal Mercantile System in property insurance, a rating procedure now being replaced by modern systems for evaluating property insurance risks.
Understand the concept of Highly Protected Risk (HPR) in property insurance, highlighting its significance for buildings with above-average construction and fire sprinklers.
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.
Discover what the mortality rate in life insurance means, how it's calculated, and its significance. Learn about crude mortality rates and age-specific adjustments in the context of life insurance.
Learn how numerical rating in life insurance is used to determine the policy rates for substandard insureds. Understand the system of adding values to a standard risk of 100 to establish the appropriate rate.
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 'Rejection' in general insurance, which refers to an insurer's refusal to insure a given risk or the refusal to pay a submitted claim.
Learn about the significance of medical examinations for health and life insurance policies. Discover how these physical evaluations, performed by a doctor on behalf of the insured, impact your coverage.
Learn about morbidity tables in health insurance, which are used to show the frequency of illness at specific ages. Discover how these tables are instrumental in assessing health risk and setting premiums.
Learn about the mortality charge in life insurance, its significance, and how it affects your policy costs. Explore pure insurance protection and more.
Learn about the basic time frame in life insurance, the period during which losses must occur for a life insurance policy to pay out benefits.
Learn about the Property Insurance Loss Register, a key registry for tracking losses of $500 or more due to fire. Explore its purpose and how insurers use it to identify patterns.
Discover the significance of Countrywide Rates and how they impact commercial lines insurance premiums and rates across major divisions.
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 expected morbidity in health insurance, which forecasts the anticipated frequency of illness or injury within a specific group, based on mortality tables.
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 impaired risk in health and life insurance — a term describing individuals in less-desirable conditions, such as health insurance applicants with multiple heart attacks.
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.
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.
Discover what preferred risk means in general insurance. Learn how it differs from standard risk and how it affects premium rates.
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.
Learn what an inspection report in general insurance entails, including its purpose, and the type of information it contains.
Learn about the Net Amount at Risk in liability insurance, which is the difference between the face value of the policy and the reserve accumulated under the policy.
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.
Explore what Total Loss means in general insurance. Learn how it's defined and its implications on insurance claims when property is completely destroyed.
Learn how maps are used in property insurance to locate geographical risks, assess their character, and track policy distribution to prevent catastrophic losses.
