Learn about the Burning Ratio in general insurance, a key metric that compares the amount of losses suffered to the amount of insurance in effect. Understand its significance for insurers.
Learn about Bank Burglary and Robbery Insurance, a specialized type of liability insurance designed to cover banks against theft, unauthorized taking of money or securities, and damages from burglary or robbery.
Discover what 'losses paid' means in general insurance terms. Learn how insurance claims are processed and recognized when they are paid out.
Learn about impaired property in liability insurance, a term that refers to property rendered less useful or unusable due to the insured's defective work or incomplete contractual obligations.
Learn about the Peak Season Endorsement in Property Insurance, which provides increased coverage for insured inventory during specific peak seasons as defined in the endorsement.
Discover the significance of the Cause of Loss Form in commercial insurance policies. Learn how it specifies the covered causes of loss for comprehensive policy understanding.
Learn about large claim pooling in health insurance, a system that helps stabilize premium amounts for smaller groups by pooling larger claims together.
Learn about the concept of Present Value in insurance, which refers to the current value of an amount due in the future. Essential for understanding financial decisions and policy valuations.
Learn about expediting expenses in property insurance, which are costs incurred by businesses in an effort to accelerate reopening after suffering damage. Understand how these expenses can impact your overall claim and financial recovery.
Discover the fundamentals of Automatic Proportional Reinsurance, where insurers automatically share risks, premiums, and losses with reinsurers, and the dynamics of transfer commissions.
Explore the concept of life conservation within liability insurance, focusing on research, lawmaking, and public awareness efforts to safeguard human lives.
Learn about casualty catastrophes in general insurance terms, focusing on large losses due to accidents and their implications.
Understanding Modified Fire Resistive Construction, a type of building construction using masonry or fire-resistant materials for enhanced safety. Learn how it impacts property insurance.
Learn about the role of a retrocessionaire in reinsurance, who is responsible for reinsuring a reinsurer, adding an extra layer of security within the insurance industry.
Understand the mechanism of Sliding Scale Commission in Reinsurance. Learn how commission paid by a ceding insurer to a reinsurer varies based on the loss ratio formula.
Discover how the limit of liability rule in property insurance helps apportion loss among multiple insurers covering the same property, ensuring fair and equitable distribution.
Comprehensive guide on Officers and Directors Liability Insurance, covering protection against harm due to negligence. Essential for corporate governance.
Understand the term 'Book of Business' in general insurance, which refers to the cumulative total of all insurance policies written by a company or agent.
Understanding the Free of Capture and Seizure Clause in property insurance policies, which excludes losses due to war, seizure, or takeover.
Learn about Group Life Insurance, a cost-effective life insurance option for employees that leverages tax cuts, adverse selection, and shared expenses.
Learn about parcel post insurance, a property insurance coverage for items or parcels under the care of the United States Postal Service. Understand how it protects against damage or loss.
Learn about pro rata reinsurance, where a reinsurer shares both claims and premiums with the ceding company, ensuring mutual risk distribution.
Learn about Aviation Insurance, a specialized type of insurance that protects against losses resulting from the use of an airplane. Discover the essentials of coverage options, benefits, and requirements.
Dive into the essentials of Business Liability Insurance, covering property damage, personal injury, fire damage, and bodily injury. Protect your business with the right insurance coverage.
Explore Comprehensive General Liability Insurance, covering liabilities like completed operations, owner's protective, products liability, and premises and operations.
Learn about insurance policies, the contracts between insurance companies and the insured, essential in General Insurance Terms.
Learn about loss prevention service, a crucial element in liability and property insurance focused on eliminating or reducing hazardous conditions to prevent losses through inspections and engineering efforts.
Learn about Messenger Robbery Insurance, a specialized policy that covers money and other property in the care of an employee leaving the premises. Essential for businesses with staff delivering items.
Learn about commercial insurance, a type of coverage sold by insurance companies aimed at generating profit. Explore its importance and how it can benefit businesses.
Learn about Commercial Property Policy insurance that protects businesses from risks like fire, burglary, or theft. Discover how it safeguards your commercial assets.
Learn about the divisible contract clause in property insurance and understand how coverage remains unaffected when policy conditions are violated at different locations.
Understand the Off Premises clause in Property Insurance, its definition, and how it extends coverage beyond the specified location in your policy.
Learn about per diem business interruption insurance, a policy that provides daily compensation for businesses affected by interruptions due to covered causes. Understand its importance in property insurance.
Understand the concept of Short Term Policy in general insurance, a policy written for shorter than average terms, and its implications.
Dive into the concept of retention of risk, a primary risk management technique where a business assumes the responsibility for potential losses instead of insuring against them.
Learn about 'Insurance to Value' in general insurance, which refers to an insurance contract that estimates the worth of the items insured. Ensure full coverage for your valuable assets.
Learn about assessment insurance, a type of policy where extra costs can be assessed to the policyholder if the insurer's loss experience is worse than expected. Understand its implications and considerations.
Learn about Human Life Value in Life Insurance, a method to determine adequate coverage by considering income, expenses, work years remaining, and depreciation.
Learn about legislative risk in general insurance and how changes in taxation laws can impact investments. Protect your financial future by understanding this important insurance term.
Learn about liability limits in liability insurance, which dictate the maximum benefit available for payout in a policy. Discover how they influence coverage and protection.
Learn about unilateral contracts in the realm of general insurance, where only one of the parties makes a legally enforceable promise.
Learn about Warehousemen’s Legal Liability Insurance, which covers loss or damage of property stored in a warehouse in the event of a liability claim.
Learn about Explosion Collapse and Underground Damage (XCU) in business liability insurance and how it applies to specific types of work.
Understand what Priority (Reinsurance) means in the insurance industry. Learn that it is another term for retention and its significance in reinsurance agreements.
Learn about Transportation Insurance, a crucial aspect of Property Insurance that covers your property while in transit across all modes of transport.
Discover the fundamentals of Use and Occupancy Insurance, an early term for Business Income Insurance, and how it safeguards business continuity and protects against income loss.
Discover the concept of Adverse Financial Selection in General Insurance. Learn why policyholders may surrender their policies and how it impacts insurance providers.
Discover the concept of Blanket Limit in general insurance, which determines the maximum amount of coverage a company will provide in a specific area.
Learn about the Carpenter Plan in reinsurance, where the premium amount is linked to the insurance company's incurred losses over a specific period. This article delves into the specifics of how it works and its implications.
Learn about the contingency reserve in general insurance—an essential reserve set aside for unforeseen events or damages, typically found in an insurance company's annual statement.
Learn about demolition insurance, part of property insurance, which covers the costs associated with the demolition of buildings not covered under a demolition clause or due to perils requiring demolition, such as fire.
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 Explosion Insurance, a vital property insurance that covers loss due to explosions, excluding steam boilers and pressurized instruments.
Learn about 'Extended Wait' in reinsurance, a provision where the reinsurer begins paying benefits under a disability contract after the ceding company has made payments for several months.
Understand the Manufacturer’s Selling Price Clause in Property Insurance, which values finished goods at their selling price during a loss. Essential knowledge for property insurance policies.
Discover the obsolete Money and Securities Broad Form (Criminal), a crime insurance coverage that protected against loss of money or securities due to various perils. Learn why it was replaced by commercial crime coverage.
Learn about Multi Peril Policies in general insurance. Discover how these contracts offer coverage against multiple perils, providing broad protection in a single contract.
Explore the ins and outs of ordinary life policies in life insurance. Learn how premiums are paid as long as the insured lives and the benefits of this type of insurance.
Discover the definition of 'Overlie' in general insurance and understand how it relates to exceeding the usual capacity for insurance or reinsurance commitments.
Learn about protected risk in property insurance, defined as property located within the territory served by a fire department. Understand how this affects your insurance coverage and premiums.
Exploring the significance and implications of reinsurance credit in the annual statements of ceding insurers, covering ceded premiums and recoverable losses.
Learn about Second Surplus Reinsurance, a type of reinsurance where a second reinsurer accepts coverage through a surplus treaty. Understand its role, definitions, and implications.
Learn about the concept of selection in general insurance, including how insurers or underwriters choose which risks to insure.
Learn about Spread Loss Reinsurance, a type of excess loss reinsurance where annual premium rates are based on the ceding insurer's past excess losses.
Learn about Subscription Policy in general insurance, where multiple insurers share a portion of the risk, ensuring greater coverage and risk diversification.
Learn all about the Trucker’s Coverage Form, a commercial vehicle insurance policy that provides coverage for truckers who transport goods on behalf of others.
Explore the concept of automatic non-proportional reinsurance, a vital protection mechanism for insurers against losses exceeding predetermined limits, ensuring financial stability and risk management.
Learn about Business Interruption Insurance which covers lost income due to an interruption in business caused by a covered loss. Explore its benefits and applications.
Learn about kidnapping coverage in criminal insurance, which protects against the peril of being captured and forced to collude in a criminal act. Ideal for businesses seeking comprehensive crime policies.
Learn about additional structures covered by homeowners insurance—detached buildings such as tool sheds and garages on your property.
Explore the concept of Portfolio Reinsurance, where a reinsurer takes on a portion of the ceding insurer's entire portfolio, including all classes or just one coverage class.
Learn about seasonal risk in the context of general insurance. Understand what it means for a risk to only exist during a particular time of the year.
Learn about sidetrack agreements in liability insurance, where a property owner and railroad agree that the property owner won't hold the railroad liable for accident-caused losses.
Learn about Term Insurance, a life insurance policy valid for a set term, often until the insured reaches a certain age like 65 or 70. Discover its unique characteristics compared to whole life policies.
A comprehensive guide to the Theory of Probability, the mathematical foundation that underpins the principles of general insurance.
Learn about unreported claims in general insurance, a vital reserve used to pay claims that have occurred but remain unreported. Discover how insurers estimate this critical reserve.
Learn about vacant property insurance, which covers buildings without any contents or inhabitants. Discover the importance, implications, and regulations of protecting unoccupied properties.
Understand the protection offered by Valuable Papers and Records Coverage in Property Insurance. This coverage safeguards important documents against all risks.
Discover the significance of while clauses in property insurance, which suspend coverage during specific events. Learn the impact on your policy and how to manage these conditions effectively.
Understand the concept of conservation in general insurance, where insurers take actions to retain current policies and prevent them from lapsing.
Understand the meaning of impaired insurer, the signs of financial trouble in insurance companies, and the impact on policyholders and the insurance industry.
Understand the Incurred Loss Ratio in General Insurance. Learn how the ratio of losses sustained compares to money earned from premiums, enhancing your insurance knowledge.
Learn about Lloyd's broker, a professional who negotiates and offers prospective risks to underwriters at Lloyd's. Understand their key responsibilities and authorization requirements.
Learn about prohibited risk in general insurance, where certain types of businesses are deemed uninsurable by insurers. Gain insights into why some risks are not covered and what alternatives exist.
Learn what reassured means in the context of reinsurance, and understand the importance and role of companies that obtain reinsurance coverage.
Learn about Replacement Cost Insurance, a type of property insurance that covers losses based on the replacement cost. Understand its benefits and how it compares to actual cash value policies.
Learn about contingency in general insurance, an occurrence that may or may not take place within a certain time frame. Understand its importance and implications in insurance policies.
Learn about blended insurance programs that combine finite risk, reinsurance, and traditional insurance for comprehensive long-term coverage.
Understand what a Comprehensive Policy covers in Vehicle and Liability Insurance, including risks it covers and named exclusions in the contract.
Learn about Lloyd's Association, a group similar to Lloyd's of London, where individuals come together to share insurance risks without being in business together, each responsible for their chosen portion.
Understand the Premium and Dispersion Credit Plan for commercial property insurance policyholders. Learn how credits are allocated due to reduced risk across multiple locations.
Explore the concept of quadruple indemnity in life insurance, a provision that provides multiple indemnity, similar to double indemnity. Learn how it can impact your policy and coverage.
Understand the sistership exclusion in liability insurance, preventing coverage of products withdrawn from the market. Essential insights for policyholders.
Learn about specific insurance policies, which provide coverage for a single property. Explore scenarios where specific insurance is primary when a blanket policy is also in place.
Explore the role of the Insurance Institute of America (IIA), known for establishing programs and examinations in fields like insurance, underwriting, adjusting, and risk management.
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.
Understanding the role of a custodian (criminal) in commercial crime insurance. Learn about the person responsible for taking care of property, their duties, and significance in crime coverage.
Learn about Laser Beam Endorsement in Liability Insurance, an endorsement that allows insurers to exclude particular exposures. Understand its significance and applications.
Discover the concept of negligence within general insurance terms. Learn how a failure to exercise reasonable care can have legal implications in various circumstances.
Learn about line cards in property insurance, including what they are and their role in keeping a record of property insurance sold to an insured.
