Explore the concept of Loss Control in general insurance. Learn how reducing the chance or extent of loss through proactive actions can benefit both the insured and the insurer.
Learn about a schedule policy in property insurance, which lists the kinds of property covered, locations, and the specific insurance coverage amounts for each.
Learn about self reinsurance, an alternative to purchasing reinsurance where insurers create a fund to cover losses beyond normal means. Explore the benefits and implications of self reinsurance.
Learn about the mortality guarantee clause in annuities, which ensures that annuitants receive a lifetime income regardless of changes in mortality rates.
Learn about bridge insurance for bridges under construction, which covers damages from fire, lightning, earthquakes, floods, and other acts of God. Essential property insurance information for bridge construction projects.
Understand Claims Occurrence Basis Liability Coverage, where claims caused by events during the policy term are paid even if submitted later.
Explore how crop insurance helps farmers mitigate risks due to adverse weather conditions such as rain or hail. Learn about coverage details and benefits.
Understanding Discovery Cover in Reinsurance: A treaty covering losses identified during the agreement term, regardless of the actual loss date. Essential for comprehensive risk management.
Learn about household personal property under the farm property coverage form, which includes items like household furnishings and personal belongings.
Understand loss development in general insurance, which refers to the variance between initially estimated losses and reported losses over time.
Learn about the concept of Penalty (Surety) in Fidelity Bonds. Discover how it defines the maximum liability insurance companies are responsible for in surety agreements.
Learn about the stacking of limits in insurance, a legal term that involves using the limits of multiple policies to cover a single claim or event. Understand when and how this can be applied.
Learn about direct loss in property insurance, including how it is defined and examples such as flood damage.
Learn about employee dishonesty, a term for any false act by an employee that results in a loss to the employer. Get insights into coverage and prevention.
Discover what an Extended Reporting Period (ERP) is in liability insurance, and learn how it allows you to make claims even after your "claims made" coverage has expired.
Learn about the impairment of capital in general insurance, including definitions, implications, and regional regulations impacting insurers.
Explore the concept of indemnity in general insurance, where payments or replacements are issued to individuals who have suffered a loss.
Learn about manual excess in liability insurance, an additional premium calculated beyond the liability limit. This involves multiplying the manual rate by specific rate factors to determine the extra cost.
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.
Learn about the Agreed Amount Clause in Property Insurance, a clause that ensures the amount of insurance automatically meets the coinsurance requirement.
Learn about the Iron Safe Clause in property insurance, which requires the insured to maintain records in a secure, fireproof safe for documentation and verification purposes.
Learn about Underground Property Damage in Liability Insurance, including what constitutes damage, common causes, and the intricacies involved in covering such incidents.
Explore the concept of underinsurance in the context of property and health insurance, its implications, and strategies to prevent insufficient coverage.
Explore the concept of valuation in general insurance terms - a crucial process of estimating an item's value, typically conducted by a professional appraiser.
Discover what adverse selection is in general insurance. Learn how individuals with higher-than-average risks attempt to buy insurance at standard rates and its implications.
Explore the concept of block limits in property insurance, understanding the maximum amount an insurance company will write on a specific city block and its impacts.
Discover the role of a Bureau Insurer in the insurance industry, and how joining a rating bureau aids companies with limited experience in specific risk types.
Learn about the concept of 'ceding' in reinsurance, which involves transferring insurance or reinsurance from an insurer to a reinsurer. Understand its significance and application in the insurance industry.
Understand how the Change in Occupancy or Use Clause in property insurance affects your premiums and coverage. Learn the implications of increased risk due to changes in property use.
Learn about Claims Made Basis Liability Coverage, a type of liability insurance where claims submitted during the policy term are covered, even if the event causing the claim occurred outside the term.
Understand commercial lines, a crucial aspect of general insurance sold to businesses and commercial entities. Learn how these policies protect your business.
Discover the intricacies of the compensating balances plan. Learn how businesses pay premiums, and how the insurance company manages these funds for withdrawals.
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.
Learn about concurrency in general insurance, where two policies provide the same coverage for the same risk, ensuring greater protection.
Learn about the conditional terms in general insurance that outline the necessary provisions to keep your policy valid. Understand how these conditions affect your coverage and what you need to ensure ongoing validity.
Understand construction insurance, a specialized property insurance that provides coverage for damage or destruction of a building while it is under construction.
Learn about the entry date into claims made liability policies, which establishes the maturity of the policy effective date. Essential knowledge for insurance professionals.
Understand the Errors and Omissions Clause in reinsurance, ensuring that minor errors or omissions do not invalidate the reinsurer's liability.
Explore the concept of Excess of Loss Reinsurance, a crucial mechanism in the insurance industry that protects insurers from large-scale losses and financial risks.
Learn about exclusion riders in general insurance, attachments that eliminate coverage for certain hazards. Discover how they affect your insurance policy.
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.
Explore facultative reinsurance, a type of reinsurance where the reinsurer can accept or reject individual policies presented by the insurer. Learn how it works and its benefits.
Understand how a Farmers-Ranch Owner’s Policy offers tailored coverage for farm residences, barns, stables, and more, making it a superior option compared to standard homeowners insurance.
Learn about the Federal Crime Insurance Program administered by the U.S. government, helping individuals and businesses secure crime insurance when it is otherwise unavailable. Covering residential and commercial risks in various states.
Discover how fire maps are utilized in property insurance to visualize covered risks and avoid catastrophic losses. Learn about the importance and utility of these maps for insurers.
Learn about First Loss Insurance, the key policy for submitting initial claims and securing anticipated loss coverage.
Learn about Flood Insurance, a crucial part of property insurance that compensates homeowners for losses and damages caused by flooding. Discover its benefits and how it protects your investments.
Learn about the following form in property insurance, a type of policy written in exactly the same terms as other property insurance policies covering a piece of property.
Understand franchise deductible in general insurance. Learn how it impacts coverage, claims, and what it means for your insurance policies.
Incurred But Not Reported (IBNR) refers to losses in general insurance that have occurred but have not yet been filed as claims. Learn how IBNR impacts insurance companies and policyholders.
Learn about the role of an indemnitor in general insurance terms, where an individual or company agrees to assume obligations normally placed on a surety if the person bonded defaults.
Learn about the role and importance of inspection bureaus in liability and property insurance. Understand how these groups investigate exposures and establish insurance rates.
Learn about the Joint Underwriting Association, a collective of insurance companies providing specific insurance types, funded through premiums and assessments.
Discover what a Line Slip is in health insurance. Learn how this broker-written document outlines prospective risks for underwriters and the fractions of risks they insure.
Explore how livestock insurance provides financial support through lump sum benefits if your animals die due to specified perils. Secure your livestock investment with the right coverage.
Explore the role of a Loss Prevention Engineer in liability insurance, including their contributions to reducing possible future claims and ensuring policy efficacy.
Understand the concept of a minimum retrospective premium in liability insurance and workers compensation, which is the smallest amount payable by the insured under a retrospective rating plan.
Discover how the Mortgage Holders Errors and Omissions Coverage Form protects mortgage holders from losses due to errors or omissions in commercial property insurance.
Learn about Multi Peril Crop Insurance, which offers coverage for crop loss due to weather conditions, insects, floods, and other named perils to safeguard your agricultural investments.
Discover how mutual atomic energy reinsurance pools work in liability insurance, focusing on coverage for private nuclear energy reactors. Learn the specifics of this specialized insurance type.
Explore the definition of a mutual insurer, an incorporated insurer that operates for the benefit of its policyholders, offering them dividends without incorporated capital.
Learn about mysterious disappearance coverage in insurance, explaining how it differs from named perils like robbery and its implications for property disappearance cases that remain unexplained.
Learn about name schedule bonds (criminal), a fidelity bond that provides coverage for losses due to dishonesty by a specifically named employee. Essential for risk management.
Understand the concept of named perils in property insurance, which lists specific causes of loss that are covered on an insured property. Learn how this can affect your coverage.
Understand what constitutes a noninsurable risk within general insurance terms. Discover why certain risks cannot be insured due to high probability of loss or inability to measure actuarially.
Learn about Noninsurance, a term referring to the complete lack of financial preparation for potential losses. Understand its implications in risk management and financial planning.
Learn about Omnibus Risk in Property Insurance, specifically how having several tenants conducting different businesses in the same building can impact insurance coverage and risk management.
Discover how a personal effect floater in property insurance provides coverage for personal property carried by the insured while traveling. Learn more about specified risk or open peril policies.
Explore the concept of portfolio return in reinsurance, which involves the reinsurance of a portfolio that was previously reinsured. Learn about its significance, processes, and regulatory implications.
Learn about portfolio runoff in reinsurance, a method where a portfolio is reinsured until all the ceded premiums are paid. Understand its significance and applications.
Learn about premises burglary (criminal) and how it is covered under commercial insurance policies. Discover the specifics of coverage for burglary committed on insured premises.
Understand how Public Employee’s Dishonesty Coverage protects against losses due to employee dishonesty, including the loss of money or securities.
Learn about pure endowment in life insurance, its benefits, and how payouts are contingent upon the policyholder's survival at the end of the period.
Learn about pure risk in general insurance, a type of risk where loss is the only foreseeable outcome. Explore how it impacts insurers and why it is not beneficial.
Explore what quasi-insurance institutions are, how they operate, and their role in the insurance industry. Learn about government-created entities that function like private insurance companies.
Learn about retrocession in reinsurance, a transaction where a reinsurer cedes the reinsurance it has assumed to another reinsurer, diversifying risk.
Learn about shock loss in general insurance, a significant event that affects insurers or underwriting companies. Discover its impact and importance in the insurance industry.
Explore the concept of speculative risk in the context of general insurance—learn why such risks are not typically insurable and the implications for policyholders.
Learn what a syndicate in general insurance terms is, how a group of insurers collaborates to insure high-value items or properties, and the benefits of achieving better coverage through this method.
Delve into the concept of aviation hazard and explore the extra risks involved in aviation or aeronautics participation, crucial for aviation insurance policies.
Learn about capacity in general insurance terms, which defines the largest quantity of insurance or reinsurance available for purchase from one company or the entire market.
Explore the concept of Contributing Locations under business income insurance. Learn how properties providing equipment or assistance are covered.
Explore the concept of coverage in general insurance terms, which defines the extent of the insurance benefit supplied by an insurance contract.
Explore the concept of Difference in Conditions (DIC) Property Insurance, a separate contract that enhances or complements existing property insurance to provide protection against all risks, excluding specific exclusions.
Learn about the concept of General Average, a crucial term in marine insurance, which involves a partial loss incurred to prevent complete damage to a maritime venture.
Learn about the concept of Hazard in general insurance, a situation that increases the chance or severity of a loss due to a peril.
Insurable interest is a crucial concept in general insurance, referring to the financial stake an individual or company has in an insured item that would result in monetary loss if the item were damaged or lost.
Learn about Liability Insurance, which covers losses due to the insured's responsibility to others. Explore legal requirements and contractual implications.
Learn about Livestock Transit Insurance, a specialized property insurance that covers accidents affecting livestock during transportation by rail, truck, or other means.
Explore the concept of loading in general insurance, which accounts for the insurer's operating costs and potential unforeseen losses. Learn how loading impacts premium calculations.
Gain insight into the Loss Development Factor (LDF) used in Workers Compensation. Learn how LDF helps insurers manage extra funds for late-reported claims and the development of losses.
Learn the basics of loss loading in reinsurance and how it influences the reinsurance rate. Explore how this essential factor is applied to a pure loss cost.
Learn about Manufacturers Output Policy—a comprehensive insurance cover for a manufacturer’s personal property while it is away from the premises. Get insights into how this unique insurance policy works and its significance in providing protection against various perils during off-site processing.
Learn about manuscript policies in general insurance, including their unique coverages and conditions, and how they cater to larger accounts in compliance with state laws.
Learn about morale hazard, a concept in general insurance describing the risk arising from an insured's attitude towards their belongings. Explore how it affects insurance policies.
Explore the Multiple Location Rating Plan in property insurance, a strategic plan for commercial clients operating from multiple locations. Learn how it offers credits and reduces hazard through asset distribution.
Discover the concept of Natural Premium in life insurance, which represents the mortality cost for one year. Learn how it impacts your insurance policy.
Learn about net retention in general insurance— the portion of risk that a ceding company retains and does not reinsure to another party.
Learn about Products and Completed Operations Insurance, a crucial subline of general liability coverage for manufacturers and contractors. Discover how it protects businesses from claims caused by their products or completed operations.
Learn about proximate cause in insurance, a critical legal term that describes the primary cause that initiates a series of events leading to damage or loss to the insured person or property.
