Learn about pure loss cost ratio in reinsurance, which represents the reinsurer’s losses in relation to the premiums received by the ceding company.
Learn about subrogation, a legal principle allowing an insurer to assume the rights of the insured to collect from a third party. Discover its applications and exceptions in insurance.
Explore what a deductible clause is in general insurance terms and how it affects your insurance policy. Learn everything about deductible amounts and clauses in insurance contracts.
Discover the Fair Access to Insurance Requirements (FAIR) Plan, a federal government initiative ensuring property owners can access insurance coverage, along with steps to obtain insurance through a FAIR plan.
Learn about the policyholder in general insurance terms, including definitions and roles. A policyholder, also known as a policy owner or insured, is the person covered by an insurance policy.
Learn about the retainer clause in reinsurance and how it specifies the portion of insurance the ceding company retains.
Learn about the unique position of a Broker Agent who acts as a broker for some insurers and an agent for others. Explore their responsibilities, dual roles, and how they differ from other insurance professionals.
Learn about a solicitor in general insurance, their responsibilities, licensing requirements, and limitations in issuing coverage.
Learn about the subrogation clause in general insurance, which enables insurers to take action against liable third parties to recover losses paid out. Discover its function and implications for both insurers and policyholders.
Explore the concept of Underlying (Reinsurance) in the insurance realm. Learn how it represents the total amount of coverage for a risk before additional reinsurance applies.
Explore the concept of unfunded plans in pensions, which utilize a pay-as-you-go funding method, and understand their implications.
Learn about warranties in insurance applications, their importance, and how inaccuracies can void contracts. Get detailed insights on legal implications.
Understand the purpose and importance of a valuation reserve in general insurance, ensuring liabilities and assets are appropriately valued.
Understanding the role of a Watchperson (Criminal) in insurance, responsible for safeguarding insured premises and property.
Discover the importance of the Work Program clause in contract bond reinsurance, detailing its connection to the principal’s total amount of work.
Discover the meaning of Aggregate Limit in general insurance, highlighting its definition, importance, and coverage framework for insured individuals over a specified period.
Understand the crucial role of an appointed actuary in general insurance, including responsibilities, and significance in documenting liability reserves.
Learn about the concept of Association or Syndicate Pool in General Insurance, where a group of insurers collaborates to write large risks and shares the premiums and expenses.
Learn about Assumption Reinsurance, a type of reinsurance where the re-insurer assumes total responsibility for an insurance policy from the original insurer. Understand how the policy transfer process works and its implications.
Learn about Bailee’s Customers Insurance, a property insurance that covers the bailee against potential hazards like fire, theft, robbery, and leaks while temporarily in possession of another's property.
Learn about the concept of a Blanket Contract in health insurance. Explore the definition of blanket insurance and its importance in providing coverage for groups.
Understand the concept of Blanket Rate in Property Insurance, which involves premiums for covering properties at multiple locations under a single policy.
Learn about Bridge Insurance, a crucial component of Property Insurance, that offers protection for structural bridges against damage or destruction. Get insights on coverage and benefits.
Learn about burglary insurance, a form of criminal insurance that protects against financial losses caused by burglary. Understand its importance, coverage, and benefits for securing your assets.
Explore the concept of business risk, its implications on a company’s earnings, and the importance of managing such risks in a competitive market.
Learn about captive insurance companies, formed exclusively to insure a parent company. Understand benefits, structure, and regulations.
Learn about coinsurance penalty in general insurance terms, a penalty applied due to insufficient coverage as stipulated in the coinsurance clause.
Explore the essentials of commercial credit insurance, a crucial coverage that protects businesses by insuring against the risk of debtors defaulting on their financial obligations.
Learn about Condominium Insurance, a homeowners insurance policy covering various perils like fire, robbery, vandalism, smoke, and explosion to protect your property.
Learn about the contract in general insurance terms, which is the agreement between the insured and the insurer, outlining the trade of consideration for benefits and services.
Learn about Contractual Liability Insurance, a policy that covers liabilities assumed under a written contract, protecting businesses from financial loss.
Learn about the Cromie Rule, a crucial technique in property insurance for apportioning loss when policies have nonidentical coverage. Understand its significance and application in the insurance industry.
Explore cumulative liability in reinsurance, how it impacts reinsurers, and its significance in the event of a disaster. Understand the total accumulated liability from policies affected by the same disaster.
Learn about 'Cut off' in reinsurance, a key stipulation in contracts, outlining that reinsurers are not liable for losses from events post-termination.
Learn about the disappearing deductible in property insurance, where the deductible decreases as the loss amount increases, providing full coverage for larger losses.
Explore the concept of divided cover in general insurance, where a person or object is insured with more than one insurer. Learn the benefits and implications of this approach.
Learn about Equipment Floater in property insurance, providing coverage against specific types of damage on various kinds of equipment. Protect your assets with the right insurance.
Discover what Errors and Omissions Insurance (Liability) covers, whom it benefits, and why financial advisors and insurance agents need it. Learn how it protects against losses from mistakes and inadequate insurance coverage in financial institutions.
Discover what excess insurance means in general insurance terms. Learn how it acts as a secondary coverage that pays beyond the primary policy once a specified amount is exceeded.
Discover how experience modification impacts your insurance premiums. Learn about experience rating plans and how they can increase or decrease your insurance costs.
Understand the extortion coverage form in commercial crime insurance. Learn how it protects businesses from losses due to extortion involving cash, securities, and other goods.
Learn about Extra Expense Insurance, a vital form of Property Insurance that compensates for costs associated with keeping a business operational after damage from a covered hazard.
Explore the ins and outs of the fire damage limit in liability insurance. Understand how this specific limit applies to fire legal liability coverage and its implications for policyholders.
Learn about the General Property Form in property insurance, a widely used commercial insurance form that protects property from specified risks.
Understand what a hold harmless agreement is in liability insurance. Learn how one party can assume inherent risks, removing potential liability from another party.
Learn what increased hazard in property insurance entails, including examples and potential risks. Discover how storing risky items can impact your insurance coverage and premiums.
Understand the concept of inherent explosion in property insurance, where an explosion occurs due to a situation that exists organically at the insured's premises, like a fireworks factory.
Learn about the Insolvency Clause in Reinsurance, a crucial stipulation ensuring that the reinsurer remains liable for their share of losses even if the insurer becomes financially insolvent.
Learn about insurance in force and its significance in health and life insurance policies, including the amount of policies to be paid out and yearly premiums.
Learn about Jewelers Block Insurance Policy, a specialized property insurance that covers the valuables of jewelers and those in their care or custody against potential losses.
Discover what a line sheet is in the context of general insurance terms, and learn how it assists ceding companies in determining liability limits for various risks.
Explore the influential role of Lloyd's of London in the insurance sector, where separate insurers accept or reject risks presented by brokers. Discover the precedents set by Lloyd’s for the industry.
Learn what loss frequency means in the context of general insurance. Discover how frequently losses occur within specific time frames and its significance in risk assessment and policy pricing.
Understand the concept of loss of market in property insurance, including the common exclusions as a standard business peril.
Learn about the concept of Lost Policy Release, a statement signed to release an insurer from a lost or misplaced contract during policy replacement.
Explore the concept of market risk in general insurance, focusing on the potential losses associated with investments and understanding that no investment is guaranteed.
Learn about mature policies in liability insurance, which refer to claims made policies that have been active for at least five years without lapses. Explore the impacts on rating credits and policy benefits.
Learn about mercantile risk in property insurance, focusing on the unique risks faced by retail or wholesale businesses as opposed to manufacturing or service industries.
Learn about non-occupational policies in health insurance, which exclude coverage for work-related injuries but are supplemented by workers' compensation.
Understanding nuisance value in general insurance, an amount the insurer pays to settle a claim more for convenience than its validity.
Discover the role of an obligee (surety) in the context of bonds and insurance. Learn how it compares to the insured in an insurance policy and understand its importance.
Discover what a Parasol Policy is in liability insurance, how it differs from and complements existing property insurance by offering all-risk coverage with some exclusions.
Learn about Per Risk Excess Reinsurance, where the insurer pays losses up to a specific limit, and the reinsurer covers the remaining loss up to the agreed limit.
Learn about ‘Peril’ in General Insurance terms, a potential cause of loss, and how it impacts your insurance policies. Essential knowledge for insurance education and risk assessment.
Learn about power interruption insurance, a critical policy that protects property owners against losses caused by power failures due to specified hazards.
Explore the essential aspects of power plant insurance, a specialized form of property insurance that protects power plants against various hazards specified in the contract.
Learn about the term 'Premises' in general insurance, which refers to the physical location covered by a policy. Understand what constitutes premises in property insurance for better coverage insights.
Understanding Product Recall Insurance, a type of liability insurance that covers the costs involved in recalling defective or possibly defective products made by the insured.
Learn about the Prohibited List, also known as the undesirable list, which includes risks that insurers will not cover. Essential for understanding exclusions in general insurance.
Learn about prospective rating in general insurance, a method used to calculate future premiums based on past loss experiences.
Learn about Quota Share Insurance in Property Insurance, a type of contract where risks are shared between two policies based on a predetermined percentage.
Learn about reciprocity in reinsurance, where ceding companies and reinsurers engage in reciprocal insurance placement for mutual benefit.
Explore the concept of reinsurance assumed and learn about the premium amounts associated with the assumption of reinsurance in the insurance industry.
Discover the essential role of a Reinsurance Broker in placing risks for reinsurance on behalf of ceding insurers. Learn how these professionals ensure coverage continuity and risk management.
Understand the fundamentals of risk management in general insurance, including the assessment of potential losses and strategies to avoid, reduce, or transfer risk.
Learn about Risk Retention Groups, a type of liability insurer owned by policyholders sharing the same type of business and liability risks. Understand how they spread liability and finance liability differently.
Learn about the Schedule Rating Plan in vehicle insurance, which allows adjustments based on specific features of commercial risks.
Understand the concept of selection of risk in general insurance terms, including how insurers choose which risks to insure and the role of reinsurance in managing those risks.
Learn about self-insurance, an alternative to traditional insurance used by large organizations. Discover how companies manage future risks by setting aside funds for anticipated and unanticipated losses.
Learn about special acceptance in reinsurance, where risks not automatically accepted through a reinsurance contract are taken on through a separate agreement.
Discover the essentials of Stop Loss Reinsurance, a type of coverage where a ceding insurer is protected based on the losses incurred within a calendar year. Learn how this affects the financial stability and risk management of insurers.
Learn about strict liability in liability insurance, a form of liability that affects manufacturers and merchandisers due to defective products. Understand how liability applies without negligence and what is needed to prove a product is dangerously defective.
Learn about subject premium in the context of reinsurance, including how the ceding insurer's premium is used to calculate the reinsurance premium by applying the reinsurance factor.
Understand the concept of a subrogation waiver in property insurance, the importance of this waiver in policy agreements, and its implications on claim processes.
Understand the Sue and Labor Clause in Property Insurance that requires insured individuals to protect and salvage property. Learn about the responsibilities and importance of this clause.
Discover the intricacies of Time Element Insurance in Property Insurance, including how ongoing expenses from insured losses are managed and benefits paid out.
Discover what Asset Depreciation Risk is in the context of general insurance, including its implications and how it can affect the market value of a company's assets over time.
Learn about bonds in general insurance - a contract between a principal, surety, and obligee that provides financial protection. Understand the roles and responsibilities involved.
Learn about the role of a Broker in general insurance, a person who acts on behalf of another to obtain insurance, and occasionally represent the insurer to collect premiums.
Discover the essentials of business insurance, including health and life coverage for company principals. Learn how it safeguards your business assets and personnel.
An in-depth explanation of Business Risk Exclusion in General Insurance, highlighting omitted coverage for sub-par products that fail to meet promised standards.
Learn about the insurance deductible, a crucial aspect where insured parties pay a portion of the loss before the insurer covers the claim. Crucial knowledge for policyholders.
Explore the importance of Druggists' Liability Insurance, which protects pharmacists from legal claims related to prescription filling errors and unfulfilled drug deliveries.
Learn about Endorsement Split Dollar Plans, a liability insurance strategy where an employer holds ownership and control of an employee’s life insurance policy, ensuring the employee's right to benefits through the employer’s endorsement.
Learn about Experience Refund in Reinsurance, a profit-sharing mechanism where a fixed amount of net profit is returned to the ceding insurer at year's end.
Explore the definition of floods in property insurance, including causes such as overflow of water bodies, unusual surface runoff, and mudflow. Learn how property insurance typically covers these events.
Learn what Index Bureau Experience means in the context of general insurance and how it helps track losses from claims over a year.
Learn about interest rate risk, a critical factor in investments, particularly when investing in bonds. Understand how changing interest rates can impact returns and affect your investment decisions.
Explore the essentials of life insurance, including how it works, the benefits provided, and various circumstances under which payouts are made.
Explore the concept of moral hazard in insurance, where an insured's attitudes or morals lead to risky behavior. Learn with an example involving fraudulent claims.
