Learn about mortality cost in life insurance, how it is calculated using a mortality table, and its significance in determining policy premiums.
Explore what Occurrence Coverage in Liability Insurance entails, including how it provides coverage for losses occurring within the policy's term, regardless of when the claim is made.
Learn about overlapping insurance which involves insurance from at least two insurers duplicating the coverage for some risks. Discover its implications, benefits, and common scenarios.
Explore the concept of ownership in life insurance, defining control over benefits and privileges and explaining ownership transfer.
Learn about physical hazards in general insurance, which are caused by the structural or operational features of the risk. Find out how these hazards impact insurance policies.
Learn about Premises and Operations Liability Insurance, a crucial subline of general liability insurance offering protection against hazards related to business operations and premises.
Explore the essentials of Property Damage Liability Insurance, a crucial coverage usually paired with bodily injury liability. Learn how it protects against damages to others' property and loss of use.
Learn about 'Remainder' in reinsurance, the amount of risk remaining after a ceding company deducts its retained portion.
Learn about the Stop Loss clause in general insurance, a crucial concept that caps the insurer's losses at a designated threshold to prevent excessive financial claims.
Learn about the abandonment clause in property insurance, which prevents claimants from abandoning salvageable property to claim a total loss.
Learn how the Law of Large Numbers impacts probability of loss in general insurance. Discover why a larger number of exposures lead to more accurate predictions.
Explore the 'Other Insurance Clause'—a key component in insurance policies detailing the protocol when another insurance contract covers the same property. Learn its importance in general insurance, excluding life and health insurance.
Learn about the responsibilities and functions of an Intermediary (Reinsurance), a specialized broker who negotiates reinsurance contracts on behalf of the insured.
Discover the essentials of War Risk Insurance, a specialized coverage that protects against damages caused by war. Learn about its importance, regulations, and benefits.
Understand the Watchman Warranty Clause in property insurance, which offers reduced rates for policies when a watchman is on duty.
Learn about apportionment, a crucial method in general insurance for dividing a claim among multiple insurance companies, ensuring fair distribution and clarity in settlements.
Discover the concept of absolute liability in general insurance, where individuals are held responsible for extremely dangerous actions regardless of negligence. Learn how this differs from other forms of liability and its implications on public policy.
Learn what annuities are, their role in providing annual payments or regular payments for a specific period. Discover how this agreement can be a valuable financial tool.
Explore what Assessable Insurance is, how it works, and its implications in the realm of General Insurance. Learn about the key aspects of first and second premiums.
Discover the importance of an Automatic Reinstatement Clause in Property Insurance. Learn how it helps restore your original policy limit after partial loss claims.
Learn about aviation exclusion in life insurance policies, a clause noting non-coverage for incidents involving non-commercial flights such as small-plane crashes.
Understand the Basic Limits of Liability in general insurance, defining the minimum amount for which a liability policy can be written according to published rates or the law.
Learn about Blanket Bond (Criminal), a type of fidelity bond that provides coverage for losses due to dishonest acts committed by any employee.
Learn about builder's risk coverage forms in property insurance, a specialized coverage for buildings under construction. Get complete insights into its importance and benefits.
Explore the concept of the Burning Cost Ratio in reinsurance, understanding its definition, calculation based on different reinsurance policies, and its crucial role in assessing insurer liabilities and premium income.
Learn about business interruption in liability insurance, its definition, and how it affects the daily operations of a business due to unforeseen losses.
Learn about catastrophe futures, a financial instrument that insurance companies use to safeguard against large-scale future losses. Discover how this tool helps in risk management.
Learn about what a ceding company is in the realm of reinsurance, including its role in transferring insurance policies to another insurance company.
Understand the Clear Space Clause in Property Insurance and how it requires certain belongings to be stored at specified distances to minimize the risk of loss. Learn more about its significance and applications.
Learn about commercial insurance companies, which are privately owned entities selling insurance for profit. Discover their role in the insurance industry.
Learn about Completed Operations Insurance, a form of liability insurance that covers contractors for accidents and damages occurring after project completion.
Understand comprehensive glass insurance in property insurance. It covers glass breakage for almost any reason, ensuring full protection for incidents like the shattering of store windows.
Understanding the different forms of commercial crime coverage, from employee dishonesty to computer fraud and beyond.
Understand the role of a conservator in insurance: a court-appointed individual who directs and manages financially troubled insurance companies.
Learn about contingent commission in reinsurance, a commission based on the net profit from a reinsurance treaty, paid to the ceding company in addition to the usual commission.
Learn what a contingent fund is, its significance in general insurance, and how it safeguards against potential rare event losses.
Learn about covered loss in general insurance, including the types of loss an insurer will pay for under a policy, such as death, injury, property damage, loss, or automobile collision.
Learn how Depositor’s Forgery Insurance shields you from financial losses due to forged or altered financial instruments like checks or promissory notes.
Learn about Directors and Officers Liability Insurance, which protects leadership from liability claims due to alleged misjudgments and unjust acts.
Learn about excess line brokers, who are licensed to deal with non-admitted insurers in their state, and their importance in the insurance industry.
Learn about the Excess Loss Premium Factor in workers compensation, a crucial element in retrospective rating formulas that limits large loss exposures for insurers.
Learn about extended coverage in property insurance, which offers protection against additional perils such as hail, riot, smoke damage, and windstorms.
Learn about the concept of extra premium in general insurance. Discover why certain hazards may necessitate an additional charge beyond the regular premium rate.
Learn about extra premium removal in general insurance, the conditions for elimination of an extra premium, and its implications for policyholders.
Learn about the foundation exclusion clause in property insurance policies. Understand how it impacts the calculation of total property value after a loss event.
Understand garage liability insurance, a crucial liability coverage specifically for garage owners or dealerships. Learn how it provides protection against property damage and bodily injury claims.
Gross line refers to the maximum amount an insurer is willing to cover for a particular risk in general insurance. Learn how it impacts policy limits and risk management.
Understand ground coverage in aviation insurance, including protection for risks to the airplane body while not in flight or in motion, and the specifics of 'not in flight' and 'not in motion' clauses.
Learn about group property and liability insurance policies that provide extensive coverage similar to group life insurance. Understand its benefits and applications.
Learn the criteria for an insurable risk, including accidental loss, predictable group of risks, and the ability to calculate the probability and cost of a loss.
Learn about the role of an insurer, also known as a carrier or company, in an insurance contract. Discover how insurers indemnify losses for insured parties.
Discover the importance of 'Lines' in reinsurance agreements, specifically focusing on the amount a reinsurer agrees to accept in a surplus treaty.
Learn about the maximum retrospective premium, a crucial component in liability and workers' compensation insurance. Understand how this concept affects your insurance premiums and financial planning.
Learn about Name Position Bonds in the criminal domain— a critical fidelity bond that protects against losses caused by employees' fraudulent actions in specific positions.
Learn about the notice of cancellation in general insurance, including details on written notification of imminent cancellation from either the insured or the insurer.
Discover what Open Perils in property insurance entail. Learn about insurance covering any peril causing loss or damage, excluding those explicitly excluded.
Learn about the Pair and Set Clause in Property Insurance, which dictates a fair assessment when part of a pair or set is lost or damaged, and the insurer's responsibilities.
Understand the concept of Particular Average in Property Insurance, a type of partial loss due to water transportation that falls on the property owner.
Learn about Preliminary Term insurance coverage, its purpose, and how it provides short-term protection until your long-term policy's anniversary date.
Understand the Pro Rata Liability Clause in general insurance. Learn how this clause ensures that losses are paid proportionally based on the coverage provided.
Understand the concept of Probable Maximum Loss (PML) in property insurance, the largest loss that can be expected if all mitigating measures, like smoke detectors, work as intended.
Learn about Profit and Commissions Insurance, a type of property insurance tailored for individuals whose income is reliant on commissions or profits tied to particular properties. This insurance safeguards against loss of income due to property damage.
Learn about Quality Assurance in health insurance, the essential process of reviewing and enhancing the quality of health services and coverage. Discover its importance and methodologies.
Explore the concept of Quota Share Re-Insurance, a type of pro-rata reinsurance where the ceding insurer is indemnified for risks listed in the contract based on a fixed percentage of loss and premium.
Learn about Radioactive Contamination Insurance, a specialized property insurance covering risks of radioactive contamination. Understand its qualifications and exclusions.
Learn about reinsurance, a crucial insurance mechanism that helps ceding companies transfer risks to reinsurers, ensuring financial stability and reducing large losses.
Learn about the Risk and Insurance Management Society (RIMS): a pivotal group fostering education and communication among risk managers and insurance buyers in the insurance industry.
Learn about sinkhole collapse in property insurance, a peril caused by sudden earth movement into underground cavities. Understand coverage options available under commercial property forms.
Discover the meaning of 'Slip' in general insurance terms, especially within Lloyd's of London. Learn how brokers use slips to identify the syndicate that has accepted a risk and the submission process to Lloyd's underwriters.
Discover the essentials of the Special Coverage Form in property insurance, detailing its comprehensive all-risk coverage and key exclusions.
Learn about special peril insurance, a type of property insurance that only covers items specifically named in the contract. Understand its benefits and limitations.
Learn about sprinkler leakage insurance in property insurance, which covers water damage from sprinkler system leaks, but not from fire discharge.
Learn about the supplemental extended reporting period in claims made liability policies, which extends the time frame for filing claims.
Learn about surplus lines in insurance, referring to risks that cannot be insured by agents within their jurisdiction. Explore regulations and the role of surplus lines insurers.
Learn about Surplus Reinsurance, an automatic reinsurance type where the ceding company transfers risks exceeding their retention limit. Explore its functions and benefits in risk management.
Discover what third party insurance, or liability insurance, entails. Learn how it involves the insured, the insurer, and the third party who's been affected.
Discover the fundamentals of Treaty Reinsurance, an automatic contract defining conditions for reinsuring classes of business, optimizing your reinsurance strategies.
Learn about the trust and commission clause in property insurance policies. Discover how this clause allows individuals to insure their share of another's property, and understand its significance.
Learn about the term 'Accident' in general insurance - an unplanned, sudden occurrence beyond the control of the insured.
Learn about 'Property Other than Money and Securities (Criminal)' in commercial crime policies, which refers to tangible property with intrinsic value, such as office furniture or supplies.
Learn what Bordereau is in reinsurance, how it helps ceding companies provide essential information to reinsurers, and its impact on loss history and premium history.
Explore the concept of Bottomry in Property Insurance, an insurance contract using a ship or its cargo as collateral for maritime voyage loans. Learn how it impacts loan repayments in maritime losses.
Learn about catastrophe hazard in general insurance, the risks of large-scale losses due to events like earthquakes, and its impact on insured populations.
Learn about coinsurance percentage in property insurance, a critical condition influencing coverage and potential penalties for underinsurance.
Learn about Commercial Package Policy (CPP) which includes coverage options for Commercial Property, Business Crime, Business Automobile, and more for commercial organizations.
Learn about Coverage Trigger (Liability), a crucial concept in determining if an insurance policy covers a claim. Understand how it functions in liability insurance.
Explore earthquake insurance, an essential component of property insurance that covers losses and damages caused by earthquakes. Learn why it is crucial for homeowners in seismic zones.
Learn about the term Exposure in general insurance, which refers to situations where a loss could occur, the likelihood of such a loss, and its impact based on the surrounding area.
Learn about fictitious groups in insurance, which are fabricated entities created to purchase insurance, and are prohibited by law.
Learn about General Account in Annuities, the investment portfolio used for premiums, often consisting of safe, guaranteed investments.
Learn about general insurance terms, focusing on how insurance reduces risk by transferring it to insurers and the role of premiums and policy contracts.
Explore the specialized kidnap-ransom insurance, designed to protect financial institutions from financial loss due to ransom demands for employees. Learn about its unique coverage and market existence.
Learn about 'Liabilities' in general insurance terms, a crucial concept referring to money that is currently owed or that will be owed in the future.
Explore the role and function of a Lloyd's syndicate within the general insurance sector. Learn how this group of underwriters manages risks and its significance in the insurance market.
Learn about the loss constant in general insurance, an amount aimed to offset larger-than-average losses for smaller risks within the same classification.
Explore the concept of loss expectancy in general insurance, an estimate of the most likely maximum loss that could be paid on an exposure, factoring in the insured's loss prevention measures.
Explore the definition of 'Loss' in general insurance, including claims filed by the insured, property value decreases, and amounts paid by the insurer.
Explore the concept of losses incurred in general insurance, a measure of the insurer's losses, both paid and unpaid, in a specified time frame.
Learn about morbidity in health insurance, focusing on the comparative frequency of disease and its impact on policy underwriting and premiums.
Discover what occupational hazards are and how they impact the likelihood of sickness, accidents, or death in various professions.
