Learn about the definition of Occurrence in General Insurance, its implications, and how it differs from an accident. Essential insurance terminology explained.
Learn about the concept of odds in general insurance, which represents the likely chance of an event occurring within a statistical sample, expressed either as a decimal fraction or a ratio.
Discover what paid losses refer to in the context of general insurance. Learn how insurers calculate the amount paid out in losses over a specific time frame.
Learn about Policyholder's Surplus in general insurance, the foundation that ensures insurers can meet future obligations and guarantee policyholder confidence.
Learn about the term 'Portfolio' in general insurance, covering both assets invested by a company and all policies in effect along with unsettled losses.
Learn about the concept of Removal in Property Insurance, an essential act of moving property to prevent loss or damage, covered by many property insurance policies.
Learn about the Business Income Coverage Form in Property Insurance, which provides coverage against losses due to property damage, including loss of business.
Learn about the concept of Degree of Risk in general insurance terms, representing the uncertainty and chance that reality may differ from predicted outcomes.
Learn about the insuring agreement section of an insurance policy, detailing coverage hazards, insured individuals, and contract duration.
Learn about voluntary reserves in the insurance sector, a type of reserve not legally mandated but crucial for financial preparedness and stability.
Understanding Vandalism and Malicious Mischief (VMM) in Property Insurance: Coverage, Definition, and Protection against intentional damage.
Discover what General Liability Insurance is, why business owners need it, and what it typically covers. Learn about liability coverage for bodily injury on property or product-related losses.
Learn about Workers Compensation Catastrophe Policies in reinsurance, a critical excess of loss coverage that primary insurers use to safeguard against unlimited medical and compensation liability.
Discover the benefits of Wrap-Up Liability Insurance, a plan designed to cover all liability risks for large amounts, typically tailored for extensive projects or multiple contractors.
Discover the Automatic Premium Loan Provision in life insurance policies. Learn how unpaid premiums are handled with a loan from the policy's cash value.
Learn about homeowners policy, a vital insurance that covers hazards for homeowners and renters, ensuring protection for the homeowner and the home. Discover the key aspects of this vital property and liability insurance.
Discover how leasehold interest coverage form in property insurance protects commercial property leaseholders against financial losses from property damage due to specified perils.
Understand the concept of Net Line in reinsurance, referring to the insurance amount retained by the original insurer and its implications on risk management.
Learn about the reduction of risk in the context of general insurance. Understand the importance of precautionary measures in minimizing the likelihood or severity of potential losses.
Learn about the role of a reinsurer in the insurance industry and how reinsurance works to distribute risk among insurance companies.
Understand Sickness Insurance, also known as Health Insurance, which covers losses caused by illness or disease. Learn about its benefits, coverages, and considerations.
Explore the essentials of business and personal property coverage forms, which provide crucial protection for buildings and the property contained within them.
Learn about the coinsurance plan of reinsurance, a form of reinsurance where insurance companies transfer a segment of a life insurance policy to a reinsurer who then shares in the death benefit payments.
Learn about excess per risk reinsurance, a type of reinsurance that protects the ceding company against losses exceeding a specific retention amount for each individual occurrence.
Explore the concept of being over insured in insurance. Understanding over insurance, its risks, and how it might impact policyholders. Learn about the moral hazard associated with excessive coverage.
Learn about the definition of fire in property insurance, including what constitutes a hostile fire and how it impacts coverage.
Learn about voidable policies in general insurance, a type of policy that can be voided by either party involved in the contract. Explore how it impacts both insurers and policyholders.
