Explore the term 'Not Taken' in the context of general insurance, where a policy is applied for and issued but ultimately rejected and unpaid.
Learn about the Statement of Values in property insurance, its purpose, and how it determines the blanket rate for insurance policies.
Explore the concept of insurability in general insurance terms. Learn what makes a person or property an acceptable risk for insurance companies.
Explore the role and responsibilities of a Life Underwriter in Life Insurance. Understand what a life underwriter does, their importance in risk appraisal, and their duties as a life insurance agent.
Explore nonmedical policies in health and life insurance, where no medical examination is required. Understand the benefits and essentials of these insurance options.
Explore the importance of persistency in life insurance and how it impacts the underwriting process, ensuring business stability and retention.
Learn about the concept of selection in general insurance, including how insurers or underwriters choose which risks to insure.
Learn about the term 'Borderline Risk' in general insurance, referring to an applicant of doubtful quality based on underwriting standards. Discover its implications and how it affects insurance underwriting processes.
Learn about Expense (Health Insurance) including underwriting costs, medical examination expenses, salaries, and other insurer operating expenditures associated with each policy.
Learn what a manual is in the context of general insurance. Discover how it serves as a guide to rates and classifications, crucial for insurance policies.
Learn about underwriting, the critical process in which an insurer evaluates an application and decides to insure the risk. Discover its significance and role in the insurance industry.
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 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.
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.
Learn about rate manuals in general insurance, a crucial document containing rates for coverages and additional guidelines for underwriting and agent operations.
Learn what declination means in general insurance terms. Find out why an insurer may decline an application for coverage.
Learn about the responsibilities and significance of a policywriting agent who is authorized to write policies for an insurer. Dive into the tasks and jurisdiction of policywriting agents in general insurance.
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.
Learn about claim expense in general insurance terms, which includes costs beyond the actual claim, such as administrative fees and legal costs associated with paying a claim.
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 the role and importance of inspection bureaus in liability and property insurance. Understand how these groups investigate exposures and establish insurance rates.
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.
Learn about Rating Bureau in insurance, an organization that classifies rates and hazards by geographic area. Understand its role in the insurance industry.
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.
Learn how Dun & Bradstreet, Inc. supports insurers with financial information for underwriting processes. Get insights into their role in the insurance industry.
Learn about the role of health history in health insurance underwriting, including its importance in determining risk acceptance for healthcare policies.
Learn about the concept of standard risk in life insurance, which refers to an average risk level based on typical rates. Understand its impact on premiums and policy considerations.
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.
Understand the role of an Underwriter in general insurance terms. Learn how they assess risks and establish rates and coverage amounts to protect both the insurer and insured.
Discover the process of underwriting in general insurance, where risks are evaluated for their potential insurability and assigned rates based on their assessed risk. Learn the importance and methodologies involved.
Understand the concept of underwriting profit or loss in general insurance. Learn how insurers calculate the profit gained or loss experienced from policies and premiums that exceed losses and costs.
Learn about the role of a Map Clerk in property insurance, including their responsibilities in tracking insurer exposure and entering data on maps.
Learn about the role of a medical examiner in health and life insurance. Discover how they conduct examinations for prospective insured individuals.
Learn how numerical rating in life insurance is used to determine the policy rates for substandard insureds. Understand the system of adding values to a standard risk of 100 to establish the appropriate rate.
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 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.
Explore the concept of reinsurance assumed and learn about the premium amounts associated with the assumption of reinsurance in the insurance industry.
Learn about the role of a Risk Appraiser in Life Insurance. Discover how they screen applications, approve or decline policies, and recommend different options to applicants.
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 immature policies in liability insurance, specifically claims made on policies in effect for less than five years and the associated rating discounts.
Explore the concept of submitted business in general insurance, where new business applications are submitted to an insurer but are not yet accepted or declined.
Learn about the Attending Physician Statement, a crucial document detailing an individual's medical information used in health and life insurance policy underwriting.
Learn about the term 'Block of Policies' in general insurance. Understand what it means, its significance, and how insurance companies use it.
Learn about brokerage business in general insurance, where business is brought in by a broker to an insurance company. Understand the mechanisms and significance of brokerage business.
Discover the significance of Countrywide Rates and how they impact commercial lines insurance premiums and rates across major divisions.
Explore the countrywide rules in general insurance including a comprehensive listing of rules and rating factors for each major division in the Commercial Lines Manual.
Learn about deviation in general insurance terms, which refers to a rate that differs from the manual rate. Understand its implications and how it impacts insurance pricing.
Experience rating adjusts insurance premiums based on an individual risk's previous experiences, enhancing pricing accuracy and fairness. Understand its significance in the general insurance domain.
Explore FC&S Bulletins from the National Underwriter Company, offering detailed information on coverage and underwriting for various insurance policies in fire, casualty, and surety categories.
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 impaired risk in health and life insurance — a term describing individuals in less-desirable conditions, such as health insurance applicants with multiple heart attacks.
Learn about issued business in life insurance, which refers to contracts that have been written but not yet agreed to by the insured. Discover the significance and process.
Explore what Legal Hazard means in the insurance domain, understanding how a rise in the chance of a loss due to legal action impacts risk management.
Discover the importance of 'Lines' in reinsurance agreements, specifically focusing on the amount a reinsurer agrees to accept in a surplus treaty.
Learn about provisional rates in general insurance—temporary rates that can be adjusted at a later time. Understand how provisional rates work and their importance in insurance policies.
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.
A comprehensive overview of the concept of 'Class' in general insurance, which refers to a group of policyholders with similar characteristics grouped together for rating purposes.
Discover the importance of housekeeping in general insurance underwriting, particularly for property insurance. Learn how property upkeep influences your insurance policy.
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 morbidity in health insurance, focusing on the comparative frequency of disease and its impact on policy underwriting and premiums.
Learn about the term 'X table' in general insurance, a table in progress that is not yet fit for rating purposes. Understand its role and significance.
Learn about Evidence of Insurability in health and life insurance. Understand the importance of health facts required for underwriting, including medical physicals.
