Learn about buy-back deductible in general insurance, where a deductible can be eliminated by paying an extra premium. Understand its implications, benefits, and scenarios where it is applicable.
Understand loss development in general insurance, which refers to the variance between initially estimated losses and reported losses over time.
Learn about automatic coverage in general insurance, which provides automatic protection for newly purchased property or property that appreciates in value.
Learn what 'Dependent' means in general insurance terms. Discover how dependents affect policies and the role they play in insurance coverage.
Understanding 'Estimated Premium' in General Insurance. Learn how projected premium amounts are initially proposed and later adjusted.
Learn about First Loss Insurance, the key policy for submitting initial claims and securing anticipated loss coverage.
Discover what catastrophe loss means in general insurance—severe, unpredictable losses such as earthquakes and hurricanes—and why they are best covered by insurance companies.
Learn about losses outstanding in general insurance, which refers to the claims that have not yet been settled by an insurer, as detailed in a summary statement.
Learn about Merit Rating, a rating plan commonly used in personal automobile insurance where the premium amount is determined by the insured's loss record.
Discover what a Multiple Line Policy entails in general insurance terms. Learn about personal or commercial package policies that include various coverages.
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 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.
