General Insurance Terms

Understand the concept of a parent company, the oldest company out of a group of insurers, its role, and its importance in the insurance industry.

Learn about loss adjustment expense in general insurance terms. Understand the costs associated with adjusting a claim, excluding the actual amount of the loss.

Understand the diverse meanings of 'Net Premium' in general insurance, including premiums after agent commissions, expected future losses, and deducted dividends.

Learn about precertification authorization in general insurance, its importance, and how it helps in managing treatment costs effectively.

Learn about the role of an insurance adjuster, a professional responsible for investigating claims, determining liability, and assessing damages. Understand their duties, including interviews, property inspections, and record reviews.

Discover what occupational hazards are and how they impact the likelihood of sickness, accidents, or death in various professions.

Learn about pro rata, a term used in insurance to describe the allocation of payouts between beneficiaries or the sharing of liability between insurers. This guide explains its significance in insurance contracts.