Insurance

The right to move from one insurance form to another under policy terms and rules.

Situation in which the insurer creates and signs the policy document.

Learn about Inside Limits in health insurance and how they apply to hospital expense benefits. Understand their significance compared to maximums stated in the policy contract.

Learn about Messenger Robbery Insurance, a specialized policy that covers money and other property in the care of an employee leaving the premises. Essential for businesses with staff delivering items.

Learn about modified community rating in health insurance, a method of determining medical expense rates using local data. Understand its impact on premiums and regulatory implications.

Learn about the Multiple Location Policy in Property Insurance, a crucial coverage for protecting property owned in multiple locations under a single insurance policy.

Learn about Interest in General Insurance Terms: It refers to the rate of return earned on the premium the insurance company has invested over the term of the policy.

Understand the Non-disabling Injury Rider in disability income policies, which covers medical costs for injuries that do not result in total disability.

Understand the Off Premises clause in Property Insurance, its definition, and how it extends coverage beyond the specified location in your policy.

Understand the concept of ownership of expirations in general insurance, an agreement that protects the originating agent or broker's information from being shared.

Learn about per diem business interruption insurance, a policy that provides daily compensation for businesses affected by interruptions due to covered causes. Understand its importance in property insurance.

Learn about pre-admission certification, a process determining whether a hospital admission is necessary based on established criteria in health insurance.

Discover the importance of the Regulatory Information Retrieval Service (RIRS) in general insurance, developed by the NAIC, for tracking actions by state insurance departments.

Understand the concept of Short Term Policy in general insurance, a policy written for shorter than average terms, and its implications.

Learn about the Special Building Form in property insurance, a once prominent but now mostly obsolete form for commercial buildings. Understand its coverage, exclusions, and evolution.

Learn about the threshold level in vehicle insurance - the amount at which insured individuals can bring legal action under a no-fault policy.

Discover what a payroll audit entails in the context of liability insurance and workers compensation. Learn about the examination process conducted by insurance company representatives to determine the premium due for the most recent policy year.

Dive into the concept of retention of risk, a primary risk management technique where a business assumes the responsibility for potential losses instead of insuring against them.

A comprehensive guide to what qualifies as sickness in health insurance policies, excluding mental illness.

A charge pattern where more premium is paid in later years, often seen in certain life and investment-linked product structures.

A health-related condition where care requirements or medical limitations limit an insured person to home or facility care.

Medical costs and services a health plan agrees to pay under its coverage terms.

In insurance, disability means a physical or mental condition that satisfies the policy's definition of impaired ability to work or perform specified activities.

Policy wording that removes a particular situation from coverage or, in some forms, restores coverage by carving something back into an exclusion.

The risk selection work done by the producer or representative in the sales process before the application reaches the insurer's home office underwriter.

Learn about fraternal insurance, a special type of insurance specifically for members of a fraternal group or lodge that covers health and life insurance needs.

Understand the gatekeeper model in health insurance, where the primary care physician acts as a gatekeeper, directing patient care and referrals. Learn how this affects HMO and PPO plans.

Learn about the gender rule in health insurance, which determines which parent's policy will primarily cover dependent children. Find out how the father's policy is prioritized for claims under this rule.

Learn about the role of an independent contractor in general insurance, including how they differ from employees and the implications for contracts and coverage.

Learn about 'Insurance to Value' in general insurance, which refers to an insurance contract that estimates the worth of the items insured. Ensure full coverage for your valuable assets.

Learn about Limited Agents in the insurance industry. Understand their restrictions to specific forms of insurance like travel insurance, and state-specific education and licensing exemptions.

Understand the essentials of a mutual insurer policy, a type of coverage written by an insurer that operates without incorporated capital belonging to the policyholders yet remains an incorporated entity.

Learn about the Omnibus Clause in general insurance terms, a stipulation that extends coverage to other individuals not specifically named in the contract, enhancing the policy's definition of insured.

Learn what an 'Outpatient' means in the context of health insurance, including how they receive treatment without staying overnight in a hospital.

Learn about Owners, Landlords, and Tenants Liability Insurance, a form of liability insurance covering public spaces, providing protection against bodily injury or property damage caused by negligence.

Explore the various settlement options available in life insurance policies beyond the traditional lump sum payment. Learn about choosing the right payout alternative for your needs.

Learn what Short Rate Cancellation in general insurance means. Discover how early termination of your insurance policy can lead to higher costs.

Learn about the Ten Day Free Look period in health insurance, a consumer right that allows you to fully inspect your policy and return it within ten days for a full refund.

Learn about Human Life Value in Life Insurance, a method to determine adequate coverage by considering income, expenses, work years remaining, and depreciation.

Learn about legislative risk in general insurance and how changes in taxation laws can impact investments. Protect your financial future by understanding this important insurance term.

Discover what the Paid Claims Loss Ratio in Health Insurance is, how it’s calculated, and its importance. Learn the key components and implications for policyholders and insurers.

Learn about how riots are defined and covered under property insurance policies, and the state-specific variations in defining a riot.

Learn what secondary coverage in health insurance is and how it helps cover charges not covered by a primary policy. Discover the benefits and importance of secondary health insurance coverage.

Learn about supplemental services in health insurance, the extra services you can add to basic coverage to enhance your health plan benefits.

Explore the significance of the Life Insurers’ Conference, where life insurance providers exchange insights on management and address important management issues.

Learn about the waiting period in health insurance, also known as the elimination period. It is the time between the start of a disability and when benefits begin.

Learn about unilateral contracts in the realm of general insurance, where only one of the parties makes a legally enforceable promise.

Learn about Warehousemen’s Legal Liability Insurance, which covers loss or damage of property stored in a warehouse in the event of a liability claim.

A retirement plan design where employer contributions are based in part on employee age and time horizon.

A temporary life coverage form for specific trips or periods of flight activity.

A gap between one benefit stream ending and another benefit stream beginning under a life-related income transition.

The amount an insurer sets aside to pay claims that have occurred but are not yet fully settled.

Elective benefits are optional accident or health benefits that pay a stated amount for listed injuries or events, often as a lump sum instead of open-ended reimbursement.

Explore the concept of insurability in general insurance terms. Learn what makes a person or property an acceptable risk for insurance companies.

Learn about involuntary unemployment insurance, a coverage that supports policyholders by paying creditors in case of job loss due to layoffs, strikes, or lockouts. Secure financial stability during unexpected unemployment.

Discover the importance of a motor vehicle record in vehicle insurance. Learn how traffic violations and accidents impact your driving history and insurance premiums.

Learn about prepaid legal service plans within pension benefits, which provide employees with access to legal services. Understand how these plans work and their benefits.

Understand what Priority (Reinsurance) means in the insurance industry. Learn that it is another term for retention and its significance in reinsurance agreements.

Learn about rain insurance, a type of property insurance that protects against income loss when outdoor events are cancelled due to rain. Understand coverage specifics including rainfall amounts and time frames.

A consumer-facing insurance disclosure that helps compare policy options before purchase or replacement.

Understand the concept of statutory earnings or losses in general insurance, particularly as they appear on the NAIC convention blank. Learn how these figures impact an insurer's financial reporting.

Learn about the role and importance of a Survivor (Annuity) as the beneficiary named in an annuity contract. Discover how it impacts the benefits and payouts in the financial planning space.

Learn about Increased Cost of Construction Insurance, a crucial coverage that addresses the higher expenses due to new ordinances for rebuilding damaged or destroyed buildings.

Explore the concept of Life Annuity in the insurance domain, focusing on how it provides a lifelong income paid on a regular basis. Learn its benefits and key insights.

Learn about tariff rates in general insurance, which are derived from the data in the tariff of rates and set forth by a rating organization.

Explore the interest sensitive provision in life insurance that ensures a guaranteed interest amount plus potential additional interest based on current interest rates, common in flexible premium policies.

Discover the fundamentals of Use and Occupancy Insurance, an early term for Business Income Insurance, and how it safeguards business continuity and protects against income loss.

Learn about General Adjustment Bureaus, companies specializing in adjusting claims for various insurers. Discover their role in the insurance industry and training offerings.

Learn about the theft, disappearance, and destruction coverage form (Criminal) in commercial crime insurance. Explore how this coverage protects against the loss of money or securities due to theft, disappearance, or destruction.

In insurance company accounts, an asset is an owned resource expected to provide future economic value.

A cash flow plan is a premium-payment schedule that matches insurance costs to expected cash availability.

Cash value life insurance combines life protection with a policy reserve that grows and can be accessed during life.

An insurance sales practice where an existing policy is replaced mainly to generate commissions instead of improving coverage.

A reserved amount set to cover estate and final expense obligations tied to a life insurance policy.

Premium rate that applies to movable personal property coverage under property insurance policies.

A backup policy beneficiary who receives benefits if the primary beneficiary cannot.

A standardized annual regulatory financial filing used by insurers to report solvency and financial condition.

The protection actually promised by a policy for specified risks, amounts, and conditions.

The scope of losses, people, and conditions an insurance policy is contractually set up to cover.

A life insurance policy that has been issued and delivered but not yet fully funded by the first premium.

Demolition insurance covers the cost of removing structures damaged by a covered peril or required by law.

The policyowner's choice for how a participating life insurance dividend will be used.

The document given to an employee summarizing coverage under a group insurance policy.

In insurance, an expense is a cost of acquiring, underwriting, servicing, or administering business, separate from the claim payment itself.

The point when an insurance policy or coverage period ends unless it is renewed, replaced, or extended.

Understand the Fair Credit Reporting Act and its implications in general insurance terms, including the requirements for forewarning applicants and the handling of negative credit information.

Understand the Fellow Servant Rule, a common law principle used as a defense before workers compensation laws, absolving employers from liability when an injury is due to a coworker's negligence.

A fixed dollar amount the insured must absorb on each covered loss before the insurer pays.

Discover how franchise insurance, also known as wholesale insurance, provides group health insurance coverage for small groups, offering individual contracts and underwriting.

Discover the essentials of Group Retirement Income Insurance, a type of policy that ensures a steady retirement income with an equal premium throughout its duration.

Understanding the concept of Identification of Benefits in Health Insurance, which covers the reimbursement for finding and entrusting the care of a disabled insured to their relatives.

Learn about the concept of in kind replacement in property insurance, where damaged items are replaced with new or comparable items instead of a cash payout. Understand how it impacts your insurance claims and coverage.

Explore the concept of incurred losses in general insurance, which refers to losses sustained during a specific period. Understand its significance, whether paid or not.

An individual contract in health insurance is a policy that covers a particular individual and may extend to include other family members. Learn the essentials of individual health insurance contracts, including their benefits and coverage details.

Life insurance written on a child, usually to secure permanent coverage and future insurability.

Learn about life insurance policy summaries, including terms, conditions, coverage limitations, and premium details to better understand your coverage.

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.

Understand the Limited Pollution Liability Coverage Form in Liability Insurance - offering pollution liability coverage for claims made while excluding clean-up expenses.

Learn about Livestock Mortality Insurance, an essential type of property insurance that provides life insurance coverage for animals. Safeguard your livestock investments with tailored insurance solutions.

Learn about malicious mischief, a term in general insurance that involves intentionally damaging someone else's property. Understand its implications and coverage under insurance policies.