Risk Management

Learn what Full Coverage means in health and auto insurance policies. Comprehensive guide to insurance terms for complete protection.

Learn about Named Non-Owner Policy in Vehicle Insurance, a type of policy designed for individuals who drive cars they do not own, such as borrowed or rented vehicles.

Insurance for financial institutions against losses from burglary, robbery, and criminal attacks on money, securities, and business records.

Discover what 'losses paid' means in general insurance terms. Learn how insurance claims are processed and recognized when they are paid out.

Learn about impaired property in liability insurance, a term that refers to property rendered less useful or unusable due to the insured's defective work or incomplete contractual obligations.

Explore the concept of residual markets in general insurance, including examples such as government-run programs that fall outside usual insurer marketing methods.

Learn about the full reporting clause in property insurance, which mandates the regular reporting of property values to ensure adequate coverage and avoid penalties.

Learn about the Peak Season Endorsement in Property Insurance, which provides increased coverage for insured inventory during specific peak seasons as defined in the endorsement.

Learn about indemnity bonds in general insurance, their significance in protecting against losses, and how they ensure the principal's performance. Understand the key aspects and benefits.

Learn about outstanding premiums in general insurance, referring to premiums that are currently due but have not yet been paid. Understand the importance and implications of outstanding premiums in policy management.

Learn about investigative consumer reports in general insurance, including the process of gathering information through interviews to assess the character of an insured or prospective insured.

Explore the role of Underwriter’s Laboratories in safety testing for the insurance industry, ensuring products meet essential safety standards.

Learn about large claim pooling in health insurance, a system that helps stabilize premium amounts for smaller groups by pooling larger claims together.

Learn about insolvent insurers, why they may not have the funds to meet financial obligations, and how to safeguard against potential risks in the insurance domain.

An underwriting metric showing whether underwriting and claims operations break even at the policy level.

An automatic treaty form where a portion of each covered policy is shared with a reinsurer on a fixed proportion.

A person or entity that temporarily holds another person's property and is expected to care for it under the storage agreement.

Learn about the Discounted Value Table in general insurance, a vital tool that provides the present and discounted value of dollars payable at specific times in the future, for different interest rates.

Learn about net loss in general insurance terms, which refers to the portion of a loss the insurer retains after reinsurance, salvage, or subrogation coverage.

Learn about the policyowner in general insurance terms, who is the person that owns an insurance policy. Discover how a policyowner may differ from a policyholder.

Explore the concept of life conservation within liability insurance, focusing on research, lawmaking, and public awareness efforts to safeguard human lives.

Learn about the 'Notice to company' term in General Insurance. This notification is a written document sent to the insurer, informing them of an event that may lead to a claim.

Understand what a straight life policy, also known as a continuous premium whole life policy, entails. Learn how premiums are extended over the insured’s lifetime and the benefits involved.

A severe accidental loss event or cluster of events with unusually high severity for liability or property lines.

A property underwriting construction class indicating higher fire resistance than standard noncombustible construction.

Learn about the role of a retrocessionaire in reinsurance, who is responsible for reinsuring a reinsurer, adding an extra layer of security within the insurance industry.

Understand the mechanism of Sliding Scale Commission in Reinsurance. Learn how commission paid by a ceding insurer to a reinsurer varies based on the loss ratio formula.

Discover how the limit of liability rule in property insurance helps apportion loss among multiple insurers covering the same property, ensuring fair and equitable distribution.

Specialized insurance covering aircraft, liability, and related aviation risks.

Evidence that temporary insurance coverage is in force from the time a premium or other binding condition is satisfied.

Disability insurance pays income replacement benefits when illness or injury prevents you from working, subject to the policy's definition of disability.

An employee dishonesty coverage form insures against direct loss of money, securities, or other property caused by dishonest acts of employees.

Understanding the Free of Capture and Seizure Clause in property insurance policies, which excludes losses due to war, seizure, or takeover.

Learn about Group Life Insurance, a cost-effective life insurance option for employees that leverages tax cuts, adverse selection, and shared expenses.

Learn about parcel post insurance, a property insurance coverage for items or parcels under the care of the United States Postal Service. Understand how it protects against damage or loss.

Learn about pro rata reinsurance, where a reinsurer shares both claims and premiums with the ceding company, ensuring mutual risk distribution.

Learn about risk pools in general insurance, where a group of insurers share premiums and losses collectively, often for large commercial risks.

Learn about the Statement of Values in property insurance, its purpose, and how it determines the blanket rate for insurance policies.

Learn about insurance policies, the contracts between insurance companies and the insured, essential in General Insurance Terms.

Learn about loss prevention service, a crucial element in liability and property insurance focused on eliminating or reducing hazardous conditions to prevent losses through inspections and engineering efforts.

Learn about policy reserves in life insurance, a crucial concept ensuring that all policies merit a portion of the pro rata reserve.

Understand the concept of uniform premium in health and life insurance, where premium amounts are determined without considering the insured’s age, occupation, or gender.

Insurance products designed to protect businesses from property, liability, and operational losses.

A source of additional exposure to an insured risk, often linked to but not always physically attached to the main insured property.

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

A commercial property policy insures a business's buildings, business personal property, and related property interests against covered causes of loss.

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.

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.

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.

Assessable insurance allows an insurer to impose additional premium assessments if losses significantly exceed the initial premium base.

Assessment insurance uses additional assessments to cover losses above initial premium expectations.

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.

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

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.

Learn about liability limits in liability insurance, which dictate the maximum benefit available for payout in a policy. Discover how they influence coverage and protection.

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

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

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

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.

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.

Learn about Transportation Insurance, a crucial aspect of Property Insurance that covers your property while in transit across all modes of transport.

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.

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.

Situation in which policyholders surrender policies for cash in ways that leave insurers with a higher-risk group.

An assessment company can charge additional premiums when collected premiums are insufficient for claims and operating costs.

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

The insured person’s age at a specific date, often used for pricing and policy adjustments.

A reinsurance structure where coverage automatically follows a cedant's portfolio once loss thresholds are reached.

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

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

Funds set aside by insurers for uncertain but plausible future losses or obligations.

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

An insurer's liability estimate for expenses already incurred or expected to arise from existing obligations but not yet paid.

Explosion insurance refers to property coverage for loss caused by explosion when that peril is included in the policy or added by endorsement.

A reinsurance arrangement under which the reinsurer begins paying disability-related benefits only after the ceding company has paid for a stated initial period.

The workers compensation classification that best describes the insured's business and usually carries the largest payroll.

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.

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

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.

Comprehensive guide to Manufacturers and Contractors Liability Insurance, covering contractors and manufacturers with premiums based on payroll amounts. Explore the benefits, coverage details, and more.

Discover the significance of manufacturing locations in property insurance. Learn about dependent properties and how they impact business income coverage.

Understand the term 'Messenger (Criminal)' in commercial crime insurance, referring to individuals possessing the insured's property off-site, including the insured, their employees, or partner.

Discover the obsolete Money and Securities Broad Form (Criminal), a crime insurance coverage that protected against loss of money or securities due to various perils. Learn why it was replaced by commercial crime coverage.

Learn about Multi Peril Policies in general insurance. Discover how these contracts offer coverage against multiple perils, providing broad protection in a single contract.

Discover how outage insurance provides critical coverage for lost earnings resulting from machinery failure due to insured perils. Learn why this property insurance is essential for safeguarding your business premises and financial stability.

Discover the definition of 'Overlie' in general insurance and understand how it relates to exceeding the usual capacity for insurance or reinsurance commitments.

Explore the importance of persistency in life insurance and how it impacts the underwriting process, ensuring business stability and retention.

Understand the function and importance of the Premium Adjustment Form in Property Insurance. Learn how it helps in adjusting premiums based on potential exposures throughout the policy term.

Registered mail insurance covers certain valuables against loss while in transit by registered mail, subject to declared value, documentation, and policy terms.