Loading refers to additional charges added to the net premium to cover administrative costs, profits, and other contingencies.
Loan Default Insurance safeguards lenders by providing coverage in the event a borrower defaults on a loan, without necessarily covering physical damages to the collateral. Learn about its mechanisms, types, features, and benefits.
Loan Protection Insurance is a general term for various policies that provide coverage against the inability to repay loans due to unforeseen events such as illness, unemployment, or death. This type of insurance is designed to protect both the borrower and the lender from financial distress.
Logistics Insurance provides extensive coverage for various aspects of the supply chain and transportation, ensuring protection against potential risks and losses.
Longevity Risk is the risk associated with individuals outliving their retirement savings or policyholders living longer than expected, impacting pension plans, life insurance, and annuities.
An in-depth exploration of Loss Adjustment Expenses (LAE), including their types, significance, key events, formulas, and more.
An in-depth exploration of the Loss Adjustment Ratio, which highlights the costs associated with processing insurance claims relative to earned premiums, including historical context, key events, mathematical formulas, importance, and examples.
The detailed process of evaluating and quantifying the extent of damage or loss, frequently used in property insurance.
Comprehensive coverage of Loss Assessors, including their roles, types, key events, and related terminology.
Loss of Use Coverage provides financial protection for additional living expenses incurred when a home becomes uninhabitable due to a covered loss.
A Loss Payee Clause is an insurance policy provision that directs payments to a third party with a financial interest in the insured property.
Loss Reserve encompasses financial reserves set aside by institutions to cover potential future claims and other forms of losses. This ensures financial stability and compliance with regulatory requirements.
A comprehensive overview of Loss Reserves, estimated liability for reported claims and incurred but not reported (IBNR) claims in the context of insurance and finance.
A Loss Run Report is a vital document used in the insurance industry to record and assess previous insurance claims, providing a comprehensive understanding of an entity’s claim history and retained risks.
A comprehensive guide to understanding malpractice insurance, its importance, key events, models, examples, and related concepts.
A managing agent is an entity that manages a syndicate, responsible for its daily operations including underwriting, claims handling, and administration.
Understanding Mandatory Insurance, a type of insurance policy required by law or regulation to protect individuals and entities from specific risks.
A comprehensive guide to Marine Cargo Insurance, detailing its significance, historical context, types, key events, mathematical models, applications, examples, and more.
A detailed exploration of medical insurance, covering its definition, types, historical context, applicability, comparisons, related terms, and more.
A comprehensive exploration of Medicare Advantage (Part C), which provides private plan options that combine Parts A (hospital insurance) and B (medical insurance) of Medicare.
Medicare Part B, a component of the U.S. Medicare system, provides insurance coverage for outpatient services, medical supplies, and preventive services.
A comprehensive overview of Medicare Part C, also known as Medicare Advantage, which allows beneficiaries to receive their Medicare benefits through private health plans.
Comprehensive coverage for prescription drugs under the Medicare program, encompassing eligibility, benefits, and participation.
Medicare Supplement Insurance, commonly known as Medigap, helps pay some of the healthcare costs that Original Medicare doesn't cover, such as copayments, coinsurance, and deductibles.
Mitigated Loss involves losses reduced through preemptive measures such as improved building codes or flood defenses, which can decrease the overall disaster loss.
Mitigation refers to actions taken to decrease the severity and impact of potential losses in various fields such as risk management, insurance, and environmental science.
A comprehensive overview of Modified Endowment Contracts (MECs) within life insurance, including definitions, types, historical context, applicability, comparisons, related terms, FAQs, and more.
A comprehensive overview of monoline insurers, companies that provide guarantees to bond issuers for credit enhancement, their historical context, significance, and the impact of the subprime crisis.
An exploration of the concept of moral hazard, its historical context, types, key events, detailed explanations, mathematical models, charts, importance, examples, and related terms.
A comprehensive guide on the mortgagee clause, its historical context, types, key events, importance, applicability, examples, related terms, comparisons, and more.
An alternative method to calculate life insurance needs by multiplying the insured's annual income by a set number of years.
Explore the concept of mutual insurance, its historical context, key events, types, benefits, comparisons, and real-world examples.
In-depth explanation of 'Name' in the context of Lloyd's of London, including historical context, types, key events, importance, applicability, and related terms.
Named Peril Insurance is an insurance policy that provides coverage only for the risks explicitly named in the policy document. This type of insurance requires policyholders to be acutely aware of the specific perils and risks they want to cover, offering a more tailored approach to risk management.
Named Perils Insurance covers only the risks explicitly listed in the policy document. This type of insurance is precise in its coverage and often more affordable than all-risk policies.
A Named Perils Policy is a type of insurance that covers losses exclusively from specific risks that are explicitly identified in the policy terms. It provides targeted protection for policyholders against defined hazards.
A comprehensive overview of the National Flood Insurance Program (NFIP), a federal initiative to provide affordable flood insurance to property owners, reduce flood-related losses, and promote floodplain management strategies.
Natural Disaster Insurance is a separate policy designed to provide financial protection against specific natural events such as floods, earthquakes, hurricanes, and other catastrophic events.
NCUA Insurance provides coverage for credit union accounts, ensuring deposit safety under the National Credit Union Administration.
Comprehensive article about Network Security Insurance, detailing its historical context, categories, key events, mathematical models, charts, importance, applicability, examples, considerations, related terms, comparisons, facts, stories, quotes, proverbs, expressions, jargon, FAQs, and references.
The National Flood Insurance Program (NFIP) is a government-backed initiative that aims to reduce the impact of flooding by providing insurance coverage to property owners in high-risk and participating communities.
A comprehensive guide on No-Claim Bonus (NCB), its importance, types, key events, examples, and more.
A type of insurance where each party's insurance compensates for their damages regardless of fault, reducing the need for UM coverage. Covers your medical expenses and loss of income regardless of who caused the accident.
Detailed examination of Non-Admitted Assets, their importance in regulatory frameworks, and their impact on the financial stability of insurance companies.
Explore Non-Forfeiture Options in life insurance policies, detailing historical context, types, key events, mathematical models, examples, and FAQs.
Non-MEC refers to life insurance policies that retain their tax-advantaged status, allowing gains to be free from income tax under certain conditions.
Non-Par Policies do not pay dividends and typically have guaranteed death benefits and cash values without the potential for additional surplus distributions.
A type of permanent life insurance that offers flexibility in premiums and death benefits but does not provide policyholder dividends.
An in-depth look into Non-Participating Policies in insurance, covering their historical context, types, key events, importance, applicability, and more.
A Non-Participating Policy is an insurance policy that does not pay dividends to policyholders. It offers a straightforward and predictable structure, ideal for those seeking stable and guaranteed benefits.
Non-proportional reinsurance refers to reinsurance contracts where the reinsurer covers losses exceeding specified limits, such as excess of loss and stop loss reinsurance.
An in-depth look at non-standard insurance policies, often required by high-risk drivers, including their historical context, categories, key events, mathematical models, and importance.
An in-depth look into Occupational Pension Schemes, their types, key events, mathematical models, importance, and applicability.
Ocean Marine Insurance provides coverage for goods transported via sea routes, safeguarding against risks associated with maritime transportation.
Open Enrollment is the designated yearly period when employees can enroll in, or make changes to, their health insurance plans. It is a critical time for individuals to review and adjust their health coverage.
Overinsurance occurs when the insurance coverage on an asset exceeds its actual value, resulting in higher premiums without corresponding benefit.
Explore the distinctions between 'Own Occupation' and 'Any Occupation' in disability insurance, their implications, benefits, and examples.
P&I Clubs, or Protection and Indemnity Clubs, are mutual associations that provide insurance to shipowners, protecting them against liabilities that arise from owning and operating ships.
A comprehensive guide to Protection and Indemnity (P&I) Insurance, covering third-party liabilities and expenses in the maritime industry, including historical context, types, key events, and applicability.
Paid-Up Additions are additional coverage purchased using dividends from a life insurance policy that requires no further premium payments.
An in-depth overview of Paid-Up Insurance, a type of insurance coverage that requires no further premium payments while remaining active.
An in-depth exploration of Paid-Up Value in insurance, explaining its implications, calculation, and importance.
Par Universal Life is a type of life insurance that offers flexible premiums and death benefits, along with the potential for dividends.
Parametric insurance pays out based on the occurrence of a predefined event, such as reaching a specific temperature or rainfall level, offering an innovative and efficient alternative to traditional indemnity insurance.
Partial Disability refers to a condition where an individual can perform some, but not all, of their previous job duties, impacting their ability to work fully.
A comprehensive overview of Participating Policies (Par Policies) which pay dividends to policyholders, potentially increasing cash values and death benefits based on the insurer’s performance.
The Pension Benefit Guarantee Corporation (PBGC) is a federal agency created to protect the retirement incomes of American workers in private-sector defined benefit pension plans.
A detailed look into pension insurance contracts, including their historical context, types, key events, detailed explanations, importance, applicability, and more.
A comprehensive guide to understanding the per occurrence limit in insurance, including its definition, historical context, types, key considerations, examples, and related terms.
An in-depth exploration of the per-occurrence limit in insurance, its historical context, importance, examples, and related terminology.
Explore the concept of peril in insurance, highlighting its types, examples, historical context, applicability, and related terms.
A Period Certain Annuity ensures regular payments over a specified period, even if the beneficiary dies before the end of the term.
A detailed explanation of Permanent Insurance, including its types, features, and benefits. Learn about cash value accumulation and nonforfeiture options.
A comprehensive guide to understanding Personal Articles Floater insurance policies, covering high-value items individually listed and appraised for protection against loss, theft, or damage.
An in-depth look at Personal Auto Insurance, covering its historical context, types, key events, detailed explanations, mathematical formulas, importance, applicability, and related terms.
An extension of car insurance that covers medical expenses and lost wages under no-fault rules.
Personal Life Insurance offers essential financial protection for individual policyholders and their families by providing monetary benefits in the event of the insured's death.
Insurance that covers personal belongings within the home against loss or damage. It is part of both homeowners and renters insurance, providing protection for your valuables.
A comprehensive look into the Primary Insurance Amount (PIA), which determines the benefit received in Social Security and related programs.
An in-depth exploration of Professional Indemnity Insurance, its historical context, key events, importance, applicability, and related terms.
PMI is an additional insurance required for conventional loans when a down payment is less than 20%.
Policy Dividends refer to the returns of premium issued by mutual insurance companies to policyholders, reflecting the company's excess profits or favorable claims experience.
The policy end date signifies the termination of coverage under the given policy unless renewed. This concept is crucial in various fields such as insurance, finance, and real estate.
In the realm of insurance, policy endorsements are amendments or additions to standard insurance policies that either extend or limit the scope of coverage.
The Policy Inception Date marks the day on which an insurance policy becomes active, signifying the beginning of coverage provided by the insurer.
A comprehensive guide on Policy Lapse: its definition, causes, impacts, and preventive measures.
The term 'Policy Limit' refers to the maximum amount an insurer will pay for covered losses under an insurance policy. This entry explores its types, significance, and implications.
An in-depth look at Policy Riders in insurance, their types, importance, applicability, and more.
Definition and explanation of Policy Start Date in the context of insurance, indicating the beginning of the coverage period.
A comprehensive guide to understanding Policy Surrender, its historical context, types, key events, explanations, and importance in the realms of Insurance and Finance.
An in-depth explanation of the policy term, its importance in insurance contracts, and how it determines the duration of insurance coverage.
An overview of policyholder premiums, detailing their purpose, calculation methods, types, and the implications for both the policyholder and the insurer.
Comprehensive overview of the legal rights reserved for insurance policyholders, including fair and timely processing of claims.
The Policyholder Surplus is a crucial financial metric that represents the difference between an insurance company's assets and liabilities. It acts as a safety net, protecting policyholders against underwriting and investment risks.
Policyholders' Dividend refers to the distribution of profits to policyholders in a mutual insurance company, primarily as a return of excess premium paid.
The policyowner is the individual or entity that holds an insurance policy, with rights and responsibilities over the policy, which can include the ability to name beneficiaries and make changes.
Insurance that protects against loss due to political events like expropriation or political violence. Covers losses due to governmental actions, expropriation, or other political events.
Pooling equilibrium refers to a scenario in which agents with differing characteristics choose the same action, such as high-risk and low-risk individuals choosing the same insurance contract.
POS (Point of Service) combines features of HMO and PPO health insurance plans, offering flexibility with in-network requirements and subsidized out-of-network care.
An in-depth exploration of Preferred Provider Organizations (PPOs), their historical context, benefits, key features, and comparisons with other healthcare plans.
