Pre-authorization refers to the approval from an insurance provider necessary before certain services are rendered, ensuring that the provider will cover the service.
An in-depth exploration of pre-existing conditions, their historical context, categories, significance in various domains like insurance, key events, examples, and relevant terminologies.
A comprehensive guide to the Pre-existing Condition Clause in health insurance, including historical context, types, key events, detailed explanations, and real-life examples.
Preferred Insurance offers lower rates and more benefits, typically available to individuals with an excellent driving record and other positive factors.
Premises liability is the legal concept that holds property owners and residents liable for accidents and injuries that occur on their property.
Comprehensive guide on the term 'Premium' in the context of insurance, explaining its historical context, types, importance, applicability, examples, and related terminology.
An in-depth exploration of 'Premium' in the context of insurance, securities, and investments. This article covers historical context, types, key events, explanations, formulas, charts, importance, examples, and related terms.
A comprehensive guide to understanding the concept of 'Premium' in various contexts including insurance, stock markets, and interest rates.
The portion of the insurance premium paid by the employer on behalf of employees.
An in-depth exploration of Premium Load, the additional amount added to base premiums in insurance for covering administrative costs, contingencies, and profit.
An exploration into the practice of providing false information to insurance companies in order to secure a lower premium, including historical context, types, key events, implications, examples, and legal consequences.
The Premium Reserve is a crucial financial measure in insurance, allocated to cover potential future claims from existing policies, ensuring fiscal responsibility and customer protection.
Funds set aside to cover claims from policies that are still in force but not yet expired.
A refundable tax credit designed to assist eligible individuals and families in affording health insurance purchased through the Health Insurance Marketplace.
A plan that allows employees to pay insurance premiums with pre-tax dollars, helping reduce taxable income and save on taxes.
Periodic payments made by the policyholder to keep the insurance policy active, contributing to coverage and potentially building cash value depending on the policy type.
Primary Insurance is the health insurance policy that pays first when an individual is covered by multiple health insurance policies.
Primary Insurance Amount (PIA) is the fundamental figure used by the Social Security Administration (SSA) to determine the Social Security benefits individuals are entitled to.
A comprehensive look at the primary insurer, which is the insurance company that initially writes the policy and retains a portion of the risk.
An in-depth look at Primary Liability Insurance, its significance, applications, and related concepts.
Understanding Private Flood Insurance: Coverage, Benefits, Limitations, and Comparisons with the National Flood Insurance Program (NFIP).
An in-depth look at Pro Rata Reinsurance, its historical context, types, key events, formulas, and practical examples.
Product Liability Insurance specifically covers liabilities arising from defects in the products sold or manufactured by the business. It offers coverage for manufacturers and sellers against claims of injury caused by their products.
An in-depth look into Professional Indemnity Insurance (PII), its types, historical context, key events, importance, and applicability for professionals.
Property Damage refers to the harm or destruction caused to physical property, which is often covered under various insurance policies.
An in-depth analysis of the differences and similarities between property insurance and logistics insurance, their importance, application, and key considerations.
A comprehensive look at Property-Casualty Insurance, which covers property loss and liability for unintended damages to others.
An in-depth look into proportional liability, explaining its definition, applications, historical context, and related concepts.
An in-depth look at proportional reinsurance, a method where losses and premiums are shared between the insurer and reinsurer based on a fixed percentage.
Protection and Indemnity (P&I) Insurance is specialized liability insurance for shipowners that covers a wide range of maritime liability risks.
Provisional Insurance, also known as interim coverage, provides temporary and conditional insurance protection until a permanent policy is in place.
Comprehensive coverage against claims arising from injuries or damages sustained by the public due to the insured's operations or products.
Detailed exploration of qualifying events that trigger eligibility for COBRA coverage, including definitions, historical context, types, key events, importance, examples, related terms, and more.
A Qualifying Life Event (QLE) is a change in an employee’s situation that makes them eligible to enroll in or modify their health insurance plan outside the open enrollment period.
Qualifying Life Events (QLEs) are significant life changes like marriage, birth of a child, or job loss that make individuals eligible for a Special Enrollment Period (SEP) to obtain or modify their health insurance coverage outside the standard enrollment windows.
Quota Share Reinsurance involves the proportional sharing of premiums and losses between an insurer and a reinsurer based on a predetermined retention limit.
An in-depth guide to understanding recoupment, a process often used in healthcare and insurance to reclaim funds that were previously disbursed.
Recovery Rate is a crucial measure in Finance, Insurance, and Real Estate that helps gauge the efficiency and risk of investments or loans, representing the percentage of a loan or investment's principal amount recovered after default.
Reinsurance is an agreement by which one insurer indemnifies another insurer in part, or in total, for the risks of a policy issued by that other insurer. Explore the historical context, types, key events, and detailed explanations of this vital insurance mechanism.
An in-depth exploration of Reinsurance, a method by which insurance companies limit their risks by transferring part of their policy liabilities to other insurers.
A reinsurer is an entity that provides reinsurance coverage, assuming part or all of the risk liability from primary insurers. This guide covers its definition, types, historical context, applicability, and related terms.
A Release of Liability document absolves parties from further legal claims following personal injury or accident cases. It is a critical component in legal settlements, ensuring that all parties have a clear understanding of their obligations and protections.
Renewable insurance policies allow for periodic renewability, typically annually, without a loss of benefits but potentially with adjustments in premiums. This article delves into the intricacies, types, historical context, importance, and applicability of renewable insurance.
Renewable Term Insurance is a type of life insurance policy that allows the policyholder to renew coverage without undergoing medical underwriting. Ideal for those seeking flexibility and continued coverage.
An in-depth exploration of the renewal date in insurance policies, its significance, implications, and related considerations.
A comprehensive guide to understanding renewal notices in the insurance industry, their historical context, types, importance, applicability, and related terms.
An in-depth comparison between renters insurance and home insurance, their coverage, importance, and applicability.
A detailed exploration of the Reserve for Claims, a critical aspect of insurance companies' financial management to ensure adequate funds are available to cover policyholder claims.
A comprehensive overview of reserving, its historical context, types, key events, detailed explanations, importance, examples, and related terms in the context of insurance and finance.
Comprehensive techniques and processes used to calculate the necessary statutory reserves in various sectors, primarily focusing on insurance.
Residual disability provides ongoing partial disability benefits if the insured can work partially. It ensures financial support when an individual cannot fully return to their prior work capacity.
A detailed explanation of retention in the context of risk management, insurance, and reinsurance.
The portion of loss that the insured firm must cover before insurance kicks in. Learn about its historical context, types, importance, examples, and related terms.
The Retention Limit is the maximum claim amount an insurance company retains before transferring excess liability to reinsurers. This limit determines the maximum risk an insurer keeps before ceding the remainder to reinsurers.
Detailed analysis of retention limits in insurance, including historical context, types, key events, detailed explanations, formulas, charts, importance, applicability, examples, related terms, and more.
A comprehensive exploration of the Retroactive Date, its significance in claims-made insurance policies, and its impact on coverage.
An in-depth exploration of retrocession, a practice where reinsurers transfer risks assumed from a primary insurer to another reinsurer. Understand its definition, types, and significance in the insurance industry.
Retrocessions involve reinsurance companies transferring part of their risk to other reinsurers, further diversifying and mitigating risk exposure.
A comprehensive look at the Return of Premium Rider, a feature in life insurance policies that refunds the premiums paid if the policyholder outlives the policy term.
An in-depth exploration of Revenue Loss Insurance, including its types, key events, formulas, applicability, related terms, and more.
A sum added to the amount payable on death or maturity of a with-profits policy for life assurance. It is contingent on the life-assurance company's surplus or investment profit.
Understanding Revocable Agreements in Various Contexts
Revocable beneficiaries are those who can be changed by the policyholder at any time, offering flexibility and control in estate planning and insurance policies.
Understanding Risk Pooling: The process of combining multiple insurance risks to reduce the variability of outcomes and mitigate individual financial impact.
Risk Reduction is the process of mitigating the impact of risks rather than avoiding them entirely. This strategy is critical in various fields such as finance, insurance, and project management to minimize potential losses and adverse outcomes.
An in-depth exploration of Risk Reduction strategies, their importance, methods, applications, and impact across various domains such as Finance, Insurance, and Technology.
An in-depth exploration of risk retention, its types, applications, importance, related terms, and considerations within risk management.
Risk sharing involves the distribution of risk among different economic agents to manage and mitigate potential losses. This entry explores the principles, applications, and implications of risk sharing in finance, economics, and government.
Transferring the risk to another party, such as through insurance. Mechanisms like CDS transfer only credit risk, whereas TRS transfers both credit and market risk.
Risk-Based Capital (RBC) is a metric used to determine the minimum amount of capital that an insurance company needs to support its overall business operations in consideration of its risk profile.
Risk-Based Capital (RBC) is a method used to measure the minimum amount of capital required by an insurance company to support its overall business operations and mitigate risk. This article delves into the historical context, key components, mathematical models, and the importance of RBC in the insurance industry.
Schedule Rating combines experience rating with physical characteristics and operational practices to determine insurance premiums. This method evaluates overall risks by taking into account both historical claim data and specific company attributes, providing a comprehensive understanding for premium calculation.
Scheduled coverage is an insurance type where a policyholder must provide a detailed list of insured items, often without needing regular updates.
Scheduled insurance is a type of insurance policy that specifically lists individual items of property with assigned coverage amounts.
A comprehensive overview of Scheduled Property Floaters, covering definitions, types, examples, and more.
Secondary Insurance is a type of health insurance policy that activates after the primary insurance has paid its share, covering the remaining eligible costs.
An in-depth exploration of securities insurance, its history, types, importance, and practical applications in safeguarding financial securities.
An in-depth look at Select Mortality Tables which consider policyholder mortality during the initial years post-issuance.
Detailed definition and explanation of Self-Insured Retention (SIR), including its types, special considerations, examples, historical context, applicability, comparisons, related terms, FAQs, references, and summary.
Service Interruption Insurance provides coverage for businesses and individuals against losses caused by the failure of utility services such as electricity, water, and gas.
Servicemembers’ Group Life Insurance (SGLI) is a low-cost, group term life insurance program for active-duty members of the uniformed services. It provides financial protection in the event of death or injury.
An in-depth exploration of settlement options, including annuities, lump sums, and other mechanisms for receiving benefits.
An in-depth exploration of several liability, its historical context, types, key events, formulas, importance, applicability, and related terms.
Short-tail liabilities are claims that are resolved quickly, often within a year. They are typically easier to manage and involve smaller sums of money compared to long-tail liabilities.
A comprehensive overview of Sickness Benefit, a financial aid for workers unable to work due to illness. It includes historical context, types, key events, detailed explanations, charts, importance, applicability, examples, and more.
A Single Life Annuity is an insurance product designed to provide income solely for the lifetime of the policyholder, ensuring financial stability during retirement.
A one-time, lump-sum payment securing the policy for its entire duration. This article explores different types, examples, historical context, and related terms.
Solvency II is a European Union directive that codifies and harmonizes European insurance regulation. It focuses on risk-based capital requirements, ensuring that insurance firms hold enough capital to mitigate risks.
The Solvency II Directive is a legislative framework designed to establish EU-wide capital requirements and risk management standards for insurance firms.
An in-depth look at Solvency Margin, including its definition, importance, calculation, and historical context, ensuring the financial stability of insurance companies.
An in-depth exploration of Sovereign Risk Insurance, focusing on the protection against default risk of sovereign debt. Learn about its historical context, types, key events, importance, and applications in the financial world.
Special causes of loss refer to exclusions or specific conditions under which a risk is not covered, often detailed in specialized policies or addendums. This article delves into their historical context, types, key events, explanations, models, charts, importance, applicability, examples, considerations, related terms, comparisons, interesting facts, and much more.
Special Enrollment allows changes to health insurance plans outside the open enrollment period, triggered by qualifying life events such as marriage, childbirth, or loss of other coverage.
Special Enrollment Periods (SEPs) allow individuals to enroll in health insurance plans outside the open enrollment periods due to certain qualifying life events such as marriage, childbirth, or losing other health coverage.
Special Flood Hazard Area (SFHA) refers to geographical areas identified by the Federal Emergency Management Agency (FEMA) as having a significant risk of flooding, often requiring mandatory flood insurance for properties within these zones.
An in-depth look at SR-22 Insurance, a certification required by the state for high-risk drivers to prove they have the necessary coverage.
An in-depth look at Stakeholder Pension Schemes in the UK, their features, historical context, key events, regulations, and more.
The Standard Explosion Clause provides general insurance coverage against losses and damages resulting from explosions, without focusing on specific inherent conditions. Learn about its applicability, historical context, and related terms.
An in-depth look at Standard Home Insurance, covering its components, exclusions, and significance. This article also delves into related terms, key events, practical examples, and considerations.
Standard Insurance provides coverage for drivers considered average risk, usually offering lower premiums and a wider range of policy options.
