Detailed explanation of the cash surrender value in life insurance, including factors affecting the amount, taxation, and related terms.
Understanding the concept of Cash Value, its applications, and comparisons with Book Value and Market Value.
Cash Value Life Insurance combines permanent insurance protection with a savings element that accumulates cash value over time.
An in-depth exploration of casualty insurance, its types, applications, historical context, and significance in mitigating liabilities from negligent acts causing bodily injury or property damage.
An in-depth look at circumstances under which there is a significant deviation of the actual aggregate losses from the expected aggregate losses, commonly exemplified by catastrophic events like hurricanes.
A Catastrophe Policy is a major medical expense policy designed to pay all or nearly all expenses above a certain deductible amount, up to the limit of the policy.
An in-depth look at the Change of Beneficiary Provision in insurance policies, including its types, special considerations, examples, historical context, and related terms.
The Chartered Life Underwriter (CLU) designation, conferred by The American College, is achieved by completing rigorous national examinations covering insurance, investments, taxation, and other financial disciplines along with professional business experience.
The Chartered Property and Casualty Underwriter (CPCU) designation is a professional credential for insurance professionals, emphasizing expertise in insurance, risk management, economics, finance, management, accounting, and law, requiring the successful completion of 10 national exams and three years of industry experience.
Civil liability involves legal responsibilities arising from alleged torts or breaches of contract, where one individual takes action against another, often leading to financial judgments. Casualty insurance can offer protection in such cases.
A Claim is a formal request by an insured party seeking indemnification for a loss incurred due to a covered peril under the terms of an insurance policy.
A comprehensive report furnished by an adjuster to an insurance company, documenting the payment the insurer is obligated to make under the policy terms.
Informal phrase describing the 'needs approach' to determine the amount of life insurance necessary for a family, covering last-minute expenses and those that arise after the death of an insured, such as burial costs, probate charges, and medical bills.
An in-depth look at the Consolidated Omnibus Budget Reconciliation Act (COBRA), its provisions, applications, and implications for health coverage continuation.
Coinsurance is a plan in insurance whereby the insurer indemnifies a fixed percentage of the loss, requiring the insured to bear a portion of the risk.
Collateral Assignment: Designation of a Policy's Death Benefit or Cash Surrender Value to a Creditor
A detailed explanation of Collateral Assignment, its purpose, mechanisms, and its role in securing loans using life insurance policies.
An in-depth look at the commencement of coverage, defining when insurance protection begins and its implications.
A Commercial Blanket Bond provides employers with protection against losses caused by employee dishonesty, covering all employees without individual specifications.
Detailed description of Commercial Credit Insurance, its coverage, and special considerations for businesses.
A comprehensive overview of commercial forgery policies, focusing on coverage for insureds who unknowingly accept forged checks.
Comprehensive overview of insurance policies designed to cover various business risks.
An in-depth overview of Commercial Property Policy, covering business risks such as goods in transit, fire, burglary, and theft, with a focus on the Special Multiperil Policy (SMP).
The Commutation Right is the privilege of a beneficiary to take unpaid income payments under a settlement option of an annuity or life insurance policy in the form of a lump sum.
Comprehensive General Liability Insurance (CGL) provides coverage against all liability exposures of a business unless specifically excluded. It includes coverage for products, completed operations, premises, operations, elevators, and independent contractors.
Comprehensive health insurance offers full coverage for hospital and physician charges, subject to deductibles and coinsurance, combining basic medical expense policies and major medical policies.
Comprehensive insurance provides coverage in the event of physical damage (other than collision) or theft of your vehicle, offering extensive protection beyond just accidents.
An in-depth look at Comprehensive Liability Insurance, providing businesses with coverage for negligence-based civil liability including bodily injury, property damage, and medical expenses.
Comprehensive Personal Liability Insurance is a key component of a homeowner’s policy, covering personal acts and omissions by the insured and household residents on an all-risk basis, including sports and pet activities, and miscellaneous events.
Compulsory Insurance refers to the mandatory insurance coverage required by law, ensuring that individuals or entities hold a minimum level of insurance for various potential liabilities.
Understanding the implications of concealment in insurance contracts and how it can affect the validity of an insurance policy.
An overview of COBRA, a federal legislation that requires group health plans sponsored by employers with 20 or more employees to offer continuation of health coverage to former employees and their dependents.
Consumer-Driven Healthcare encompasses health insurance plans designed to provide protection while promoting cost-conscious decisions in healthcare.
A detailed exploration of the contestable clause in insurance contracts, its implications, and its period of enforceability.
A comprehensive explanation of property and liability insurance contracts that ensure the insured is restored to their original financial condition after a loss, without profiting from the loss.
'Convertible Term Life Insurance' refers to a term life insurance policy that can be converted into a permanent insurance policy, irrespective of the insured's physical condition and without necessitating a medical examination.
A comprehensive overview of Court/Court Judicial Bonds including types, purposes, and legal implications.
The Cross-Purchase Plan is a type of business succession plan used predominantly in partnerships and small corporations to ensure smooth ownership transitions in the event of a partner's death or disability. This plan involves partner-owned life insurance policies designed to fund the buyout of the deceased or disabled partner's interest.
Cumulative Liability refers to the total limits of liability of all policies or reinsurance contracts that are outstanding on a single risk. This article explores cumulative liability in reinsurance and liability insurance, offering definitions, examples, and important considerations.
Data Processing Insurance provides coverage for data processing equipment, data processing media, and extra expenses involved in returning to business conditions. Coverage can be perils-based or all risk/all peril.
Date of Issue refers to the date when an insurance company issues a policy to the policyholder. It may differ from the date the insurance coverage actually becomes effective.
The death benefit is the amount of money paid to beneficiaries upon the death of a life insurance policyholder. It is typically the face value of the policy minus any unpaid loans or claims against the policy.
A detailed overview of deductibles in tax returns and as initial amounts in insurance claims, covering types, examples, historical context, and related terms.
An in-depth guide to understanding deferred annuities, their types, benefits, and considerations.
A detailed explanation of Deferred-Payment Annuities, how they work, their types, benefits, and their usage in financial planning.
Employee insurance covering a part of the incurred cost for dental and vision care. The deductible portion and total coverage of the plans vary according to the insurer and the workplace.
An overview of dependent coverage in life and health insurance policies, including definitions, types, special considerations, examples, and applicability.
An in-depth guide to Directors' and Officers' Liability Insurance, its coverage, applications, and implications in corporate governance.
An in-depth look at Disability Benefit income, its calculation, coverage under disability policies, and differences from Workers' Compensation.
Disability Income Insurance is a type of health insurance that provides income payments to insured wage earners when their income is interrupted or terminated due to illness, sickness, or accident. It serves as a financial safety net, ensuring that individuals can maintain their standard of living despite unexpected health setbacks.
An in-depth explanation of the disaster clause, with a focus on common disaster clauses in legal contexts, their implications, and practical applications.
A comprehensive definition and exploration of disclaimers in various contexts, including their application in law, insurance, and professional accountability.
In life insurance, a dividend addition refers to the increase in policy value, purchased with the dividends generated by the policy, and added to the original face value.
Duplication of Benefits in health insurance involves coverage for the same insured loss by two or more policies, where each policy either shares the loss proportionally or establishes a primary and secondary policy dynamic.
The duration of benefits refers to the length of time during which an individual receives financial payments from disability income insurance in the event of a disabling illness or injury.
The effective date is the specific date on which an agreement, contract, or policy goes into effect. It plays a crucial role in various fields such as banking, insurance, and securities.
A comprehensive overview of Elevator Liability Insurance, covering its purpose, components, applicability, and related concepts.
An in-depth exploration of Employers Liability Coverage, a crucial insurance protection for employers against claims not covered by Workers' Compensation.
An endowment contract is an insurance policy that includes both life expectancy elements and provisions for a single payment during the life of the insured.
A comprehensive guide to the enrollment period, the window immediately following employment that allows individuals to sign up for insurance coverage.
Coverage for negligent acts and/or omissions resulting in bodily injury, personal injury, and/or property damage liability to a client.
Exclusion refers to elements not covered by an insurance policy, and in taxation, it indicates amounts excluded from gross income under specific provisions of the Internal Revenue Code.
Learn about the exclusions provision in insurance policies, which specifies what is denied coverage. Common exclusions include uninsurable hazards, wear and tear, duplicated property insurance, contract liabilities, and workers' compensation liabilities.
Experience Rating in insurance involves adjusting premiums based on past loss experience to project future claims and ensure profitability.
Experience Refund is a return of a percentage of the premium paid by a business firm if its loss record is better than the amount loaded into the basic premium.
A detailed explanation of an expiration notice, a formal written notice provided to an insured indicating the date of termination of an insurance policy.
Extended Coverage Endorsement provides additional insurance protections beyond the Standard Fire Policy, including coverage for perils such as riot, civil commotion, smoke, aircraft and vehicle damage, windstorm, hail, and explosion.
Extra Expense Insurance is designed to help businesses cover unforeseen additional costs to maintain operations during emergencies. This can include expenses like renting temporary equipment or relocating critical operations.
The Face Amount, or Face of Policy, represents the sum of insurance provided by an insurance policy, payable at the time of death or policy maturity.
A type of insurance coverage offered to inner-city business owners or homeowners who cannot purchase property insurance through conventional means.
A comprehensive overview of Family Income Policy, a type of insurance policy that provides supplementary income during the period when children are growing up.
Federal Flood Insurance offers subsidized and nonsubsidized coverage for residents in qualifying communities, insuring structures and contents against flood damage.
A Fidelity Bond guarantees that the insurance company will compensate the insured business or individual for financial or property losses caused by dishonest acts of employees.
A detailed explanation of the standard fire insurance policy, widely known as the 165-line policy, including its sections, coverage, conditions, and exclusions.
Fire-Resistive Construction involves the use of engineering-approved masonry or fire-resistive materials for exterior walls, floors, and roofs to minimize fire risks and lower insurance premiums.
A fixed annuity is an investment contract sold by an insurance company that guarantees fixed payments to an annuitant either for life or for a specified period.
Fixed Benefits refer to a payment made to a beneficiary that remains constant and does not vary over time. An example includes a fixed monthly retirement income benefit, such as $800 paid to a retired employee.
A comprehensive explanation of fixed premium payment for coverage that remains throughout the same premium-paying period, including its characteristics, benefits, and considerations.
An in-depth look at the concept of Float in Banking, Securities, and Insurance, including checks in transit, new issue of securities, and insurance premiums.
Floater coverage for property that moves from location to location, either on a scheduled or unscheduled basis, provides insurance protection for items during transit.
Flood Insurance covers property damage caused by natural flooding, offering protection through private insurers while being encouraged and subsidized by the federal government. It is mandatory for buyers using a federally related mortgage to purchase a house in a floodplain.
Floor Plan Insurance provides coverage for lenders who have accepted property on the floor of a merchant as security for a loan. The policy indemnifies the lender if the merchandise is damaged or destroyed, covering all risks.
A comprehensive guide on fortuitous loss, its implications in insurance, types, examples, historical context, and related terminologies.
Fraudulent misrepresentation involves dishonest statements intended to induce an insurance company to write coverage on an applicant. If discovered, the insurer may terminate the policy.
Detailed exploration of Freight Insurance, a type of coverage that protects goods during their transport by a common carrier, alongside its types, examples, historical context, and related terms.
Detailed definition and analysis of the term 'Friendly Fire,' including its usage in different contexts such as insurance and military terms.
An in-depth exploration of Full Coverage insurance where all insured losses are paid in full, examining its implications, types, examples, and related terms.
Understanding a Fully Paid Policy in the context of insurance, focusing on its features, examples, and benefits.
Gainful Employment or Occupation refers to work that is suited to an individual's abilities and provides adequate income. In the context of disability insurance, it encompasses the ordinary employment of the insured or another job approximating the same livelihood, considering the person's circumstances and physical and mental capabilities.
In-depth explanation of General Liability Insurance, covering negligent acts and omissions leading to bodily injury or property damage in various business scenarios.
Glass Insurance provides protection against damages to glass components of buildings, vehicles, and other properties.
A comprehensive explanation of the grace period in the context of loan contracts and insurance policies, including types, examples, and special considerations.
Detailed explanation of Gross Earnings Form in insurance, covering business interruption, compensable earnings, and noncontinuing expenses.
The Gross Profit Method is a system used to estimate inventory at the end of an interim period, which is essential for preparing interim statements. It is particularly useful for estimating inventory lost to calamities for insurance purposes, although it is not acceptable for annual reporting.
A form of insurance coverage issued to creditors on the lives of debtors, designed to pay the outstanding loan amount if a debtor dies before full repayment.
Group Disability Insurance offers monthly disability income benefits to members of an employee group who are unable to perform their job duties due to illness or accident. This coverage provides financial support limited to a maximum amount and a specified duration, ensuring the well-being of employees during their inability to work.
Group Health Insurance provides essential medical benefits to members of natural groups like employees of a business, union, or association. It includes coverage for hospital stays, surgeon and physician fees, and other medical expenses.
A detailed description of Group Legal Services Plans, coverage, benefits, and relevance in various professional settings.
A comprehensive overview of Group Life Insurance, a key employee benefit offered by employers, unions, and associations.
A comprehensive overview of Guaranteed Income Contracts (GICs), their types, benefits, and roles in retirement planning.
A comprehensive examination of Guaranteed Income Contracts (GICs), their structure, benefits, risks, and applications in corporate profit-sharing and pension plans.
