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.
Private Mortgage Insurance (PMI) is an insurance policy required for conventional loans where the down payment is less than 20% of the home's purchase price, protecting the lender in case the borrower defaults.
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.
Property Damage refers to the harm or destruction caused to physical property, which is often covered under various insurance policies.
Protection and Indemnity (P&I) Insurance is specialized liability insurance for shipowners that covers a wide range of maritime liability risks.
Qualified Life Events (QLEs) are significant life occurrences that grant an individual the right to enroll or make changes to health insurance plans during a Special Enrollment Period (SEP).
An in-depth guide to understanding recoupment, a process often used in healthcare and insurance to reclaim funds that were previously disbursed.
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.
Replacement Cost refers to the cost required to replace an asset in its present form or to obtain equivalent services.
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.
A detailed explanation of retention in the context of risk management, insurance, and reinsurance.
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 guide on risk management, exploring its processes, types, importance, and applications in various sectors such as private, public, banking, and finance.
Understanding Risk Pooling: The process of combining multiple insurance risks to reduce the variability of outcomes and mitigate individual financial impact.
Understanding how combining risky projects with non-perfectly correlated returns results in less dispersion in expected outcomes. Applications in insurance, investments, and organizational strategy.
The Risk Premium is the amount that a risk-averse individual is willing to pay to avoid a risk. It is essential in finance, insurance, and investment to understand the compensation required for taking on additional risk.
An in-depth exploration of risk retention, its types, applications, importance, related terms, and considerations within risk management.
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.
Scheduled coverage is an insurance type where a policyholder must provide a detailed list of insured items, often without needing regular updates.
A comprehensive overview of Scheduled Property Floaters, covering definitions, types, examples, and more.
An in-depth look at Select Mortality Tables which consider policyholder mortality during the initial years post-issuance.
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 one-time, lump-sum payment securing the policy for its entire duration. This article explores different types, examples, historical context, and related terms.
An in-depth look at Social Security Contributions, their historical context, types, key events, and importance in funding social safety nets.
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.
An in-depth look at Stakeholder Pension Schemes in the UK, their features, historical context, key events, regulations, and more.
Standard Insurance provides coverage for drivers considered average risk, usually offering lower premiums and a wider range of policy options.
Understand the concept of Standard Risk, its significance in the field of insurance, and how it impacts underwriting and premiums.
A comprehensive overview of a stochastic process, a mathematical model describing sequences of events influenced by randomness, essential in finance and insurance.
Substandard Risk refers to a threat with a higher-than-average probability of loss, often resulting in higher premium rates or modified coverage terms.
Supply Chain Insurance provides coverage for financial losses resulting from disruptions in the supply chain, ensuring businesses can manage risks related to production, transportation, and delivery of goods.
A Surrender Charge is a fee imposed on early withdrawals from an annuity or other investment products before maturity, typically in the context of insurance products.
An in-depth exploration of Surrender Charges—fees applied when a policyholder cancels a policy outside the free look period. Learn about applicability, calculation methods, examples, and related considerations.
A detailed description and analysis of Survivor Benefits, outlining types, examples, historical context, and related terms.
Comprehensive Guide to Understanding Survivorship Benefits in Various Contexts
Survivorship benefits refer to the payments made to the remaining annuitant after the other has passed away, ensuring financial stability for surviving dependents.
A comprehensive exploration of the concept of Suspension of Coverage in insurance, including its historical context, types, key events, importance, applicability, examples, related terms, FAQs, and more.
A detailed exploration of the concept of syndicates at Lloyd's, their structure, functions, historical context, key events, importance, and impact in the realm of insurance.
Telematics involves using technology to track driving behavior and vehicle usage, often utilized to set insurance premiums based on individual driving habits.
A type of insurance where protection is provided against claims made by third parties for damages or injuries caused by the insured.
Third-Party Liability insurance covers damages or losses incurred by others for which the policyholder is deemed responsible.
An in-depth exploration of the Tort Liability System, its historical context, types, key events, detailed explanations, and its importance in the field of law.
Unauthorized insurers are insurance companies not licensed to operate within a particular state but allowed to provide supplemental coverage under specific conditions. Learn about their roles, legality, and implications.
An in-depth look at Underinsured Motorist Coverage (UIM), insurance that covers the gap if the at-fault driver's insurance is insufficient to pay for all damages.
An in-depth look into the role of an Underwriter in various fields such as insurance, finance, and investment. This article covers historical context, types, key responsibilities, mathematical models, and more.
An underwriting loss occurs when an insurance company's claims paid exceed the premiums it has collected. This scenario, while common, is indicative of the financial health of the insurer.
The term 'Underwriting Profit' refers to the profit derived when an insurance company's premiums collected exceed the claims paid out. This concept is pivotal in evaluating an insurer's operational and financial performance.
Comprehensive coverage of Unemployment Benefits, including historical context, types, key events, detailed explanations, importance, examples, considerations, related terms, comparisons, interesting facts, inspirational stories, famous quotes, proverbs and clichés, expressions, jargon, slang, FAQs, references, and a final summary.
Uninsured Motorist (UM) Coverage provides compensation for damages caused by at-fault drivers who have no insurance. This vital insurance option protects you from financial loss in accidents involving uninsured drivers.
Discover what a Unit Linked Insurance Plan (ULIP) is, including its definition, types, benefits, considerations, and examples. Learn how ULIPs combine insurance and investment elements.
An in-depth examination of Upfront Mortgage Insurance Premium (UFMI), covering its definition, historical context, significance, and more.
Workers' Compensation is a type of insurance providing wage replacement and medical benefits to employees who are injured or become ill due to their job.
An in-depth exploration of Actual Cash Value, its theoretical foundation, practical applications, and distinctions from related concepts such as Market Value.
Allocated benefits in a defined-benefit pension plan ensure guaranteed pensions for employees as premiums are received and paid up, securing their retirement even if the employer goes out of business.
A comprehensive insight into the professional opinion or estimate of the value of a property.
An in-depth overview of the Assumption of Risk in risk management, including its definition, applications, types, and related concepts.
Automobile liability insurance provides coverage in the event an insured is legally liable for bodily injury or property damage caused by an automobile.
Balance Sheet Reserves refer to the amounts in pension plans expressed as a liability on the insurance company's balance sheet for benefits owed to policyowners. These reserves must be maintained according to strict actuarial formulas.
An in-depth exploration of benefits, including organizational contributions, insurance payments, fringe benefits, and philanthropic forms.
Comprehensive information on Blue Shield, an independent, nonprofit insurance plan providing benefits for medical and surgical procedures.
Explore what a Budget Mortgage is, its components, advantages, and how it differs from other types of mortgages. Learn about the practical implications, historical context, and related financial terminology.
Understanding the concept of Cash Value, its applications, and comparisons with Book Value and Market Value.
Learn about Casualty Loss, which encompasses the loss of property due to fire, storm, shipwreck, theft, or other casualties and its implications for tax deductions.
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.
The Chartered Financial Consultant (ChFC) is a professional designation awarded by The American College in Bryn Mawr, Pennsylvania. The designation signifies expertise in areas including insurance, investments, taxation, employee benefit plans, estate planning, accounting, and management.
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.
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.
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.
An in-depth look at the commencement of coverage, defining when insurance protection begins and its implications.
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.
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.
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.
An in-depth exploration of 'Declaration' in various contexts including legal pleadings by a plaintiff, creation of condominiums, and insurance applications.
A detailed overview of deductibles in tax returns and as initial amounts in insurance claims, covering types, examples, historical context, and related terms.
Deferred Group Annuity involves retirement income payments that begin after a stipulated future time period and continue for life, providing a structured way to secure retirement income.
Deposit insurance is a measure implemented to safeguard depositors by guaranteeing their deposits in case a financial institution fails. This article covers its types, applications, historical context, and more.
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.
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.
Federal Flood Insurance offers subsidized and nonsubsidized coverage for residents in qualifying communities, insuring structures and contents against flood damage.
An overview of the Federal Savings and Loan Insurance Corporation (FSLIC), a federal agency founded in 1934 to insure deposits in savings and loan associations, and its transition of functions to the Federal Deposit Insurance Corporation (FDIC) in 1989.
A detailed guide on what financial advisers do, their types, the importance of their role, and considerations when choosing a financial adviser.
Also known as the Gramm-Leach-Bliley Act, this 1999 law repealed sections of the Glass-Steagall Act and the Bank Holding Company Act of 1956, facilitating affiliations among banks, securities firms, and insurance companies.
A Financial Supermarket is a company that offers an extensive range of financial services under one roof, such as stock trading, insurance, real estate brokerage, and banking services.
A comprehensive explanation of Fixed and Variable Rate Allowances (FAVR), an allowable method for computing a business automobile mileage allowance that is not reported as wages on Form W-2. This includes a cents-per-mile rate for operating costs and a flat amount for depreciation and insurance.
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.
A comprehensive guide on fortuitous loss, its implications in insurance, types, examples, historical context, and related terminologies.
Detailed definition and analysis of the term 'Friendly Fire,' including its usage in different contexts such as insurance and military terms.
Understanding a Fully Paid Policy in the context of insurance, focusing on its features, examples, and benefits.
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.
Comprehensive overview of improvements and betterments insurance, detailing tenant modifications coverage, insurance applicability, considerations, examples, and frequently asked questions.
Indemnify - Understanding the concept of securing against future loss, compensating for past damage, and its investment context.
Detailed explanation of an Independent Adjuster, their role in the insurance industry, comparisons with public adjusters, and other relevant information.
An in-depth exploration of IM insurance, covering its definition, historical context, types, applicability, and related terms.
