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Life can be complicated; get the insight you need to make insuring it easy. Explore topics around all types of insurance as well as claims, coverage and more.

Actived: Thursday Jan 21, 2021

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Insurance | Insuranceopedia.com

Details: How to Get a Life Insurance Quote Online: The Good, the Bad and the Ugly. Let's help you understand the ins and outs of getting a life insurance quote online — we're talking the good, the bad and the ugly. The Top 5 States with the Lowest Car Insurance Rates.

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Life Insurance | Insuranceopedia.com

Details: Let's help you understand the ins and outs of getting a life insurance quote online — we're talking the good, the bad and the ugly. Seniors' Life Insurance: How to Make Sure You're Covered. Wondering if it's too later for coverage? Seniors' life insurance coverage offers the same benefits of other policies, designed for the 60+

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Coverage | Insuranceopedia.com

Details: Commercial crime insurance can protect your business from exposure to crime-related hazards. Learn more about five main types available. The 6 Types of Business Insurance Many Companies Don't Realize They Need. Standard business insurance policies cover just the basics. Here are six types of coverage too many businesses overlook.

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What is an Insurance Risk? - Definition from Insuranceopedia

Details: An insurance risk is a threat or peril that the insurance company has agreed to insure against in the policy wordings. These types of risks or perils have the potential to cause financial loss such as property damage or bodily injury if it were to occur.

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What is an Insurance Agent? - Definition from Insuranceopedia

Details: To be an insurance agent in some states, a person must be a high school graduate. In most states, he must pass an exam to get a license. Some states also require further course work or training. A captive agent is an insurance agent that sells the products of one insurance company.

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What is Life Insurance? - Definition from Insuranceopedia

Details: Life insurance is a contract where an insurance company agrees to give money to the named beneficiary in the policy once the insured dies. The insured, meanwhile, pays a premium to earn that benefit.

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Insurance Terms beginning withB - Insuranceopedia

Details: Join thousands receiving the latest content and insights on the insurance industry. Latest Articles. Back to the Basics: How Insurance Companies Make Money. Business Insurance: Building, Contents, and Stock. Your Credit Score and Your Insurance Premium. Blanket Coverage: Understanding the Basics

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What is Excess Insurance? - Definition from Insuranceopedia

Details: Excess insurance is insurance coverage that kicks in when a particular loss reaches a certain amount. At that point, insurer will cover losses in excess of that sum up to the policy limit. Therefore, policyholders with a primary insurance policy often purchase excess insurance as an additional layer of protection.

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What is Forgery Insurance? - Definition from Insuranceopedia

Details: Forgery insurance is a policy that protects a person or a company from loss or damage caused by altered, forged, or faked financial instruments. Forgery insurance is also known as alteration coverage, depositors’ forgery insurance, or forgery bond.

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What are Fixtures? - Definition from Insuranceopedia

Details: Fixtures, in the context of insurance, are movable or personal property attached to an immovable property that they become a part of the immovable or real property and are covered under a real estate insurance policy.

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What is Private Insurance? - Definition from Insuranceopedia

Details: Private insurance is insurance that is offered by private companies as opposed to government entities. It is an alternative to public insurance. Whether a person obtains private or public insurance, their goals are usually the same: to receive financial protection for various types of risk.

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What is Funeral Insurance? - Definition from Insuranceopedia

Details: Funeral insurance is a contract whereby the insurer guarantees to cover the funeral costs of the insured. Moreover, the policy may also cover related expenses, such as costs of the wake, burial fees, cremation costs, and grave-digging charges.

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Definition from Insuranceopedia - Insurance Made Easy

Details: Continuous coverage refers having insurance coverage without any lapses. It is important in the context of both auto and health insurance, as it may have legal ramifications, leave the person susceptible to financial hardship due to an unexpected event, and affect premium rates and eligibility.

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What is Annualized? - Definition from Insuranceopedia

Details: Although insurance premiums are often charged monthly, it is still helpful for individuals, families, and businesses to know what the annualized premium is. This can be especially useful if a policyholder plans to pay their insurance premiums in advance.

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Definition from Insuranceopedia - Insurance Made Easy

Details: The more you know about life insurance, the better prepared you are to find the best coverage for you. Whether you're just starting to look into life insurance coverage or you've carried a policy for years, there's always something to learn. Share this: Related Terms. Binding Authority

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What is Wholesale Insurance? - Definition from Insuranceopedia

Details: Insurance companies give discounts to companies that want to offer insurance coverage as a workplace benefit to their employees. Insurance companies do this because they'll sell multiple policies at the same time. The best rates go to group plans, which are only available to companies with more than 50 employees.

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What is Glass Insurance? - Definition from Insuranceopedia

Details: Glass insurance can be especially useful if a person's home or business contains many glass windows and doors or expensive types of glass. A single bad storm can do thousands of dollars of damage or more to property's glass parts. Thus, for those at a high risk, glass insurance may be a wise purchase to consider.

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What is a Coinsurance Limit? - Definition from Insuranceopedia

Details: A coinsurance limit only counts coinsurance expenses toward the limit. Therefore, the deductible would not be factored in. For example, consider a health insurance plan with a $2,000 deductible, 80/20 coinsurance, and a $3,000 coinsurance limit, and the insured receives a $25,000 medical bill.

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What is Individual Insurance? - Definition from

Details: An individual insurance policy is one that is bought by an individual for themselves. So, the policyholder takes care of all the premium payments and is presumed to know the extent and details of the coverage (with the help or advice of an insurance agent, an insurance broker, or a representative of the insurance company).

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What is Pipeline Insurance? - Definition from Insuranceopedia

Details: Insurance for pipelines can be quite broad, since they are costly and there are various risks. As a means of transport, it also covers a very wide area. Because of this, pipeline insurance can cover property damage, liability, business interruption, and any other form of business loss.

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Insurance Terms Dictionary

Details: Insurance Dictionary. Insuranceopedia has one of the web's most comprehensive insurance-related dictionaries. More than just a glossary, each term page goes into further detail with insights, real world examples and great related resources.

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Definition from Insuranceopedia - Insurance Made Easy

Details: Reinsurance is a way of insuring insurers. When the company transfers a risk to a reinsurer, it does so because it is not confident that it can retain that risk while still maintaining a secure financial future.

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What is Hail Insurance? - Definition from Insuranceopedia

Details: The government, through the Federal Crop Insurance Corporation, provides this policy for farmers. This is not just to protect the farmers but the agricultural industry as well. It is a recognition that agriculture provides so much for the economy of a state. Private insurance companies sell crop-hail insurance.

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What is Avoidance? - Definition from Insuranceopedia

Details: Avoidance is the practice of attempting to reduce losses by refraining from activities perceived as hazardous or risky. In the context of insurance, even if an individual, family, or business has insurance coverage for a particular risk, they can still practice avoidance to reduce the likelihood of the insured events occurring.

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What is the Amount of Insurance? - Definition from

Details: The amount of insurance is the amount of money that an insurance company is willing to provide financial coverage for, for a specific policy. For example, if your homeowner's insurance policy has a limit of $300,000, then the amount of insurance you have for this policy would be $300,000.

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What is Cross Liability? - Definition from Insuranceopedia

Details: A cross liability clause on a commercial liability insurance policy allows insured parties to be protected under the policy against other parties insured under the same policy. In essence, it allows the policy to apply separately to each insured party as if they had their own insurance independent of one another.

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What is a Coinsurance Plan of Reinsurance? - Definition

Details: Coinsurance plan of reinsurance refers to a situation in the insurance industry where an insurance company transfers a financial responsibility to a reinsurer regarding a life insurance policy. That responsibility is a portion of the death benefit. Once a claim is made, the reinsurer gives the fixed amount to the insurance company.

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What is Ordinary Life Insurance? - Definition from

Details: Ordinary life insurance is a type of life insurance in which policyholders pay premiums for their whole lives at a set price and interval. However, ordinary life insurance policies are often considered paid up if the policyholder reaches 100 years of age.

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What is Libel Insurance? - Definition from Insuranceopedia

Details: Libel insurance is insurance that protects against losses from lawsuits involving libel. Libel is when one party makes public remarks about another party that are false and that can significantly lower the party's reputation.

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What is Unoccupancy? - Definition from Insuranceopedia

Details: Most insurance companies do not insure a property that is unoccupied for 30 days or more consecutively. The appropriate coverage is an unoccupied home insurance policy, which commands a higher premium because of the greater risks involved. A home in a state of unoccupancy may also be called uninhabited.

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What is Messenger Insurance? - Definition from Insuranceopedia

Details: Messenger insurance provides coverage in the event that the insured property is damaged or stolen while in transit. It is up to the owners of the property to decide how much insurance is required to cover the risk, and the company may only be reimbursed some of the losses if the opt to purchase insufficient coverage.

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What is Medical Payments Insurance? - Definition from

Details: The medical payments insurance coverage amount applies to everyone involved in a car accident and everyone gets the full amount of coverage for their medical bills. For example, if an insured person has $1,000 of medical payments coverage and gets into an accident that hurts themselves and a passenger, both the insured and the passenger will

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What is Construction Insurance? - Definition from

Details: Construction insurance is insurance protection that provides financial compensation for covered losses to a building or structure, as many mistakes, errors, and unforeseen events can lead to damages and losses during the construction of a building.

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Interest Maintenance Reserve (IMR) - Insurance Made Easy

Details: The National Association of Insurance Commissioners (NAIC) requires insurance companies to maintain an interest maintenance reserve. The purpose of this reserve is to ensure that insurers accumulate enough financial assets to offset some of the losses they incur as a result of changes in the interest rate.

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What is Association Group Insurance? - Definition from

Details: If an insurance company can sell bulk amounts of policies at once, instead of selling each policy individually, it can save time and money. These savings on the insurer's side translates into the discounts offered on group insurance plans.

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What is Condominium Insurance? - Definition from

Details: Condominium insurance is a type of homeowner's insurance that financially protects a policyholder's condominium from various perils, such as fire, weather damage, vandalism, smoke, and explosions. Moreover, it only protects the individual unit, not common areas, such as hallways, staircases, and elevators.

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What is a State Insurance Department? - Definition from

Details: A state insurance department is a state government organization that enforces insurance laws. Every state has one. These departments exist to protect insurance policyholders from fraud or other unlawful actions. As regulators of the insurance industry, they make sure the insurance companies operating within the state are legitimate and law-abiding.

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What is Extended Term Insurance? - Definition from

Details: Extended term insurance allows policyholders to stop paying premiums once the cash value of the policy grows to a self-sustaining amount. If the investment portion of the insurance policy is sufficient to cover payments for it, the holder of an extended term insurance can simply modify their whole life insurance policy into a term life policy paid for through the whole life policy's cash

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What is Life Insurance in Force? - Definition from

Details: Life insurance in force is an industry term that refers to the value of all the policies that an insurance company has sold and the benefits of which they are obliged to cover. It can also refer to the dollar amount of an individual's life insurance policy.

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What is Mobile Home Insurance? - Definition from

Details: Mobile home insurance covers risks associated with owning a mobile home. It is very similar to standard homeowners' insurance policy. Mobile home insurance can provide coverage for damage to the actual structure of a mobile home, the personal effects within it, and the personal liabilities of its owner.

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What is Variable Life Insurance? - Definition from

Details: Variable life insurance is a type of permanent life insurance that allows the insured person to place a percentage of their premium payments into the insurer's portfolio of investment accounts. Upon the death of the policyholder, the beneficiaries will receive not only death benefits but also the investment returns.

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What is Concurrent Insurance? - Definition from

Details: Concurrent insurance refers to two or more policies that cover the same exposure or risk as well as having the same policy period and coverage triggers. It is often used when the insured entity—person or business—buys policies aside from the primary policy with additional policies that provide excess coverage. This is a good idea especially

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What is Travel Accident Insurance? - Definition from

Details: Travel accident insurance is a type of insurance that cover losses that result from an accident while the policyholder travels domestically or internationally. Depending on the policy, it may cover a single trip or multiple trips within a specified period.

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What is Catastrophe Insurance? - Definition from

Details: Catastrophe insurance provides coverage in the event of catastrophic events. These include natural disasters such as earthquakes, floods, and hurricanes, as well as man-made disasters, such as terrorist attacks. Catastrophe insurance can either be a commercial product sold to businesses or personal insurance sold to homeowners.

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What is a Broker/Dealer? - Definition from Insuranceopedia

Details: Insurance brokers do not manage these types of investments. They just bring insurance buyers and sellers together. However, insurance broker/dealers will manage the investments on behalf of the insurance company. The benefit of using a broker/dealer for insurance companies is having the same company provide two services, instead of needing to

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What is a Life Insurance Illustration? - Definition from

Details: Life insurance illustration refers to the document that contains comprehensive information about a life insurance policy. Information includes the coverage, benefits, and the payment scheme. The illustration is not to be confused with the actual policy itself.

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What is Personal Property Coverage? - Definition from

Details: Personal property coverage is usually a fixed percentage of the property insurance coverage. For example, a $100,000 policy that allows up to 40 percent of personal property coverage could insure your belongings for $40,000.

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What is an Insurance Commissioner? - Definition from

Details: An insurance commissioner is a high ranking official in a state insurance regulatory agency who has the responsibility of running the state's insurance regulation program. These professionals are tasked with protecting policyholders from fraud and other hazards in the insurance world.

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What is an Unvalued Marine Policy? - Definition from

Details: An unvalued marine policy is an insurance policy that does not specify the value of the marine asset covered, such as a ship's hull or cargo. Unlike with a valued marine policy, the insurer only assesses property value and damages after the policyholder files a claim, rather than determining it beforehand.

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What is Specific Reinsurance? - Definition from

Details: Specific reinsurance is a reinsurance method wherein each insurance policy is separately negotiated for reinsurance. Commonly, in specific reinsurance, the insurance bought by the cedent (buyer/insurance company) is usually coverage that is insufficiently covered or has excessive limits or individual risks not covered by the reinsurance treaties.

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