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Actived: Friday Jan 22, 2021

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Insurance Definition - investopedia.com

Details: Least Expensive Alternative Treatment (LEAT): A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment, repair, or remediation. The

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Insurance: The Complete Guide - Investopedia

Details: Essential Health Benefits: A set of benefit requirements that must be included in certain health insurance plans. Essential health benefits comprise 10 general benefit categories, which must be

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A Brief Overview of the Insurance Sector

Details: J. Harold Chandler: The current COO of Univers Workplace Benefits and a former president, CEO and chairman of disability insurance provider Unum Provident. In 1993, Chandler became president and

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4 Types of Insurance Everyone Needs - Investopedia

Details: Auto Insurance . There were 6.7 million car accidents in the U.S. in 2018, according to the National Highway Traffic Safety Administration.   An estimated 38,800 people died in car crashes

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Health Insurance Definition

Details: Disease Management Program: A program offered by a health insurance company to manage the costs of policyholders’ chronic health conditions. Disease management programs can help control health

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Homeowners Insurance Definition

Details: Wedding Presents Floater: A type of insurance that can be added to a renter's or homeowner's insurance policy to temporarily cover the value of the gifts a couple receives when they get married

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Homeowners Insurance Guide: A Beginner's Overview

Details: Attractive Nuisances: An item, located on a property, that is appealing but potentially hazardous, especially to children. Attractive nuisances can lead to expensive injuries and pricey lawsuits

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Insurance Premium Definition

Details: An insurance premium is the amount of money an individual or business must pay for an insurance policy. Insurance premiums are paid for policies that cover healthcare, auto, home, and life insurance.

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Buying Private Health Insurance - Investopedia

Details: A premium is the amount of money an individual or business pays to an insurance company; health insurance premiums are typically paid monthly.

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Insurance, Excess Insurance, and Reinsurance

Details: Coincidental Excess Coverage: Insurance coverage that provides excess coverage for a specified event or circumstance. Coincidental excess coverage will only apply under certain circumstances, and

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Coinsurance Definition

Details: Copay plans may make it easier for insurance holders to budget their out-of-pocket costs because it is a fixed amount. Coinsurance usually splits the costs with the policyholder 80/20 percent.

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Life Insurance Guide to Policies & Companies

Details: Wisconsin State Life Fund: A life insurance distribution system available to residents of Wisconsin. The Wisconsin State Life Fund is a state-sponsored life insurance program. The state of

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What Is Reinsurance? - Investopedia

Details: Peter J. Creedon, CFP®, ChFC®, CLU® Crystal Brook Advisors, New York, NY Reinsurance is a way a company lowers its risk or exposure to an untoward event. The idea is that no insurance company

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Insurance Claim Definition - investopedia.com

Details: Validation Period: The amount of time necessary for the premium on an insurance policy to cover the commissions, the cost of investigation, medical exams and other expenses associated with the

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15 Insurance Policies You Don't Need - Investopedia

Details: Insurance coverage is the amount of risk or liability covered for an individual or entity by way of insurance services. more What Is Combined Physical Damage Coverage?

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Insurance Coverage Definition - investopedia.com

Details: Boom Coverage: An endorsement to a policy ensuring contractor’s equipment that provides coverage for damage caused by cranes. Boom coverage is an add-on feature of the policy, and accepting this

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What Is Gap Insurance?

Details: Gap insurance is a type of auto insurance that car owners can purchase to protect themselves against losses that can arise when the amount of compensation received from a total loss does not fully

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Reinsurance: Insurance for the Insurer

Details: Time And Distance Policy: A reinsurance treaty in which a ceding insurer transfers a lump sum of its premiums to a reinsurer, and over time is returned a portion of the unused premiums. Time and

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What is Term Insurance? - Investopedia

Details: Term insurance is a type of life insurance policy that provides coverage for a certain period of time or a specified "term" of years. If the insured dies during the time period specified in the

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Life Insurance vs. Annuity: What's the Difference?

Details: Life Insurance vs. Annuity: An Overview . At first glance, permanent life insurance policies and annuity contracts exhibit polar opposite goals. While life insurance seeks to provide an individual

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Insurance Proceeds Definition

Details: Insurance proceeds are benefits paid out on insurance policies as a result of an insurance claim. The proceeds received from an insurance policy are used to cover any financial losses resulting

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The Importance of Property Insurance

Details: Liability insurance covers repair and financial restitution to someone else besides the individual at fault in an accident. For example, the person at fault’s liability insurance pays car

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Directors and Officers Liability Insurance: Overview

Details: Runoff insurance is an insurance policy provision that covers claims made against companies that have been acquired, merged, or have ceased operations. more Broadcasters Liability Insurance

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Hole-In-One Insurance - Investopedia

Details: Hole-In-One Insurance: A product that offers financial protection to golf tournament sponsors offering expensive prizes to contest winners. Hole-in-one insurance is a type of prize indemnification

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Umbrella Insurance Policy Definition

Details: An umbrella insurance policy is a type of personal liability coverage that goes above and beyond the amount that regular home or vehicle insurance offers.

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Insurance Bond Definition

Details: An insurance bond is a type of investment instrument offered by life insurance companies and primarily used in the U.K. and Australia.

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Life Insurance: Why You Need It - Investopedia

Details: Charitable Split-Dollar Insurance Plan: Identical to a standard split-dollar insurance plan, except that a charity, instead of an employer, owns the life insurance policy. Charitable split-dollar

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Excess of Loss Reinsurance Definition

Details: Excess of loss reinsurance is a form of non-proportional reinsurance.Non-proportional reinsurance is based on loss retention. With non-proportional reinsurance, the ceding company agrees to accept

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Cross-Liability Coverage Definition

Details: An insurance claim is a formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event. The insurance company validates the claim and

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Business Insurance - investopedia.com

Details: Business insurance refers broadly to a class of insurance coverage intended for purchase by businesses rather than individuals. Businesses seek insurance to cover potential damage to property, to

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Pet Insurance Definition - Investopedia

Details: Pet Insurance: A policy purchased by the owner of a pet that will lessen the overall costs if expensive medical bills are incurred by that pet. This is similar to health insurance policies except

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Are Insurance Companies and Pension Funds Considered

Details: For the policyholder, an insurance policy is a contract with the insurance company. It involves ownership. Insurance policies also have a specified value. Thus, while most insurance policies are

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Assurance Definition

Details: A term life insurance policy, however, covers a fixed period—such as 10, 20, or 30 years—from the policy's purchase date. If the policyholder dies during that time, the beneficiary receives

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How to Get Health Insurance - Investopedia

Details: Online health insurance brokerage—also called private enrollment websites or private exchanges—offers to help you compare health insurance plans or get the best available plan based on the

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Errors and Omissions Insurance (E&O) Definition

Details: Errors And Omissions Insurance - E&O: Errors and omissions insurance (E&O) is a type of professional liability insurance that protects companies and their workers or individuals against claims

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5 Types of Private Mortgage Insurance (PMI)

Details: Private Mortgage Insurance - PMI: Private Mortgage Insurance (PMI) is a special type of insurance policy, provided by private insurers, to protect a lender against loss if a borrower defaults

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Long-Term Care (LTC) Insurance Definition

Details: Long-Term Care (LTC) Insurance: Coverage that provides nursing-home care, home-health care, personal or adult day care for individuals above the age of 65 or with a chronic or disabling condition

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Underinsurance Definition

Details: A health insurance premium is an upfront payment made on behalf of an individual or family in order to keep their health insurance policy active. more Actuarial Value Definition

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All-In Coverage Definition - Investopedia

Details: All-In Coverage: A type of insurance coverage that applies to communally used features in residential multi-family buildings as well as the structures inside the individual units. All-in coverage

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Whole Life Insurance Definition

Details: Viatication: The selling of a life insurance policy by a terminally ill person, so that person can receive a benefit from the policy while still alive and the purchaser of the policy can receive a

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What Is and Isn’t Covered by Homeowners Insurance

Details: Insurance coverage is the amount of risk or liability covered for an individual or entity by way of insurance services. more Fire Insurance: When Homeowners Insurance Coverage Isn't Enough

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Bond Insurance Definition

Details: Bond insurance is a type of insurance purchased by a bond issuer to guarantee the repayment of the principal and all associated scheduled interest payments to the bondholders in the event of default.

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Tiny House Insurance: How to Insure Your Tiny Home

Details: An insurance claim is a formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event. The insurance company validates the claim and

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Reinsurance Ceded Definition

Details: Special Acceptance: The extension of coverage for a peril that is not generally covered in a reinsurance treaty. Special acceptance requires the creation of a separate agreement between the ceding

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Takaful Definition

Details: Takaful is a type of Islamic insurance wherein members contribute money into a pool system to guarantee each other. Takaful-branded insurance is based on sharia or Islamic religious law and covers

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Second-To-Die Insurance

Details: Second-to-die insurance is a type of life insurance on two people (usually married) that provides benefits to the beneficiaries only after the last surviving person on the policy dies. This

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The 7 Best Jewelry Insurance Companies of 2021

Details: Like other types of insurance for a boat or a car, jewelry insurance is a financial product that provides coverage for the item at hand. With jewelry insurance, you can pay an annual premium for a

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Spot Reinsurance Definition - Investopedia

Details: Spot Reinsurance: A reinsurance agreement that covers a single peril. Spot reinsurance is a used in facultative reinsurance agreements, and allows a ceding company to obtain reinsurance coverage

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