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Actived: Saturday Oct 17, 2020
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: Honorable Undertaking: A reinsurance treaty clause indicating that the agreement should not be voided by an overly narrow or strict interpretation of the agreement’s language. The honorable
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What Is Comprehensive Insurance?
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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The 5 Best Long-Term Care Insurance of 2020
Details: Insurance premiums, on the other hand, cost about $2,700 on average per year. Consider that expense over 20 to 30 years, which adds up to a much lower $54,000 to $81,000.
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Guide to Life Insurance
Details: Life insurance is a legally binding contract. For the contract to be enforceable, the life insurance application must accurately disclose the insured’s past and current health conditions and
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The 6 Best Drone Insurance Companies of 2020
Details: Avion Insurance is tops in this category based on the commercial value of the policies it offers, including coverage of aerial photography and related gear. Since the company’s founding in 1985
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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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Insurance Score Definition
Details: An insurance score is a credit rating used by insurance companies to assess a potential insured consumer's level of risk. The insurance score is one of the primary determinants in how much monthly
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The 9 Best Pet Insurance Plans of 2020
Details: Pet insurance is a type of insurance policy that helps protect you financially in the event of unexpected veterinary costs. Every month, you pay a premium to the insurance company in exchange for
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Directors and Officers Liability Insurance: Overview
Details: Directors and officers liability insurance is akin to corporate governance, corporate law, and the fiduciary duty owed to stakeholders, such as shareholders and beneficiaries.
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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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Mortgage Insurance Definition
Details: Mortgage insurance is an insurance policy that protects a mortgage lender or titleholder if the borrower defaults on payments, passes away, or is otherwise unable to meet the contractual
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What Is Bailee's Customer Insurance?
Details: Regular business property insurance plans cover only the property of the business owner. Any business that routinely accepts custody of customers' property may also need bailee's customer insurance.
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Accidental Death and Dismemberment (AD&D) Insurance
Details: Accidental death and dismemberment (AD&D) insurance usually takes the form of a rider to a life insurance policy. AD&D insurance pays benefits in the case of a person’s accidental death or
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Liability Insurance Definition - Investopedia
Details: Liability insurance is any insurance policy that protects an individual or business from the risk that they may be sued and held legally liable for something such as malpractice, injury or negligence.
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Hazard Insurance Definition
Details: Hazard insurance protects a property owner against damage caused by fires, severe storms, and other natural events. Hazard insurance usually refers to a section of a general homeowners insurance
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Defining Casualty Insurance
Details: What Is Casualty Insurance? Casualty insurance is a broad category of insurance coverage for individuals, employers, and businesses against loss of property, damage, or other liabilities.
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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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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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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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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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4 Types of Insurance Everyone Needs - Investopedia
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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The 6 Best Whole Life Insurance Companies of 2020
Details: Northwestern Mutual is a well-known insurance company founded in 1857. The company has an A++ rating with AM Best and only had eight complaints in 2019 with the National Association of Insurance
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Introduction to Auto Insurance - Investopedia
Details: Auto Insurance: An auto insurance is a policy purchased by vehicle owners to mitigate costs associated with getting into an auto accident. Instead of paying out of pocket for auto accidents
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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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Broad Form Insurance Definition - Investopedia
Details: Broad Form Insurance: Insurance coverage that extends beyond the basics to include rare events that may be of serious risk to the insured. This type of insurance usually requires that a higher
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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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Term Life Insurance Definition - Investopedia
Details: Term Life Insurance: A type of life insurance with a limited coverage period. Once that period or "term" is up, it is up to the policy owner to decide whether to renew or to let the coverage end
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Assurance 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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Commercial General Liability (CGL) Definition
Details: Commercial general liability (CGL) is a form of comprehensive insurance that offers coverage in case of damage or injury caused by a business’s operations or products, or on its premises.
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Uninsured Motorist Coverage (UM) 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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Rider Definition
Details: A rider is an insurance policy provision that adds benefits to or amends the terms of a basic insurance policy such as additional coverage. Riders come at an extra cost—on top of the premiums an
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Certificate of Insurance (COI) Definition
Details: A certificate of insurance (COI) is a non-negotiable document issued by an insurance company or broker verifying the existence of an insurance policy.
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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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The 5 Best Short-Term Health Insurance Providers of 2020
Details: The IHC Group is an organization of insurance carriers operating in 23 states and including member insurers such as Standard Security Life, Madison National, and Independence American Insurance
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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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Property Insurance Definition - investopedia.com
Details: Work And Materials Clause: A provision in many property insurance policies that allows the policyholder to use the insured premises to store materials and to use the materials in the manner
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Construction Occupancy Protection Exposure (COPE)
Details: COPE stands for construction, occupancy, protection, exposure. These are the main areas that an insurance underwriter must evaluate when writing an insurance policy for a property.
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Cost, Insurance, and Freight (CIF) Definition
Details: Cost, insurance, and freight (CIF) is a common method of import and export shipping. CIF determines when the responsibility for goods transfers from the seller to the buyer.
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Insurance Underwriter Definition - investopedia.com
Details: Advanced Life Underwriting: The process of integrating the complex insurance issues of estate planning, taxation, business insurance and employee benefit plans. Advanced life underwriting can
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Fire Insurance: When Homeowners Insurance Coverage Isn't
Details: How Fire Insurance Works . Homeowners insurance provides policyholders with coverage against loss and/or damage to their homes and possessions, also referred to as insured property.This is a
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How Umbrella Insurance Works - Investopedia
Details: Umbrella insurance is a type of personal liability insurance that covers claims in excess of regular homeowners, auto, or watercraft policy coverage.
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Bad Faith Insurance 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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Subrogation Definition
Details: Insurance policies may contain language that entitles an insurer, once losses are paid on claims, to seek recovery of funds from a third party if that third party caused the loss. The insured does
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What Is Accounts Receivable Insurance?
Details: Accounts receivable insurance protects a company against financial losses caused by damage to its accounts receivable records. This type of coverage is important because the loss of accounts
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Treaty Reinsurance Definition
Details: Treaty reinsurance is insurance purchased by an insurance company from another insurer. The issuing company is called the cedent, while the reinsurer is the purchasing company, which assumes the
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