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What is Insurance

Details: Insuranceopedia Explains Insurance. There is a wide range of different insurance policies, including health, life, car, homeowner, and disability. Each one leverages the same type of insurance arrangement to cover different risks. For insurance to be possible for a risk, a few different conditions are required.

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What is an Insurance Risk

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. If the insured event takes place and a claim is filed, the insurance company has to pay the

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What is an Insurance Quote

Details: What Does Insurance Quote Mean? An insurance quote is an estimated cost provided by the insurance company for an insurance policy. Insurance companies often provide a quote to prospective policyholders, so they have an idea of the cost of purchasing coverage from that particular insurer.Often, policyholders ask for quotes from various insurers as a way …

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What is an Insurance Rate

Details: An insurance rate is the exact amount of money that a person must pay to receive a specific amount of insurance coverage. Insurance rates are often categorized by monthly or yearly payments, but not always. Advertisement.

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What is Financial Insurance

Details: Financial insurance is a type of insurance policy that is frequently purchased by businesses. It provides coverage that protects them from losses due to a partner in a contract failing to meet their obligations. It can also protect against various other types of …

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What is Primary Insurance

Details: Primary insurance is a policy that pays for coverage first, even when the policyholder has other policies that cover the same risk. Those other policies will only be tapped when the primary policy has reached its financial limit. Advertisement.

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What is Excess Insurance

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. Advertisement.

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What is Explosion Insurance

Details: Insuranceopedia Explains Explosion Insurance. As explosion insurance offers extended coverage, it costs extra. Besides solely explosions, it may include coverage from unlikely risks, such as property damage resulting from vehicles, airplane crashes, and riots, as well as more typical perils, such as smoke and weather damage.

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What is Exposure

Details: In insurance terms, exposure refers to an individual, business, or entity’s susceptibility to various losses or risks they might encounter in life or in the ordinary course of business. Basically, it refers to their potential for accidents or other types of losses like crime, fire, earthquake, etc.

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What is Churning

Details: Insuranceopedia Explains Churning. Insurance companies use churning to describe the rate at which their customers leave due to reasons like selling assets, going elsewhere for more competitive rates, or voluntary churn where insurers choose to not renew clients with poor loss ratios.. It is also a term for a particular form of misconduct performed by …

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What is All Lines Insurance

Details: All lines insurance can refer to: 1. a policy that covers risks that could be distributed to separate policies and is offered to a client so that they will not buy another policy from another company. 2. an insurance company that sells all possible lines, including personal and commercial insurance. Advertisement.

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What is Municipal Insurance

Details: Municipal insurance is coverage for local governments, such as small towns or counties. It provides protection for liabilities like damage or loss caused by public property, public institutions, or a public official such as a police officer. This insurance coverage can also protect local bonds when their value is below par.

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Insurance Articles and Resources

Details: Business Insurance: Building, Contents, and Stock. Almost every business needs some type of property insurance. Whether you own your building, lease a space, or work from home, there is a good chance you are using By: Tiffanie Demasters | Commercial Insurance & Risk …

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What is Insurance Regulation

Details: Insurance regulation refers to the government overseeing the insurance market to ensure fairness and professionalism among those working for the insurance industry, to prevent the market from collapsing, and to democratize insurance. Laws are created for the industry and an agency is put up to make sure these laws are observed. Advertisement.

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What is Construction Insurance

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. Construction companies or other parties who have an interest in the property being built …

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What is the Cost of Insurance

Details: Cost of insurance is a fee associated with certain types of life insurance, such as variable and universal life insurance. Different from premiums, these charges are billed to pay for administration, mortality and other responsibilities of the insurer. The amount is largely determined by the risk class and age of the policyholder.

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What is Transportation Insurance

Details: Transportation insurance is a policy that offers coverage on the insured's property while it is in transit from one location to another via any necessary mode of transport. This coverage is based on the value of goods and the amount of risk the insurance company is taking on while the property is moved from loading to the stated destination.

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What is Personal Lines Insurance

Details: Personal lines insurance refers to the class of coverage that protects families or individuals against financial losses. The term “line” in the insurance industry, refers to a class of insurance. The focus of personal lines is on protecting the financial interests of an individual or family, rather than a corporate or business entity.

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What is In Force

Details: In force is an insurance term that means a policy is currently active and providing insurance coverage in return for premiums paid as agreed. The phrase “in force” refers to the policy at the time it is evaluated. This applies if a policyholder has been paying their insurance as per the payment agreement or has paid their premiums in full.

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What is Broad Form Insurance

Details: Broad form insurance is a type of insurance that offers coverage beyond the basic or standard option to protect against unusual or risky scenarios that can lead to serious financial losses. Applicable to almost all types of insurance, including assets, investments, and more, it often has a higher premium and a deductible. Advertisement.

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What is Vacant Building Insurance

Details: Vacant building insurance is a type of policy that insures a vacant (or unoccupied) residential or commercial building. They can either be purchased by commercial clients, such as landlords or investment fund corporations, or personal customers buying houses that will temporarily be without residents. Insured buildings may remain vacant for

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What is Catastrophe Insurance

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 Cargo Insurance

Details: Cargo insurance protects the owner or consignor of goods for possible physical loss or damage from outside causes during shipping. The insurer would reimburse the policyholder for the value of the goods if they incur damage or perish while in the hands of the shipper. It is often available from the shipping company itself, or it may be

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What is a Policy Summary

Details: This can save insurance companies a lot of time and money in customer service. Policy summaries are typically much shorter than the actual life insurance policy package. Life insurance policy packages can be dozens of pages long, …

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What is Re-entry Term Insurance

Details: Insuranceopedia Explains Re-entry Term Insurance. This was the answer of the industry in the 70s for less expensive life insurance. Policyholders pay for inexpensive premium for a while and then re-entry to the policy means taking a medical exam and paying more should he or she fails the exam.

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What is Personal Injury Insurance

Details: Personal injury insurance protects against losses that arise as a result of causing personal injury to another person. These injuries can include bodily injury as well as non-bodily personal injuries, such as defamation of character or libel. Personal injury insurance is typically included in standard commercial general liability policies

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What is Specified Perils Insurance

Details: Specified perils insurance is a type of coverage for auto insurance that insures the policyholder's car against damage due to certain perils pre-defined in the policy. As opposed to comprehensive coverage, which is based on an "all risks" form of coverage, this type only applies to the listed perils. Do note that it may be a less commonly used

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What is Pre-certification

Details: The health insurance company may require the health provider to submit a pre-certification request that explains the need for the service as well as other related documentation, depending on the insurer. It is often necessary in the context of hospital admission. Certain exams, such as mammograms, do not require it, and many others, such as

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What is Mobile Equipment Insurance

Details: The world of insurance can be complicated. Subscribe to the Insuranceopedia newsletter and stay in the know! Access expert content, industry term definitions and answers to your questions from knowledgeable insurance insiders. Arm yourself with what you need to know to keep your assets and your family safe.

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What is an Insurance Policy

Details: An insurance policy is a formal contract between an insurance company and the insured wherein the former party agrees to provide a certain service or pay out a certain amount of money in the event the latter experiences a form of loss covered in the policy. This legal document states the exact terms and conditions of the policy and includes

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What is Online Fulfillment

Details: Online fulfillment, in the context of insurance, refers to an insurance company or agent processing and finalizing an order placed on the Internet. For an order to be fulfilled, the customer must purchase the product, a monetary transaction must take place, and the insurance company must deliver the product to the customer. Advertisement.

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What is Capitation

Details: The purpose of capitation is to lessen the cost of health services by determining the monthly amount in advance for a year. This payment is fixed by a contract between the insurance company and the medical provider. To prevent the medical provider from being underpaid, qualified people are classified according to risk.

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What is a General Account

Details: The insurance company uses all the premiums from various clients in a wide variety of ways, including: Meeting various business-related expenses, such as operational and personnel expenses. Setting aside a loss reserve to cover the estimated losses over the course of the year, including the payment of claims

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What is a Vacancy Permit

Details: A vacancy permit is an amendment that can be added to a home insurance policy when the insured property is vacated. Vacating a property for an extended period of time will typically void home insurance coverage. With a vacancy permit, however, the property will remain insured even while it remains unoccupied. Advertisement.

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What is Earned Exposure

Details: The world of insurance can be complicated. Subscribe to the Insuranceopedia newsletter and stay in the know! Access expert content, industry term definitions and answers to your questions from knowledgeable insurance insiders. Arm yourself with what you need to know to keep your assets and your family safe.

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What is Crop Insurance

Details: Crop insurance is a form of risk management for agricultural businesses. It protects these businesses from the financial fallout of perils that affect their crops, such as: Flooding. Drought. Hail. Price fluctuation for agricultural products. Most crop insurance policies will cover both the natural hazards that affect the yield of usable and

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What is Accident and Health Insurance

Details: Accident and health insurance is insurance coverage that can protect policyholders from losses incurred from injuries resulting from accidents or from various other types of health problems. Accident and health insurance is commonly offered by employers, and given to employees as part of an incentive package to work for the company. Advertisement.

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What is a Regulator

Details: Insurance regulators oversee the insurance industry in a certain state. They check business practices, investigate cases, carry out penalties, and provide (and even revoke) licenses. The fundamental purpose of an insurance regulator is …

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What is a Claims Reserve

Details: A claims reserve is a money reserve an insurance company deliberately sets aside to use to pay unsettled claims in the future because it takes time to process claims and make sure they are covered and legitimate. Insurers use this fund to pay benefits to policyholders who file legitimate claims. Advertisement.

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What is an Annuity

Details: An annuity is an insurance product that an individual can pay into to later receive a steady set of payments in the future. During the accumulation phase, the insurance company receives payments from the owner for a specified number of years. Once this phase ends, it enters the annuitization phase during which the insurance company pays out a

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What is a Coinsurance Formula

Details: The coinsurance formula is the formula that is used to determine how much money a homeowner will receive from an insurance company in the event of a loss. Typically, if the homeowner has insurance coverage for at least 80% of the replacement value of the home, then he or she can receive full coverage in the event of a total loss. However, if

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What is an Inland Marine Policy

Details: The world of insurance can be complicated. Subscribe to the Insuranceopedia newsletter and stay in the know! Access expert content, industry term definitions and answers to your questions from knowledgeable insurance insiders. Arm yourself with what you need to know to keep your assets and your family safe.

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What is Special Risk Insurance

Details: Special risk insurance refers to an insurance policy that is non-traditional or unusual because the person or entity insured is more exposed to certain risks. These unusual risks might be attributed to the dangerous nature of the insured's profession or …

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What is Diversification

Details: Diversification, in the context of insurance, is a risk management strategy wherein loss exposures are spread across a variety of areas, markets, or products. This technique recommends that to lower risks, a company or an individual should make different types of investments within a portfolio. Advertisement.

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Jacques Wong Contributor Bio

Details: Jacques grew up around the insurance industry and began actively participating in 2013. Since then, he has gotten a Level 2 license, won Insurance Council of BC awards in 2015 and 2020 for academic excellence in the insurance licensing courses.He educates insurance professionals through PNC Learning and as a Thought Leader at ReFrame Insurance.. In his day job as an …

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What is Hospitalization Insurance

Details: Hospitalization insurance is a health insurance policy that covers payments for hospital stays, outpatient medical treatment, surgery, or any hospital-related activity that involves the insured's health. This coverage is part of the health plan for government workers in the United States. Hospitalization insurance is also called hospital cash

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What is a Premium Refund

Details: A premium refund is a clause in some insurance policies that grants the beneficiaries a refund to the total amount of premiums paid to date. Depending on the contract and type of insurance, it will grant a refund of the premiums you paid if you die before that term runs out or if you voluntarily end your coverage.

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What is Valuation

Details: What Does Valuation Mean? Valuation is a financial assessment of the worth of an item. In the context of insurance, valuation refers to giving a dollar figure for assets to be insured. This way both the insured and the insurer know how much money the insurer will give to the insured in the event of a covered loss for the asset.

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