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  1. Abandonment Clause

    An abandonment clause in a property insurance contract permits the property owner to abandon lost or damaged property and ...
  2. Future Purchase Option

    A future purchase option is a feature of long-term disability insurance that allows policyholders to increase their insurance ...
  3. Contingent Commission

    A contingent commission is a commission paid to an intermediary by an insurance or reinsurance company with a value dependent ...
  4. Select Mortality Table

    A select mortality table outlines life contingency statistics for a certain period of time.
  5. Entity-Purchase Agreement

    An entity-purchase agreement is a type of business succession plan used by companies that have more than one owner.
  6. Ultimate Net Loss

    Ultimate net loss is a party's total financial obligation when an insured event occurs.
  7. Business Interruption Insurance

    Business interruption insurance is a form of insurance coverage that replaces business income lost as a result of business ...
  8. Toronto Stock Exchange (TSX)

    The Toronto Stock Exchange (TSX) is the largest stock exchange in Canada.
  9. Unfair Claims Practice

    Unfair claims practice is the improper avoidance of a claim by an insurer or an attempt to reduce the size of the claim. ...
  10. Aggregate Deductible

    Aggregate deductible is the limit deductible a policyholder would be required to pay on claims during a given period of time. ...
  11. Pre-Existing Condition

    A pre-existing condition is any personal illness or health condition that was known and existed prior to the writing and ...
  12. Best's Capital Adequacy Relativity (BCAR)

    Best's Capital Adequacy Relativity is a rating of an insurance company’s balance sheet strength.
  13. Wear And Tear Exclusion

    A wear and tear exclusion states that the normal, expected deterioration of the insured object will not be covered by an ...
  14. Schedule F

    Schedule F is a section in an annual insurance statement in which reinsurance transactions are disclosed.
  15. Insurance Derivative

    An insurance derivative is a financial instrument that gets its value from an underlying insurance index or characteristics ...
  16. Continuous Contract

    A continuous contract is a reinsurance contract that does not have a fixed contract end date and is renewable until terminated ...
  17. Understanding Your Insurance Contract

    Learn how to read one of the most important documents you own, your insurance contract.
  18. Other Post-Retirement Benefits

    Other post-retirement benefits are benefits, other than pension distributions, paid to employees during their retirement ...
  19. Gross Profits Insurance

    Gross profits insurance is a type of business interruption insurance that provides funds in the amount of profit lost if ...
  20. Product Recall Insurance

    Product recall insurance covers expenses associated with recalling a product from the market.
  21. Alternate Employer Endorsement

    An alternate employer endorsement extends workers compensation coverage to other companies with whom the primary insured ...
  22. Overall Liquidity Ratio

    Overall liquidity ratio is the measurement of a company’s capacity to pay for its liabilities with its assets.
  23. American Land Title Association (ALTA)

    The American Land Title Association is a trade association representing the title insurance industry.
  24. Conditionally Renewable Policy

    A conditionally renewable insurance policy provision allows the insurer to not allow a policy to be renewed under certain ...
  25. Combined Single Limits

    Combined single limits are a provision of an insurance policy that limits the coverage for all components of a claim to a ...
  26. How High-Deductible Health Plans Work

    It will give you access to a Health Savings Account, but are the limitations worth the benefits?
  27. Commercial Multiple Peril Policy

    A commercial multiple peril policy offers at least two forms of coverage, including a variety of losses incurred from numerous ...
  28. Third-Party Claims Administrator

    A third-party claims administrator processes claims for a third-party company.
  29. File-And-Use Rating Laws

    File-and-use rating laws are insurance regulations allowing an insurance company to use new rates prior to receiving state ...
  30. Traditional Whole Life Policy

    A traditional whole life policy is a type of life insurance contract that provides for insurance coverage of the contract ...
  31. A Guide to Social Security Dependent Benefits

    Advisors tend to focus on retirement benefits, but Social Security also offers dependent benefits.
  32. Net Leverage (Insurance)

    Net leverage is the sum of an insurance company’s net premiums written ratio and its net liability ratio.
  33. Surrender Fee

    A surrender fee is a charge levied against an investor for the early cancellation or withdrawal of funds from an insurance ...
  34. American Insurance Association (AIA)

    The American Insurance Association (AIA) is a property-casualty trade organization, representing primarily property and casualty ...
  35. Accidental Means

    Accidental means is a condition for losses covered under an insurance policy that requires the loss to have been the result ...
  36. Social Security Act

    The Social Security Act is a law enacted in 1935 to create a system of transfer payments in which younger, working people ...
  37. Yearly Renewable Term Plan of Reinsurance

    A yearly renewable term plan of reinsurance is a type of life reinsurance where mortality risks are transferred to a reinsurer.
  38. Western Account

    Western account is an offering agreement in which each underwriter in a consortium is responsible only for selling its allotted ...
  39. Commissioners Standard Ordinary Mortality Table

    The commissioners standard ordinary mortality table is an actuarial table that computes the minimum nonforfeiture values ...
  40. Experience Refund

    Experience refund is the portion of an insurance company’s premiums or profits that is returned to the policyholder if losses ...
  41. Broad Form Property Damage Endorsement

    A broad form property damage endorsement eliminates the exclusion of property under the care of the insured in a contractors' ...
  42. Selecting and Managing Insurance Payouts

    Find out which insurance payout option is right for you before you receive your funds.
  43. Associate in Risk Management (ARM)

    An associate in risk management designation is a nationally recognized educational program for dedicated risk management ...
  44. Comprehensive Personal Liability

    Comprehensive personal liability coverage pays for covered losses for third-party damages for which the policyholder is found ...
  45. Up-Front Mortgage Insurance (UFMI)

    Up-front mortgage insurance is an insurance premium collected on Federal Housing Administration (FHA) loans, at the time ...
  46. Attained Age

    Attained age is the age at which the beneficiary of an insurance policy, retirement plan or other aged-dependent plan, can ...
  47. Digital Insurance Concierge

    Digital Insurance Concierge is an insurance technology tool that manages all the policies of the insured on one mobile platform.
  48. Independent Agent

    An independent agent is an insurance agent that sells insurance provided by several different insurance companies, rather ...
  49. Appurtenance

    Appurtenance is a legal term denoting the attachment of a right or property to a more worthy principal.
  50. Average Severity

    Average severity is the amount of loss associated with an average insurance claim.
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Hot Definitions
  1. Diversification

    Diversification is the strategy of investing in a variety of securities in order to lower the risk involved with putting ...
  2. Liquidity

    Liquidity is the degree to which an asset or security can be quickly bought or sold in the market without affecting the asset's ...
  3. Federal Funds Rate

    The federal funds rate is the interest rate at which a depository institution lends funds maintained at the Federal Reserve ...
  4. Call Option

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  6. Entrepreneur

    An entrepreneur is an individual who founds and runs a small business and assumes all the risk and reward of the venture.
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