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Insurance

Automatic treaty

Reinsurance is a crucial concept in the world of finance. It refers to a contractual agreement between a ceding company and a reinsurer, where the former agrees to transfer a portion of its business to the latter. This exchange is based on predetermined terms and conditions, and helps mitigate risk for the ceding company by distributing it to the reinsurer. This is just one example of the intricate and important concepts that make up the world of finance.

Lapse

When a policy owner fails to pay the premium within the grace period, the policy is terminated. This means that the coverage will end and the policy will no longer be in eff...

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Insurable value

When discussing business income coverage, it's important to understand the concept of net income. This is the amount that remains after subtracting variable costs and expens...

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Occupational Hazard

Occupational hazard refers to a risk factor associated with a particular job that increases the chances of accidents, sickness, or even death. This can result in higher insu...

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Rated

An additional charge is added to the standard rate when issuing coverages due to pre-existing health conditions or impairments of the insured. This is known as a substandard...

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