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Insurance

Business interruption insurance

As a business owner, you may have heard of the term "business interruption insurance". This type of coverage provides reimbursement for lost profits and fixed expenses during the time your business is closed for restoration due to physical damage from a covered peril, such as a fire. Additionally, this insurance may also cover financial losses if civil authorities restrict access to your business premises after a disaster, preventing customers from reaching you. Keep in mind, the coverage may have a waiting period and can last for several weeks or longer, depending on your policy.

Actual loss ratio

Insurance companies use a key metric called Loss Ratio to measure their financial performance. It reflects the proportion of claims paid out to the amount of premiums collec...

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Fiduciary bond

A surety bond, also known as a probate bond, is a form of security that is mandatory for fiduciaries, including executors and trustees. This bond serves as a guarantee for t...

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Claim

An essential aspect of insurance policies is the notification of payment due to the insurance company. This request for payment of contractual benefits is initiated by eithe...

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Bonus

The bonus, also known as the policyholder's dividend, is an additional sum that is received during the term of an insurance plan or at its maturity. This is only granted if ...

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