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Captive agent

A captive agent is an individual who exclusively represents a single insurance company and is bound by contract to only submit business to that company. They are not allowed to work with any other insurance company unless their captive company declines the business first. This arrangement often limits the options available to the client, as the captive agent is not able to provide quotes from other companies.

Unearned premium

One key concept in insurance is the unearned premium, which refers to the portion of the premium that has been received by the insurer but has not yet been used to provide c...

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Renewable term

Let's talk about life insurance policies. These are contracts that provide financial coverage to the beneficiaries of a policyholder upon their death. One type of life insur...

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Diminution of value

One concept in finance that is often overlooked is the notion of depreciation. It refers to the decrease in value of an asset, such as a vehicle, after it has been damaged a...

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Declaration

When it comes to property or liability insurance policies, it is essential to understand the basic components. One crucial element is the declarations page, which outlines v...

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