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Insurance

Ratification

An important concept in the world of insurance is the process of ratification. This is when an agent obtains the power to issue insurance policies by first writing the policy and then seeking approval from the insurance company. Once the company approves the policy, the agent's authority is officially established. It's crucial for agents to understand this process in order to effectively navigate the complex world of insurance.

Treaty reinsurance

Reinsurance treaties are mutually beneficial agreements between insurance companies and reinsurers. In this arrangement, both parties agree to automatically accept a certain...

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Direct loss

An insurance term that refers to a loss that is a direct result of a series of connected events starting from an insured risk. In simpler terms, it means that the loss can b...

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Public adjuster

In the world of finance, a loss claim is a common occurrence that requires the expertise of a skilled professional. This is where an insurance adjuster comes into play, hire...

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Claim Amount

The term "payable amount" refers to the sum of money that is due upon the completion of a policy or when a claim is made. This amount is typically determined at the beginnin...

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