A Banker’s Blanket Bond is a type of insurance that protects a bank or other financial institution from losses due to a variety of events, such as theft, fraud, or embezzlement. The bond is also known as a financial institution bond or a fidelity bond. Which degree is best for banking? There is no one-size-fits-all … Read more
A cedent is an insurance company that cedes, or transfers, risk to another insurance company. The ceding company pays a premium to the assuming company in exchange for assuming the risk. Cedents are also known as policyholders. What is reinsurance in simple words? Reinsurance is a type of insurance that protects insurance companies from losses … Read more
Insurable interest is the legal concept that defines the relationship between the insured and the insurance policy. In order for an insurance company to issue a policy, the insured must have some type of insurable interest in the property or person that is being insured. This means that the insured would suffer a financial loss … Read more
The net premium definition is the portion of the premium charged by an insurer that is used to pay for claims and expenses. The net premium is the amount of the premium that is available to pay for claims and expenses after the deduction of any taxes or fees. What is Ibnr insurance? Ibnr insurance … Read more
A civil commotion is a sudden disturbance of the peace by a group of people. It is typically characterized by violence, destruction of property, and looting. A civil commotion can quickly escalate into a full-blown riot. The term “civil commotion” is not clearly defined in most insurance policies. However, most policies will provide coverage for … Read more
Commercial general liability (CGL) covers a company for liability arising from its products, services, and operations. It is the broadest type of coverage available and typically includes third-party bodily injury and property damage, personal and advertising injury, and medical payments. What is covered under Coverage A of the CGL policy? Coverage A of the CGL … Read more
The American Land Title Association (ALTA) is a trade association representing the U.S. land title insurance industry. ALTA members include title insurance companies, title agents, real estate attorneys, lenders, surveyors, and other real estate service providers. ALTA’s mission is to promote the interests of the title insurance industry and to protect the property rights of … Read more
An excess limits premium is a premium that is charged in addition to the normal limits of liability that are set by an insurance company. This type of premium is typically charged when an insured party has a high level of exposure to potential liability claims. What is an excess of limits letter? An excess … Read more
An underwriting cycle is the period of time during which an insurance company experiences changes in the profitability of its business. The underwriting cycle is typically divided into four phases: hard market, soft market, turn, and flat. The hard market phase is characterized by high insurance premiums and low policyholder demand. This phase is typically … Read more
Betterment insurance is a type of insurance that is designed to protect a company from the financial losses that can occur as a result of improvements made to the property. This type of insurance can be used to protect a company from the cost of repairs or replacement that may be needed as a result … Read more
