Property And Casualty Insurance Companies For Independent Agents

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1 Glossary of insurance terms: (available from the website: REAL CASH VALUE Form of insurance that provides compensation equal to the replacement value of the damaged goods minus depreciation. ACTUARY Insurance specialist specializing in the analysis, evaluation and management of statistical information Evaluates the reserve of insurance companies , sets tariffs and valuation methods and determines other commercial and financial risks ADJUSTOR A person employed by a property/casualty insurer to assess loss and damage Claims adjustment Independent adjusters are independent contractors who adjust claims for various insurance companies ADJUST CHOICE The tendency of individuals to Those at higher risk will seek higher coverage insurance policies than those at lower risk, and insurers will either respond with higher premiums or not at all, as in floods gene. (Flood insurance is provided by the federal government but sold primarily through the private market.) In the case of natural disasters such as earthquakes, Adverse Selection concentrates risk rather than spreading it. Insurance works best when risk is shared among many policyholders. COMPANIES AGENCIES Companies that market and sell products through independent agents. AGENTS Insurance is sold by two types of intermediaries: self-employed agents, who are self-employed, represent various insurance companies and are charged commission; and sole or captive agents representing and employed or retained by only one insurance company. Insurance companies that use exclusive or proprietary agents are referred to as direct writers. RANDOM CONTRACT * A contract in which one party provides another party with something of value in exchange for a conditional promise, which is a promise that the other party will perform a specified action if an uncertain event occurs. Insurance contracts are random because the policyholder pays the premiums to the insurer and in return the insurer agrees to pay the benefits if the insured event occurs. Contrary to the commutative contract. DISTRIBUTION The distribution of a claim proportionately between two or more insurers that cover the same claim.

2 VALUATION An appraisal to determine the insurance value of a property or the amount of damage. ARBITRATION Process by which an insurance company and the insured or seller agree to settle a claim dispute by accepting a third party decision. ASSIGNMENT * An agreement whereby one of the parties, the assignor, retains some or all of its interest in a particular property, such as a a life insurance policy or annuity contract, to another party, the transferee. BENEFICIARY * The individual or entity who is the holder of an insurance policy and who is intended to receive the benefit of the policy if the insured claim occurs. BINDER Limited coverage authorization prior to conclusion of the actual insurance contract. FLAT RATE INSURANCE Coverage of more than one type of property at one location or one type of property at more than one location. Example: chain of stores PERSONAL INJURY LIABILITY PROTECTION Part of a car insurance policy that covers injuries caused by the policyholder to another person. BROKER An intermediary between a customer and an insurance company. Brokers usually search the market for adequate coverage for their clients. They work on a commission basis and typically sell commercial, not personal, insurance. In life insurance, agents must be licensed stockbrokers/distributors to sell variable annuities similar to equity-based investments. ADDITIONAL BUSINESS INCOME AND EXPENSES INSURANCE (aka BUSINESS INTERRUPTION INSURANCE) Business insurance that reimburses the business owner for lost profits and ongoing fixed expenses during the time the business is forced to remain closed while the facility recovers due to property damage to a roof. danger, like a fire. It can also cover economic losses that may arise when civil authorities restrict access to an area following a disaster and their actions prevent customers from reaching the business premises. Depending on the policy, civil defense can begin after a waiting period and last two or more weeks.

Property And Casualty Insurance Companies For Independent Agents

3 CAPTIVE AGENT A person who represents only one insurance company and is restricted by agreement from presenting business to other companies unless previously prohibited by the agent’s captive company. (Exclusive Agent) CLAIMS policy A form of insurance that pays for claims presented to the insurer during the term of the policy or within a specified period after its expiry. It limits liability insurers’ exposure to unknown future liabilities. (See Major Accidents Policy) CONTINGENT LIABILITY Liability of any person, entity or corporation for accidents caused by acts or omissions by persons other than employees for which the entity or corporation is responsible. STATEMENT Portion of property or liability insurance that includes the name and address of the policyholder, the insured object, its location and description, the period of insurance, premiums and additional information. Known as the December Page. EXCESS The amount of the claim paid by the policyholder. Whether it’s a specific dollar amount, a percentage of the claim amount, or a specific amount of time that must elapse before benefits are paid. The higher the deductible, the lower the premium for the same coverage. DIFFERENT CONDITIONS Policy to cover gaps in a company’s commercial property insurance coverage. There is no default policy. The policies are specially tailored to the needs of the insured. CONTRACT A written form attached to an insurance policy that modifies the coverage, terms or conditions of the policy. Sometimes called rider. ENVIRONMENTAL LIABILITY INSURANCE A form of insurance designed to cover losses and liabilities resulting from damage to property caused by environmental pollution. EXCLUSION Provision of an insurance policy that excludes coverage for a specific risk, person, property class or location. EXCEPTION An exception to an exclusion reinstates the cover withdrawn under the exclusion.

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4 EXPERIENCE LOSS RECORD. EXPOSURE Possibility of loss. STRESSED COVERAGE A guarantee added to an insurance policy or a clause within a policy that provides additional coverage for risks other than those of a basic policy. GRACE PERIOD* (1) For Insurance Premium Payments, a specified period of time after a Premium Due Date within which the Renewal Premium may be paid without penalty. The length of the grace period is specified in a grace period clause included in a life insurance policy, health insurance policy, or annuity plan. (2) For purchases on credit, a period between the date of purchase and the date the lender begins to charge interest, during which time no interest accrues. INCLUDED BUT NOT DEPORTED LOSSES / IBNR Losses not reported to the insurer or reinsurer until years after the policy was sold. Some liability claims can be made long after the event causing the damage. Asbestos-related diseases, for example, only appear decades after exposure. The IBNR also references estimates on claims that have already been reported but where the full extent of the injury is not yet known, such as earning what he earned before the injury develops over time. Insurance companies regularly adjust the provisions for these losses as new information becomes available. INCLUDED LOSSES Losses occurring within a specified period, adjusted or paid, or not during the same period. COMPENSATION Offer financial compensation for losses. INDEPENDENT AGENT Independent agent who engages and represents several insurance companies. (See Captive Agent) INSURABLE INTEREST * In insurance, a person exhibits an insurable share of a potential loss if that person suffers a genuine financial loss if the insured event occurs. Without the existence of an insurable interest, an insurance contract is not made for a legitimate purpose and is therefore not a valid contract. INSURABLE RISK

5 risks that are relatively easy to insure against and that meet certain criteria. These include being definable, random in nature, and part of a similar risk group large enough to make losses predictable. The insurance company must also be able to get a reasonable price for the insurance. INSURANCE A system of making large financial losses more affordable by pooling the risks of many people and businesses and transferring them to an insurance company or other large group for a premium. INSURANCE POOL A group of insurance companies that pool assets, enabling them to offer a much higher amount of insurance than individual companies can offer to cover large risks such as nuclear power plants. Pools can be set up voluntarily or mandated by the government to cover risks that cannot be covered in the voluntary market, such as: B. Coastal properties exposed to hurricanes. (See Beach and Storm Plans; Fair Access to Insurance Requirement Plans / FAIR Plans; Joint Underwriting Association / JUA) INSURANCE / IRIS REGULATORY INFORMATION SYSTEM Use financial metrics to measure insurers’ financial strength. Developed by the National Association of Insurance Commissioners. Each individual state insurance department decides how to use IRIS. CASH * The cancellation of an insurance policy as it is not a renewal premium

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