Reinsurance
This is “insurance for insurance companies.” Insurers buy reinsurance to transfer a portion of their highest risks to another insurance company (reinsurer). This protects the original insurer …
Reinsurance Read MoreUncategorized
Underwriting and Actuarial Science
Underwriters are the risk assessors. They evaluate the applications for insurance to determine whether to accept the risk, and if so, what coverage limits and premiums to charge. …
Underwriting and Actuarial Science Read MoreExclusions and Endorsements
An exclusion is a specific peril or loss circumstance explicitly not covered by the policy. An endorsement (or rider) is an amendment or addition to the basic …
Exclusions and Endorsements Read MoreLiability Coverage:
A crucial component of many policies (auto, home, business) that protects the insured against financial losses if they are found legally responsible for injury or damage to another …
Liability Coverage: Read MoreInsurable Interest
A fundamental requirement stating that the policyholder must have a legitimate financial stake in the property or person being insured. They must stand to suffer a financial loss …
Insurable Interest Read MorePrinciple of Indemnity
For most types of insurance (like home or auto, but generally not life insurance), this principle ensures that the insured is compensated for the actual amount of …
Principle of Indemnity Read MorePrinciple of Indemnity
For most types of insurance (like home or auto, but generally not life insurance), this principle ensures that the insured is compensated for the actual amount of …
Principle of Indemnity Read MoreClaim
A formal request made by a policyholder to the insurance company for payment or compensation under the terms of the insurance policy. This occurs after a loss …
Claim Read MoreDeductible
The amount of money the policyholder must pay out-of-pocket towards an insured loss before the insurance company begins to pay. Choosing a higher deductible typically results in …
Deductible Read MoreMining and Staking
The technical processes by which new coins are created and transactions are validated under both Proof-of-Work (mining) and Proof-of-Stake (staking) systems.
Mining and Staking Read More