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Risk Retention
Risk retention is an individual or organization’s decision to take responsibility for a particular risk it faces, as opposed to transferring the risk over to an insurance company by purchasing insurance. That means the individual or organization has chosen to pay for any losses out of pocket...
Elements of an Insurance Contract
The elements of an insurance contract are the standard conditions that must be satisfied or agreed upon by both parties of the contract (the insured and the insurance company). In terms of insurance, these are the fundamental conditions of the insurance contract that bind both parties, validate the...
Free Consent
Free consent refers to an agreement when both parties knowingly and willingly enter into a contract of their own will. This includes agreeing to all of its terms and conditions and a mutual level of understanding of the subject matter in the contract. For a contract to be enforceable and sound,...
A Look at Uninsurable Risk
Uninsurable risk refers to those things insurance companies won't cover. Knowing what is uninsurable will help you plan for the future.
Travel Insurance: Do I Really Have To?
Don't forego travel insurance for international trips unless the risks are already covered by your existing insurance policies or you can easily absorb the costs.
By: Kaleigh Cox | Freelance Copywriter
The Key Elements of an Insurance Contract
Understanding the basic terms of an insurance contract will help you make an informed choice when buying a policy.
By: Mark Cussen | CFP, CMFC
Is the date of inception of the insurance policy different than the effective date of the policy?
The date of inception and the effective date of the policy are terms that generally refer to the same thing. They refer to the date at which coverage under the terms described on the insurance policy begins. It signals the start of the contract and, from then until the expiry date, both parties are...
How does a business owners policy (BOP) differ from general liability insurance?
The difference between a Commercial General Liability (CGL) policy and a Business Owners Policy (BOP) is that, while the former only covers liability losses, the latter covers both liability and property losses.A CGL policy provides coverage for bodily injury, property damage, personal and...
How does a corridor deductible work?
Most people who have health or auto insurance are familiar with the idea of a deductible. But not everyone realizes there are different kinds of deductible (see An Overview of Insurance Deductibles to learn more).In general, a deductible is the amount you have to pay out of pocket before your...
