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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...
Supplemental Term Life Insurance
Supplemental term life insurance is a policy that fills the coverage gaps in a primary term life insurance policy. Some people obtain term life insurance courtesy of their employers. In many cases, these policies offer coverage in multiples of the employee’s annual salary. However, it is quite...
Principle of Indemnity
To indemnify someone means to “make someone whole.” The principle of indemnity is one of the fundamental principles of insurance because it is the part of an insurance contract that ensures the insured has the right to compensation and sets limits on how much they can get. The principle...
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
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.
10 Ways to Prevent Theft and Break-Ins in Your Apartment
Make sure you prevent theft and break-ins in your apartment. Just because you don't own your space doesn't mean you can't take steps to secure it!
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 do insurance companies calculate exposure?
Different insurance companies will have their own ways of calculating risk exposures and it will vary for different types of insurance. Most of this actuarial information is complex, proprietary, and not generally available to the public. The actuaries at large insurers use complicated risk models...
