Brick veneer construction means that a building has an outer wall made up of wood that it covered by an outer layer of brick. Because brick veneer buildings are thought to burn less easily than their all-wood frame counterparts, they often cost less to insure. View Full Term
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By: Charlene Royston | Owner
By: Bennett O'Brien | Freelance Writer
An insurance risk is a threat or peril that the insurance company has agreed to insure against in the policy wordings. These types of risks or perils have the potential to cause financial loss such as property damage or bodily injury if it were to occur. If the insured event takes place…
Risk retention groups (RRG) are a particular type of insurance company formed by the Federal Liability Risk Retention Act, which allows a member to write all types of liability insurance, except workers' compensation, property insurance, and policies for personal lines.
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,…
Buying insurance usually forms the backbone of anyone's financial plan, offering some reassurance of financial stability should the "worst" happen. Life insurance,health insurance, automobile insurance, home or renter's insurance are all necessary facts of life for most…
By: Charlene Royston
The rate of burglaries is dropping, but that doesn’t mean they don’t happen—and that doesn’t mean it won’t happen to you! According to the 2019 FBI Crime Report, there were an estimated 1.1 million reports of burglaries in the US that year. There are steps homeowners can take to…
Almost every business needs some type of property insurance. Whether you own your building, lease a space, or work from home, there is a good chance you are using physical items in some way in your business. According to financial services company Hartford, approximately 60% of the top 10…
By: Bennett O'Brien
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…
By: Insuranceopedia Staff
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…
To put it simply: no. You only need to show proof of ownership to have a valid claim. For example, if you received a gift from a friend and that item was stolen, you would still have a valid insurance claim as long as you could show that you owned the item in question. In general, there…
So, you’ve got your dream car picked out. You’ve been driving by the dealership and seeing ads for a great deal. You decide to drive into the lot and the dealer is…
By: Kaitlyn Kokoska
Let’s face it: for many of us, insurance is getting expensive. Insurance rates have a bad habit of creeping upward every year, even when you don’t file claims or…
By: Steven Porrello
When you are finally able to buy that dream home where you want to spend the rest of your life, you may have a spotless credit report and enough money to make a down…
By: Claire Boyte-White | Vice President
So, you’ve picked out your dream house, you were approved for your mortgage, and finally, you’ve made it to the last steps of buying a home. You’re so…
In the insurance context, we look at risk to mean the chance of “financial loss”. This isn’t restricted solely to the loss of money—it could mean…
By: Jacques Wong
Congratulations on your pregnancy! We hope this time is one of the best times of your life, but understand it can also be kind of scary and full of anxiety-ridden…
By: Maurice Draine
Ah, love! Can you feel it in the air? Doesn’t it just make you feel like…it’s time to look at your insurance policy? Okay, maybe not.In the process of…
Good business practices and safety guidelines are paramount for any organization. However, any company owner knows the business environment can be extremely…
By: Tiffanie Demasters | Commercial Insurance & Risk Mangement Advisor
Between pondering "How much life insurance do I need?" and researching all the types of life insurance (whole life, term life, universal...oh my!) finding the right life…
You’ve had your eye on a car for a while. Maybe it’s out of necessity or maybe it’s a daydream ride you’ve been obsessed with since you saw the car sitting…
Insurance companies can be tough to deal with. Between putting you on hold when you have a claim to spamming your email (or phone) with promotions, you can easily get…
Buying insurance usually forms the backbone of anyone's financial plan, offering some reassurance of financial stability should the "worst" happen.Life…
By: Mark Cussen | CFP, CMFC
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Jacques grew up around the insurance industry and began actively participating in 2013. Since then, he has gotten a Level 2 license, won Insurance…
Jodie Stauffer is an experienced Certified Financial Planner® and the owner of JL Stauffer Financial Consulting Ltd. Prior to opening her firm,…
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Mark has over 25 years of experience in the financial industry, and has worked with investments, insurance and mortgages as well as income tax…