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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...
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...
Insurance Risk
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 and a claim...
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!
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...
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...
Does changing my insurance company affect my credit score?
Under normal circumstances, changing insurance companies will not affect your credit score.Insurance is a competitive market, one of the reasons people and businesses change insurance companies all the time, in search of better coverage, better prices, or better service.When getting an insurance...
