A broker of record is an insurance agent who manages an insurance policy with a carrier on behalf of a policyholder. Let's assume John Doe buys a whole life insurance policy.
In the insurance industry, a calendar year experience (also called accident-year experience or underwriting-year experience) is the difference between the premiums earned and the losses incurred during a calendar year. Let's say Company XYZ had 1,000 customers, each of whom has a policy that has a $5,000 annual premium.
Coinsurance, commonly used in health insurance, is the percentage that the insurer pays for a medical claim on behalf of the insured patient after the deductible has been met.  Property coinsurance specifies a minimum percentage of the property’s assessed cash or replacement value that it must be insured for (perhaps 80%).If the insured does not maintain that level of insurance on the property and there is a claim, the insured may be asked to pay a portion of the claim.  In health insurance, coinsurance is similar to the idea of a co-payment or copay, except that the coinsurance amount is expressed as a percentage of the claim, while a copay is expressed as a specific amount.  For example, let's say you need to see a doctor for a medical condition and the bill for the consultation is expected to be $150.
A coinsurance clause in regards to property insurance specifies a minimum percentage of a property's assessed cash or replacement value that it must be insured for (typically 80% or 90%).If the insured property owner does not maintain that level of insurance on the property and there is a claim, the insured may be asked to pay a portion of the claim.
The dollar limits on HDHPs change often (the government thresholds are indexed for inflation).HDHPs are growing in popularity because they help employers limit insurance costs (they have lower premiums) and because they allow people to open Health Savings Accounts (HSAs).
Also called key man insurance, key person insurance is insurance on an important executive's life. For example, let's say John Doe discovers a cure for cancer.
Malpractice insurance is liability insurance for doctors and other health care professionals. Let's say John Doe needs surgery to amputate his left foot.
The National Association of Insurance and Financial Advisors (NAIFA) is a trade organization for insurance professionals and financial advisors. Founded in 1890, the organization originally was called The National Association of Life Underwriters (NALU).
Underinsured motorist coverage protects drivers from other drivers who do not carry any or enough auto insurance. Let's say you're driving your car and are hit by another driver.
Whenever you apply for a major loan or an insurance policy, your personal data will often go before an underwriter.Although you may never meet them, these specialists have a lot of control over whether you’re approved for a mortgage or life insurance policy.