by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is an Insurance Premium?Insurance premium refers to the amount which an individual or business entity has to pay in order to be covered by an insurance policy. Insurance premiums are paid for different insurance policies which typically cover things like...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is a Cooperation Clause in Insurance?The cooperation clause refers to an insurance contracts passage requiring the holder of the policy to work closely with the insurer whenever a policy claim arises. As per the policy agreement, it is mandatory for him or her to...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is a Co-pay?A co-pay refers to an amount that an insured pays for a service that is covered by an insurance policy. Co-pay often occurs when insured individuals receive health care services, it is an out-of-pocket amount that the insured pays for such services....
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is a Professional Risk Manager?An individual with the certification of the Professional Risk Managers’ International Association is called a professional risk manager (PRM). This is an expert who meets the requirement for financial risk managers and passed...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What are Anti-Stacking Provisions?An Anti-Stacking Provision is used in insurance policy to prevent multiple applications of deductibles or limits to a single loss or insured event. Insurance companies use stacking provisions or anti-stacking provisions for policies...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is Incurred But Not Reported?Incurred but not reported refers to a reserve account type which is used the insurance sector to document claims and and events that have transpired on a client, but has not been reported to the insurance firm. In IBNR cases, an...
