by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is a Reservation Of Rights Letter?A reservation of rights letter refers to a notice issued by an insurer to an insured which states that a/some claims might not be covered by the policy. When issued by an insurer, a reservation of rights letter outlines some...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is a Claims Adjuster?An adjuster is a claim agent who is responsible for investigating and evaluating an insurance claim to determine the extent of the insurance company’s liability. During the investigation process, the adjuster may interview the claimant...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is an Omnibus Clause?An omnibus clause refers to a clause used in an automobile liability insurance policy clause. It offers coverage to individuals who are not covered in the policy. It is applicable to those individuals who can use an insured automobile.How...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is a Waterfall Concept?A waterfall concept in a clause or strategy used in life insurance policies that allow the child or grandchild of the policyholder to enjoy the policy. The waterfall concept means that a life insurance policy can rollover or be passed on by...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is Unconditional Probability?An unconditional probability is a probability theory that holds that an event is likely going to occur whether or not other events occur. In this theory, the chance of the occurrence of an event is not dependent on other events....
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is an Incontestability Clause?In life insurance policies, an incontestability clause protects the policyholder and prevents the policy provider from tampering with any part of the insurance coverage based on a mistranslation or misstatements by the insured...
