Declarations Page
The date on which an insurance policy becomes active and begins providing coverage.
What is the Policy Effective Date?
Minimum requirements for insurance policies to ensure consistency and reliability.
What are Policy Standards?
Loans in ancient Babylon to cover farmers' crops in the event of a flood or damage by pests.
What is Bottomry?
An insurance company that is not licensed by the state where the insurance is being provided but is allowed to offer coverage
What is a Non-Admitted Carrier?
The payments made by the insured to the insurer in exchange for coverage under an insurance policy.
What is a premium?
Insurance companies licensed by the state, ensuring financial strength and adherence to regulations.
Loans created in ancient Greece and Rome to cover the risk of their ships being attacked by pirates.
What are Maritime Loans?
A formal contract between the insured and the insurer. It specifies the terms, conditions, coverage limits, exclusions, and obligations of both parties.
What is a Policy?
The individual, business, or entity covered under an insurance policy.
Who is the Insured?
Another term for non-admitted carriers, offering specialized and flexible coverage.
What are Surplus Lines Insurers?
This great fire which destroyed thousands of homes led to the first Fire Insurance Company.
What was the Great Fire of London?
A person or organization who solicits, negotiates or instigates insurance contracts on behalf of the insurer and can be independent or an employee of the insurer.
What is an Agent?
Refers to the broader categories of insurance products offered by an insurance company. It encompasses various lines of coverage within a particular sector.
What is the Line of Business?
A marketplace for insurance and reinsurance, where risks are pooled and shared among multiple parties called syndicates.
What is Lloyd's of London?
A coffee shop by the river Thames that was a hub for merchants, shipowners and underwriters and eventually became this entity.
What is Lloyd's of London?
An office where insurance is sold. It may be an independent organization or an insurer subsidiary.
What is an Agency?
Specific events or circumstances that can cause damage or loss to property. Common examples include fire, theft, vandalism, windstorms, and floods.
What are Perils?
A federal law granting states the primary authority to regulate insurance.
What is the McCarran-Ferguson Act?
A term coined in the late 1600s describing the person assuming the risk for a ship who would sign their name beneath the voyage details.
What is an Underwriter?
Another term for an insurance company or insurer.
What is a Carrier?