Claims
This is the first step in the claims process, when the insured notifies the carrier that a loss has occurred.
What is First Notice of Loss (FNOL)?
This is the amount you pay, often monthly or annually, to keep your policy in force.
What is a premium?
The Fantastic Four summit's brand presentation used this icebreaker question, tying personal identity to reputation: "If you were a ______, what would it be?
What is a pizza topping?
A surety bond involves three parties: the principal, the obligee, and this third party who guarantees performance.
What is the surety?
This tax-advantaged account, often paired with a high-deductible health plan, lets unused funds roll over year after year and belongs to the employee.
What is a Health Savings Account (HSA)?
This person, employed by or contracted with the insurer, investigates and evaluates a claim to determine the payout.
What is a claims adjuster?
This industry term for an insurance salesperson also describes someone who makes films or records albums.
What is a producer?
This June Culture Commitment challenges the team to dig in, embrace new approaches, and keep expanding their toolbox.
What is "Embrace the Challenge"?
This type of bond guarantees a contractor will complete a construction project according to the contract terms.
What is a performance bond?
Unlike an HSA, this tax-advantaged account is owned by the employer and its funds typically don't roll over year to year.
What is a Flexible Spending Account (FSA)?
This sworn, itemized statement of the loss and amount claimed is required of the insured after a loss.
What is a proof of loss?
Before binding coverage, a client reviews this document, which outlines coverage terms and limits.
What is a proposal?
This new P&C Practice Leader for Heartland brings deep commercial lines experience, with a focus on growing the practice and aligning sales and service.
Who is Seth Hopkins?
This type of bond guarantees a contractor will pay its subcontractors, laborers, and suppliers.
What is a payment bond?
This federal law sets minimum standards for most voluntarily established employer retirement and health plans.
What is ERISA?
When an insurer wants to investigate a claim without waiving its right to later deny coverage, it sends this letter.
What is a reservation of rights letter?
This clause splits liability or loss proportionally among multiple insurers or across overlapping time periods based on their share of the risk.
What is the pro-rata clause?
Nick Heflin's June ProEx Spotlight covered litigation trends involving this group, whose two-letter shorthand refers to corporate leadership.
What is D&O (Directors & Officers)?
Submitted with a construction proposal, this bond guarantees a contractor will honor its bid and enter the contract if selected.
What is a bid bond?
This annual window is the one time of year employees can typically change their benefit elections without a qualifying life event.
What is Open Enrollment?
This term describes damaged property the insurer takes ownership of after paying a total loss claim, which it may resell to recover value.
What is salvage?
Awarded to punish a wrongdoer rather than compensate the victim, this type of damages is typically excluded from standard liability policies.
What is punitive damages?
According to the EB Partnership session, if a prospect uses this type of HR outsourcing arrangement, there's likely a P&C gap worth exploring.
What is a PEO (Professional Employer Organization)?
Unlike insurance, which spreads risk across policyholders, a surety bond is designed to have zero loss, backed by this agreement requiring the principal to reimburse the surety for claims paid.
What is an indemnity agreement?
In a self-funded health plan, the employer pays claims directly and often buys this coverage to protect against unusually high claims.
What is stop-loss coverage?