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The Risk Retention Act is a U.S. federal law that makes it easier for businesses to manage insurance risks together through special insurance groups. If you’ve ever wondered how certain …
What Is the Risk Retention Act? – Simple and Easy Explanation Read More
Risk is the uncertainty around whether a loss might happen, which is the main reason people buy insurance in the first place. When you hear the word risk, it might …
What Is Risk? – Simple and Easy Explanation Read More
A rider is an add-on to an insurance policy that changes or expands coverage, letting you customize protection without buying a new policy. When you buy insurance, the policy you …
What Is a Rider? – Simple and Easy Explanation Read More
Retrospective rating adjusts an insurance premium after the policy period based on actual losses, so the final cost reflects real-world experience. Understanding Retrospective Rating in Plain English Most insurance policies …
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Retrocession is when a reinsurance company passes on part of its risk to another reinsurer instead of keeping it all. Understanding Retrocession in Plain English Insurance can get complex fast, …
What Is Retrocession? – Simple and Easy Explanation Read More
A retention limit is the maximum amount of medical or hospital expenses an insurer agrees to pay on its own before reinsurance steps in. Understanding Retention Limit in Everyday Terms …
What Is a Retention Limit? – Simple and Easy Explanation Read More
Retention is a way for a business or individual to set aside their own money to cover losses instead of fully relying on insurance. Understanding Retention in Plain Language When …
What Is Retention? – Simple and Easy Explanation Read More
A residual market plan provides insurance coverage to higher-risk individuals who can’t get insurance through the regular market. Understanding Residual Market Plans in Plain English Most people buy insurance through …
What Is a Residual Market Plan? – Simple and Easy Explanation Read More
A residence is the place a person is officially considered to live, based on where they are determined to be a resident. Understanding Residence in Everyday Language The word residence …
What Is a Residence? – Simple and Easy Explanation Read More
Reserve credit reduces an insurer’s reserves when part of the risk is passed to a reinsurer, helping reflect the true amount the insurer needs to set aside. Reserve credit is …
What Is Reserve Credit? – Simple and Easy Explanation Read More