Insurance Knowledge
Actuarial Report
A document prepared as a formal means of conveying to the state regulatory authority and the Board of Directors the actuary's conclusions and recommendations, and of recording methods and procedures.
Aggregate Limit
The maximum amount an insurer will pay for all covered losses during a policy period.
Business Interruption
Coverage for loss of income when business operations are disrupted due to a covered peril.
Cyber Liability
Coverage for financial losses resulting from data breaches, cyber attacks, and other cyber incidents.
Deductible
The amount a policyholder must pay out of pocket before the insurer pays a covered claim.
Directors & Officers (D&O)
Liability insurance covering directors and officers for claims arising from decisions and actions taken within the scope of their duties.
Errors & Omissions (E&O)
Professional liability coverage for claims arising from mistakes or negligence in professional services.
Employee Health Benefits
Employer-sponsored medical and wellness coverage designed to protect employees and their families.
Indemnity
A contractual obligation of one party to compensate another party for specified loss or damage.
