{"id":783,"date":"2024-05-06T16:48:17","date_gmt":"2024-05-06T20:48:17","guid":{"rendered":"https:\/\/www.resourcepro.com\/?page_id=783"},"modified":"2024-10-30T09:17:28","modified_gmt":"2024-10-30T13:17:28","slug":"glossary","status":"publish","type":"page","link":"https:\/\/www.resourcepro.com\/insights\/glossary\/","title":{"rendered":"Glossary"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"783\" class=\"elementor elementor-783\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3e0f8f7c e-con-full resourcepro2k24-hero-left-text-cta-extended e-flex e-con e-parent\" data-id=\"3e0f8f7c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-3a93c6a9 resourcepro2k24-inner-section e-flex e-con-boxed e-con e-child\" data-id=\"3a93c6a9\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-19262c75 e-con-full e-flex e-con e-child\" data-id=\"19262c75\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-49493cd5 elementor-widget elementor-widget-heading\" data-id=\"49493cd5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Insurance 101<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8425540 elementor-widget elementor-widget-heading\" data-id=\"8425540\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-heading-title elementor-size-default\">We\u2019re serious about helping new leaders get up to speed. Use this resource to better understand insurance and technology terms.<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-83f36dc e-con-full resourcepro2k24-glossary e-flex e-con e-parent\" data-id=\"83f36dc\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-dcbd96e resourcepro2k24-inner-section e-flex e-con-boxed e-con e-child\" data-id=\"dcbd96e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-044eb8b e-con-full e-flex e-con e-child\" data-id=\"044eb8b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-a55910f e-con-full e-flex e-con e-child\" data-id=\"a55910f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4c1e5fd elementor-widget elementor-widget-heading\" data-id=\"4c1e5fd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Find concise explanations of insurance industry terms.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-17f7e1f e-con-full e-flex e-con e-child\" data-id=\"17f7e1f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7a20732 resourcepro2k24-glossary-listing elementor-widget__width-inherit elementor-widget elementor-widget-shortcode\" data-id=\"7a20732\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\"><div class=\"glossary-term-bar\"><span class=\"glossary-link-initial-item\"><a href=\"#glossary-a\">a<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-b\">b<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-c\">c<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-d\">d<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-e\">e<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-f\">f<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-g\">g<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-h\">h<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-i\">i<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-j\">j<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-k\">k<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-l\">l<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-m\">m<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-n\">n<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-o\">o<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-p\">p<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-q\">q<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-r\">r<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-s\">s<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-t\">t<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-u\">u<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-v\">v<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-w\">w<\/a><\/span><span class=\"glossary-no-link-initial-item\">x<\/span><span class=\"glossary-no-link-initial-item\">y<\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-z\">z<\/a><\/span><\/div><div class=\"glossary-term-list \"><div class=\"glossary-block glossary-block-a\"><span class=\"glossary-letter\" id=\"glossary-a\">a<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/accident-insurance-2\/\"><span itemprop=\"name\">Accident Insurance\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Accident Insurance is an insurance plan that helps offset the unexpected medical expenses that result from a covered accidental injury.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/accountants-professional-liability\/\"><span itemprop=\"name\">Accountants Professional Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Accountants Professional Liability is a commercial insurance providing protection from financial losses if the event an accountant's work leads to financial harm.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/accounts-receivable\/\"><span itemprop=\"name\">Accounts Receivable<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Accounts receivable coverage (AR) is a type of insurance that protects businesses from financial losses arising from unpaid customer credits.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/acord-association-for-cooperative-operations-research-and-development\/\"><span itemprop=\"name\">ACORD (Association for Cooperative Operations Research and Development)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">ACORD is the Association for Cooperative Operations Research and Development, an insurance industry organization that drafts and disseminates standardized insurance forms to the property and casualty insurance industry.  <a href=\"https:\/\/www.resourcepro.com\/blog\/new-digital-solutions-are-transforming-insurance-distribution-for-agents-brokers\/\" target=\"_blank\" rel=\"noopener\">New digital solutions are transforming insurance distribution\u00a0<\/a> <a href=\"https:\/\/www.resourcepro.com\/blog\/new-priorities-for-pc-personal-lines-carriers\/\" target=\"_blank\" rel=\"noopener\">Tough times call for new priorities for p&amp;c personal lines carriers<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/actual-cash-value\/\"><span itemprop=\"name\">Actual Cash Value<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Is determined by figuring out what the property is worth at the time of the loss.  This is typically calculated as the replacement cost minus depreciation.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/add-plan-accident-death-dismemberment-plan\/\"><span itemprop=\"name\">AD&D Plan (Accident Death & Dismemberment Plan)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An AD&amp;D Plan is an insurance plan that pays a lump sum to beneficiary if death results from an accident, or to employee upon the loss of a limb (e.g., loss of an arm).  <a href=\"\/blog\/limited-lines-unlimited-possibilities\/\">Limited lines: unlimited possibilities<\/a> <a href=\"\/blog\/major-lines-of-authority\/\">Major lines of authority<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/additional-insured\/\"><span itemprop=\"name\">Additional Insured<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Where two parties have agreed contractually that one party is given coverage by in the insurance company and to be added to the other's insurance.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/additional-named-insured\/\"><span itemprop=\"name\">Additional Named Insured<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A person or organization that is given the same rights as the insured. <div class=\"ewa-rteLine\"><a href=\"\/blog\/avoiding-certificate-of-insurance-eo-part-1\/\">Avoiding certificate of insurance e&amp;o<\/a><\/div> <div class=\"ewa-rteLine\"><a href=\"\/blog\/to-attach-or-not-to-attach-certs-tips-tricks\/\">Certificate tips &amp; tricks: how to prevent misunderstandings<\/a><\/div> <div><\/div> <div><\/div><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/address-change\/\"><span itemprop=\"name\">Address Change<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Each state's Department of Insurance and\/or Secretary of State's Office requires notification whenever an agent or agency changes their address. Most addresses at the Secretary of State can be updated with the annual report.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/adjuster\/\"><span itemprop=\"name\">Adjuster<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An adjuster is an individual or agency that investigates and adjusts losses or claims arising under insurance contracts on behalf of an insurer. They may receive\u00a0compensation as an independent contractor or as an employee of the insurer. <div class=\"ewa-rteLine\"><a href=\"https:\/\/www.resourcepro.com\/blog\/adjusters-theyre-not-all-the-same\/\">Adjusters: they\u2019re not all the same<\/a><\/div> <div class=\"ewa-rteLine\"><a href=\"https:\/\/www.resourcepro.com\/blog\/help-in-a-crisis-emergency-adjuster-licensing\/\">Help in a crisis: emergency adjuster licensing<\/a><\/div><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/adjustment\/\"><span itemprop=\"name\">Adjustment<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Changes made to an existing insurance policy, either requiring only a modification of the policy itself or involving premium changes. <div class=\"ewa-rteLine\"><a href=\"https:\/\/www.resourcepro.com\/blog\/7-ways-the-insurance-workforce-is-evolving\/\">7 ways the insurance workforce is evolving<\/a><\/div> <div class=\"ewa-rteLine\"><a href=\"https:\/\/www.resourcepro.com\/blog\/how-insurers-can-reduce-the-cost-of-claims-during-crises\/\">How insurers can reduce the cost of claims during crisis<\/a><\/div><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/administrative-action\/\"><span itemprop=\"name\">Administrative Action<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Actions reportable to the National Producer Database and should be reported on any license application (or potentially a renewal application), as they may have a direct outcome on whether a license is issued or renewed. These actions could be sanctions levied by a Department of Insurance, or could be past criminal convictions, etc. May also be referred to as Sanctions. <div class=\"ewa-rteLine\"><a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-compliance-what-causes-consent-orders\/#:~:text=The%20Wrong%20Response%20to%20Consent%20Orders%20Can%20Be%20Costly&amp;text=In%20most%20cases%2C%20consent%20orders,to%20prevent%20a%20consent%20order.\">Insurance compliance: What causes consent orders?<\/a><\/div> <div class=\"ewa-rteLine\"><a href=\"https:\/\/www.resourcepro.com\/blog\/the-cost-of-non-compliance\/\">The cost of non-compliance<\/a><\/div><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/administrative-action-notification\/\"><span itemprop=\"name\">Administrative Action Notification<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">All state departments of insurance require notification whenever an agent or agency incurs an administrative action or criminal penalty (other than a misdemeanor) in any state.  <a href=\"https:\/\/www.resourcepro.com\/blog\/7-tips-for-dealing-with-a-lapsed-license\/\">7 tips for dealing with a lapsed license<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/administrative-dissolution\/\"><span itemprop=\"name\">Administrative Dissolution<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An involuntary dissolution of a corporation by an act of the Secretary of State or similar state authority, caused by the corporation's failure to comply with certain state requirements. A corporation may be administratively dissolved for failure to file an annual report, to pay franchise taxes or maintain a valid Registered Agent.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/admitted-carrier\/\"><span itemprop=\"name\">Admitted Carrier<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An admitted carrier is an insurance carrier that has been approved by the state department of insurance to underwrite insurance products in that state. <div class=\"ewa-rteLine\"><a href=\"\/blog\/domestic-foreign-and-alien-insurance-carriers\/\">Domestic, foreign, and alien insurance carriers<\/a><\/div> <div class=\"ewa-rteLine\"><a href=\"\/blog\/ma-keeps-the-non-admitted-market-growing\/\">M&amp;A keeps the non-admitted market growing<\/a><\/div><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/adverse-selection\/\"><span itemprop=\"name\">Adverse Selection<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The increasing likelihood the customers will purchase insurance when the premium is low relative to the risk. It means someone is more likely to buy insurance when their risk is high. When the risk is low, people are less likely to buy insurance.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-are-pc-commercial-insurance-carriers-approaching-ai\/\">How p&amp;c commercial insurance carriers are approaching AI<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/advertising-injury\/\"><span itemprop=\"name\">Advertising Injury<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In general liability, advertising injury is a coverage protects against: libel, slander, invasion of privacy, copyright infringement, and misappropriation of advertising ideas.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/affiliated-producers\/\"><span itemprop=\"name\">Affiliated Producers<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Affiliated Producers are the employees who are licensed in the various lines of authority.\u00a0 Some states require the affiliation of these producers to the agency license.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/affiliations-terminations\/\"><span itemprop=\"name\">Affiliations\/Terminations<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The process of showing the relationship of a licensed employee to the licensed agency.\u00a0 This is a process separate and apart from the license application.  <a href=\"https:\/\/www.resourcepro.com\/blog\/producer-lift-out-its-impact-on-compliance\/\">Producer lift-out: Its impact on compliance<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/agency-billing\/\"><span itemprop=\"name\">Agency Billing<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Also called producer billing, a process through which a bill for the insured is prepared in the producer's office and the premium is paid directly to the producer's office. Meanwhile, the insurance company bills the producer for premiums due on all policies the producer has sold. The producer collects premiums and remits them to the insurance company after deducting the producer's commission.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/agency-management-system-ams\/\"><span itemprop=\"name\">Agency Management System (AMS)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An Agency Management System (AMS) is software specifically designed to address and streamline the workflow of insurance agencies. The AMS typically handles customer relationship management, policy management, billing, claims processing, document management and reporting or analytics.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-to-optimize-your-insurance-policy-checking-with-policy-insights-2-0\/\">How to optimize your insurance policy checking process<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/agent\/\"><span itemprop=\"name\">Agent<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A person or business that contracts with one or more insurance companies to sell insurance and provides customer service. Agents represent their insurance companies in case of a dispute with the insured and receive a commission for each policy they sell.  <a href=\"https:\/\/www.resourcepro.com\/blog\/differentiate-your-insurance-agency-with-disruptive-selling\/\">Differentiate your insurance agency with disruptive selling<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/agent-agency-type-license\/\"><span itemprop=\"name\">Agent\/Agency Type License<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">This license type indicates an agency that contracts with specific carriers and sells only those carriers' products.\u00a0 A carrier will require to see a copy of the license that indicates it is an agent license type. Agent\/Agency type licenses are appointed (see <em>Appointment<\/em>) to the carriers they work with\/contract with.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/all-risks-policy\/\"><span itemprop=\"name\">All Risks Policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">All risks insurance, also called Special or Open-Peril Policy, is designed to cover any loss unless it is caused by an excluded peril described in the policy. In an all-risks policy the burden of proof is on the insurer.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/amendment\/\"><span itemprop=\"name\">Amendment<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An amendment is a formal legal change to the existing provisions of the policy. They typically address the articles of incorporation\/articles of organization, name of an entity or change to the capital stock structure.  <a href=\"https:\/\/www.resourcepro.com\/blog\/data-security-the-naic-model-laws\/\">Data security: The NAIC model laws<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/annual-return-annual-report\/\"><span itemprop=\"name\">Annual Return (Annual Report)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A report due to the Secretary of State office usually every year (a few states are biennial) that updates the business entity address, officer information and where applicable the shares information.  <a href=\"https:\/\/www.resourcepro.com\/blog\/annual-returns-when-and-what-to-file\/\">Annual returns: When and what to file<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/application\/\"><span itemprop=\"name\">Application<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An insurance application is a formal process to apply for an insurance policy. A producer collects information about the person or business that wants to buy insurance to document key information to assess the applicant's risk.  <a href=\"https:\/\/www.resourcepro.com\/blog\/7-ways-agents-and-brokers-can-reduce-eo-risk\/\">7 ways agents and brokers can reduce e&amp;o risk<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/appointment-renewal\/\"><span itemprop=\"name\">Appointment Renewal<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An appointment renewal is the process by which an appointment for an agent or agency is continued, typically consisting of payment of a fee and\/or the forwarding of a current license copy to the insurance carrier.  <a href=\"https:\/\/www.resourcepro.com\/blog\/buying-an-agency-vs-buying-a-book-of-business\/\">Buying an agency vs. buying a book of business<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/appointment-request\/\"><span itemprop=\"name\">Appointment Request<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An appointment request is a written request submitted to an insurance carrier to have the carrier add an agent and\/or agency to their list of representatives within a state.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/appraisal\/\"><span itemprop=\"name\">Appraisal<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An appriasal is the process of estimating the vale of a proprerty by a qualified and unbiased professional, called an appraiser.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/architects-and-engineers-liability\/\"><span itemprop=\"name\">Architects and Engineers Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Architects and Engineers Liability is a commercial insurance providing protection to design professionals from financial losses due to errors and omission (E&O) in their designs.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/articles-of-incorporation-organization-aoi-aoo\/\"><span itemprop=\"name\">Articles of Incorporation\/Organization (AOI\/AOO)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Articles of Incorporation\/Organization (AOI\/AOO) are the formation documents required (domicile) to establish LLCs (S Corp and C Corp). They are also known as Certificates of Formation for LLCs.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/artifical-internet-of-things-aiot\/\"><span itemprop=\"name\">Artifical Internet of Things (AIoT)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">AIoT stands for Artificial Internet of Things. It is a combination of AI with the network of connected devices that make up the IoT. IoT devices gather massive amounts of data, and AI analyze, and automate actions to optimize processes, improve decision-making or predict future events.  <a href=\"https:\/\/www.resourcepro.com\/blog\/resource-pros-mark-breading-talks-futurism-in-insurance\/\">Mark Breading talks futurism in insurance<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/authorized-shares\/\"><span itemprop=\"name\">Authorized Shares<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Authorized Shares refers to the maximum number of shares that a corporation may issue pursuant to its articles of incorporation.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/auto-liability\/\"><span itemprop=\"name\">Auto Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Auto Liability is a coverage for if an insured is found at fault for injury or property damage.<\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-b\"><span class=\"glossary-letter\" id=\"glossary-b\">b<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/back-up-sewers-or-drain-coverage\/\"><span itemprop=\"name\">Back-up Sewers or Drain Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Back-up Sewers or Drain Coverage pays for the reasonable and necessary cost to repair or replace property due to loss or damage caused by back up or overflow of a sewer, drain, sump pump, and sump pump well or any other system located off the premises which is designed to remove subsurface water from the foundation area.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/background-investigation\/\"><span itemprop=\"name\">Background Investigation<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Some states may require a check of federal, state, and\/or local governments' records to determine an agent's or agency's officers' criminal history prior to issuing a license or processing an appointment.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/bankers-blanket-bond-bbb\/\"><span itemprop=\"name\">Banker's Blanket Bond (BBB)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Banker's Blanket Bond is a type of employee Dishonesty liaiblity insurance designed specifically for banks. It protect from financial losses arising from employee dishonesty. This typically covers the illegal trading, theft, and forgery of money, securities or other assets by employees.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/basic-life-plan\/\"><span itemprop=\"name\">Basic Life Plan\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Employer pays premium for basic life plan. It has no cost to employee, but benefit amount is lower than voluntary life plan.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/beneficiary-2\/\"><span itemprop=\"name\">Beneficiary\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Beneficiary is the person or entity whom the employee names in a life\/AD&D insurance plan to receive the death benefit. Employee can name spouse, children, another family member, a friend or a charity as a beneficiary. If more than one beneficiary, the employee will assign to a certain percentage of benefits to each beneficiary, e.g., 50% to spouse, 50% to child.\u00a0\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/benefit-amount\/\"><span itemprop=\"name\">Benefit Amount\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Benefit Amount is the maximum amount an insurance company agrees to pay for a specific covered benefit.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/benefits-effective-date\/\"><span itemprop=\"name\">Benefits Effective Date\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Benefits effective date is calculated based on the trigger of enrollment.\u00a0 Different triggers have different eligibility rules.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/benefits-end-date\/\"><span itemprop=\"name\">Benefits End Date\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Benefits End Date (also known as Termination Date) is the date when employer terminates employee from group insurance plans.\u00a0\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/bid-bond\/\"><span itemprop=\"name\">Bid Bond<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A bid bond is a financial guarentee issued by a surety company ensuring that the contractor will enter into a contract to perform the work at the price quoted.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/binder\/\"><span itemprop=\"name\">Binder<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Binder is a statement that coverage is in force. Its purpose is to provide temporary coverage until an actual insurance policy can be issued. A binder need not be in writing.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-agencies-can-reduce-eo-risk-across-the-policy-lifecycle\">How agencies can reduce EO risk across the policy lifecycle<\/a> <a href=\"https:\/\/www.resourcepro.com\/blog\/dec-pages-surplus-lines-filings\/\">DEC pages &amp; surplus lines filings<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/boiler-and-machinery\/\"><span itemprop=\"name\">Boiler and Machinery<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Boiler and Machinery Coverage is designed specifically for equipment to provide financial protection against breakdown, physical damages, and subsequent lost income.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/bond\/\"><span itemprop=\"name\">Bond<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In order to obtain certain types of insurance licenses, you may be required to obtain a bond. A bond is an insurance agreement pledging responsibility for financial loss caused to a state by the act or default of an agent or agency.  <a href=\"https:\/\/www.resourcepro.com\/blog\/what-is-an-mga\/\">What is an MGA<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/bond-cancellation\/\"><span itemprop=\"name\">Bond Cancellation<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A bond cancellation is a written request to a bond underwriter to terminate a bond that is no longer needed.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/bond-renewal\/\"><span itemprop=\"name\">Bond Renewal<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Bond Renewal refers to the payment of a premium, usually on an annual basis, to continue a required bond.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/bond-rider\/\"><span itemprop=\"name\">Bond Rider\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Bond Rider refers to all amendments to a bond, name change, extension of the expiration date must be executed on a bond rider by the bonding company.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/broker-type-license\/\"><span itemprop=\"name\">Broker Type License<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">This license type indicates an agency that will \"shop around\" for the best deal for their client.\u00a0 They aren't locked into specific carriers and can shop multiple carriers until they find the deal that will best suit their client's needs.\u00a0\u00a0 No contract between agency and carrier are needed, and therefore no appointments needed.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/broker\/\"><span itemprop=\"name\">Broker\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An insurance broker is an intermediary who sells, solicits, or negotiates insurance on behalf of an employer for compensation.  <a href=\"https:\/\/www.resourcepro.com\/blog\/use-case-broker-enhances-small-commercial-account-servicing\/\">Use Case: broker enhances commercial account servicing<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/new-digital-solutions-are-transforming-insurance-distribution-for-agents-brokers\/\">New digital solutions are transforming insurance distribution<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/builders-risk\/\"><span itemprop=\"name\">Builders Risk<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Builders Risk is a property insurance policy designed to protect property under construction.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/building-coverage\/\"><span itemprop=\"name\">Building Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Building Coverage pays for direct physical loss to the covered building or buildings including completed additions, fixtures, permanently installed machinery and equipment.  <a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-organization-prepared-for-disaster\/\">Is your insurance organization prepared for disaster?<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/building-ordinance-or-law-coverage\/\"><span itemprop=\"name\">Building Ordinance or Law Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Building ordinance or law coverage is a specific type of insurance that provides protection in the event of needing to rebuild or repair property caused by enforcement of ordinances or laws.  <a href=\"https:\/\/www.resourcepro.com\/blog\/top-underinsurance-risks-agents-need-to-talk-about-in-2021\/\">Top underinsurance risks agents need to talk about in 2021<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/business-income\/\"><span itemprop=\"name\">Business Income<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Business income coverage is a type of commercial property coverage that covers from financial losses due to unexpected events that disrupt regular operations.  <a href=\"https:\/\/www.resourcepro.com\/blog\/getting-the-most-out-of-contingent-commissions\">Getting the most out of contingent commissions?<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/business-owners-policy\/\"><span itemprop=\"name\">Business owners policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Businessowners Policy (BOP) is a comprehensive insurance package that combines property and liability coverage for small businesses. These policies are tailored to suit the needs of eligible businesses, offering unique advantages. BOP programs are available through organizations like the American Association of Insurance Services (AAIS) and the Insurance Services Office, Inc. (ISO), as well as through various insurers who offer their own BOP programs.  <a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-agency-compliance-requires-full-time-focus\/\">Insurance agency compliance requires full-time focus<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/knowledge-management-for-the-new-economy\/\">Knowledge management for the new economy<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/business-personal-property-coverage\/\"><span itemprop=\"name\">Business Personal Property Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Business Personal Property Coverage is designed to pay for direct physical loss to property the insured owns that is used in the business (including products for sale).<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/business-registration\/\"><span itemprop=\"name\">Business Registration\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A business registration at the Department of Revenue is a business tax account application. A business registration at the Secretary of State is the process of registering an entity for a certificate of authority to transact business in that state.  <a href=\"https:\/\/www.resourcepro.com\/blog\/newspaper-publication-requirements\/\">Newspaper publication requirements<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/certificates-of-authority-the-secretary-of-state\/\">Certificates of authority &amp; secretary of state<\/a><\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-c\"><span class=\"glossary-letter\" id=\"glossary-c\">c<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/c-corporation\/\"><span itemprop=\"name\">C Corporation\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A C Corporation is the most common corporate structure, also known as a general corporation. A C corporation may have an unlimited number of stockholders. It is usually chosen by companies planning to have more than 30 stockholders or large public stock offerings. A C corporation pays tax on its own income.  <a href=\"https:\/\/www.resourcepro.com\/blog\/s-election-and-business-entity-taxes\/\">S-election and business entity taxes<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/calendar-year\/\"><span itemprop=\"name\">Calendar Year\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Calendar Year refers to an accounting period that ends each December 31st is known as a calendar year. This is the period most S corporations must adopt as a permitted year.  <a href=\"https:\/\/www.resourcepro.com\/blog\/maximizing-staffs-servicing-opportunities-skin-game\/\">Maximizing your staff's servicing opportunities<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/cancer-insurance\/\"><span itemprop=\"name\">Cancer Insurance\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Cancer Insurance is an insurance plan that provides an employee with funds that can be used flexibly, including to help cover both medical and nonmedical expenses that occur during the journey to recovery.\u00a0\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/carrier\/\"><span itemprop=\"name\">Carrier<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The company that receives premium and pays claims.\u00a0 Carriers rely on agencies and individual licensees to sell their business. They may also be referred to as Insurance Companies or Insurers.  <a href=\"https:\/\/www.resourcepro.com\/carrier\/\">Carriers<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/carrier-contract\/\"><span itemprop=\"name\">Carrier Contract\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A carrier contract is paperwork submitted to an insurance carrier to contract an agent or registered representative under an existing selling agreement between the carrier and an agency or broker\/dealer.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-agencies-can-track-and-maximize-carrier-incentives\/\">How agencies can track and maximize carrier incentives<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/getting-the-most-out-of-contingent-commissions\/\">Getting the most out of contingent commissions<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/catastrophe-exposure-cat\/\"><span itemprop=\"name\">Catastrophe Exposure (CAT)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The term CAT exposure in insurance refers to the potential financial risk an insurance company faces due to a CAT, or catastrophic event. A CAT is typically a natural disaster such as hurricanes, tornadies, earthquakes or floods that result in sizeable financial loss.  <a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-organization-prepared-for-disaster\/\">Is your insurance organization prepared for disaster?<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-insurers-can-reduce-the-cost-of-claims-during-crises\/\">How insurers can reduce the cost of claims during a crisis<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/certificate-of-authority\/\"><span itemprop=\"name\">Certificate of Authority\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The Secretary of State Offices issue a Certificate of Authority verifying approval for a non-resident, also known as foreign, corporation to transact business in the state.  <a href=\"https:\/\/www.resourcepro.com\/blog\/certificates-of-authority-the-secretary-of-state\/\">Certificates of authority &amp; the secretary of state<\/a>  &nbsp;<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/certificate-of-good-standing-cgs\/\"><span itemprop=\"name\">Certificate of Good Standing (CGS)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Certificate of Good Standing (CGS) is issued by a state official as evidence that a corporation exists or is authorized to transact business in the state is known as a certificate of good standing.  <a href=\"https:\/\/www.resourcepro.com\/blog\/in-good-standing-certificate-of-authority-statuses\/\">In good standing: certificate of authority statuses<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/change\/\"><span itemprop=\"name\">Change\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Change is a process of changing plan information.\u00a0 Common changes are demographic information change of employee and dependent, salary change of employee, and adding\/removing dependent.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-employee-benefits-are-changing-in-2021\/\">How employee benefits are changing<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/case-study-transform-your-employee-benefits-renewals\/\">Case Study: transform your employee benefits renewals<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/change-request\/\"><span itemprop=\"name\">Change\u00a0Request<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A document that states in details the changes the insured wants to make to the policy.  <a href=\"https:\/\/www.resourcepro.com\/blog\/resident-state-change-compliance-tips\/\">Resident state change: compliance tips<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/claim\/\"><span itemprop=\"name\">Claim<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A demand by a person or business that is seeking to recover a loss. A claim may be made against an individual or against an insurance company.  <a href=\"https:\/\/www.resourcepro.com\/blog\/boosting-insurance-claims-quality-by-100x-in-60-days\/\">Boosting insurance claims quality by 100x in 60 days<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/the-long-and-winding-road-to-claims-resolution\/\">The long and winding road to claims resolution<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/claimant\/\"><span itemprop=\"name\">Claimant<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Anyone who presents a claim that might be covered by insurance. For a liability insurance loss, the claimant is a person or business that has suffered a loss and seeks to collect for that loss from an insured. For a property insurance loss, the claimant is the insured who wants the insurance company to pay for repairing or replacing his or her damaged property.  <a href=\"https:\/\/www.resourcepro.com\/blog\/resourcepro-insurance-experience-center-stevie-awards\/\">ReSource Pro's IX Center delivers award-winning customer service<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/claims-adjuster\/\"><span itemprop=\"name\">Claims Adjuster<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A person directly responsible for investigating and settling claims that might be covered by insurance.  <a href=\"https:\/\/www.resourcepro.com\/blog\/adjusters-theyre-not-all-the-same\/\">Adjusters: they're not all the same<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/class-rating\/\"><span itemprop=\"name\">Class Rating<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Class rating is an insurance rating system that places similar insureds into categories or classes and applies the same rate to all insureds in the same class.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/coinsurance\/\"><span itemprop=\"name\">Coinsurance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Coinsurance is a property insurance provision that penalizes the insured's loss recovery if the limit of insurance purchased by the insured is not equal to or greater than a specified percentage (80%, 90%, 100%) of the value of the insured property. The amount of the loss that is not payable to the insured as a result of failure to comply with the coinsurance provision is commonly referred to as a coinsurance penalty.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/collision\/\"><span itemprop=\"name\">Collision<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In insurance, collision refers to accidents where a vehicle hits another object or vehicle. Collision coverage pays for loss or damage resulting from a collision.  <a href=\"https:\/\/www.resourcepro.com\/blog\/new-priorities-for-pc-personal-lines-carriers\/\">Tough times call for new priorities for p&amp;c personal lines carriers<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/commercial-auto-policy\/\"><span itemprop=\"name\">Commercial Auto Policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Commercial auto insurance is specifically designed to protect businesses that use vehicles for operations. It provides financial protection during accidents, including auto liability and auto physical damage.  <a href=\"https:\/\/www.resourcepro.com\/blog\/the-evolution-of-mobility-transportation-what-it-means-for-insurers\/\">The evolution of mobility\/transportation: what it means for insurers<\/a>  &nbsp;<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/commercial-insurance\/\"><span itemprop=\"name\">Commercial Insurance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Commercial insurance, also known as business insurance, is a type of insurance designed to protect businesses from financial loss arising from unexpected events that impact their employees, assets or liabilities.  <a href=\"https:\/\/www.resourcepro.com\/blog\/digital-transformation-in-commercial-lines-a-frenzy-of-activity\/\">Digital transformation in commercial lines: a frenzy of activity<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/ai-data-is-a-force-multiplier-for-pc-commercial-lines\/\">AI + data is a force multiplier for p&amp;c commercial lines<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/commercial-package-policy\/\"><span itemprop=\"name\">Commercial Package Policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Commercial Package Policy (CPP) is a type of insurance that combines multiple types of coverage into a single package. CPP will include general liability insurance and commercial property insurance as standard components. Beyond core coverages, there are numerous ways to customize a Commercial Package Policy.  <a href=\"https:\/\/www.resourcepro.com\/blog\/use-case-end-to-end-policy-servicing-helps-mga-focus-on-growth\/\">Use case: end-to-end policy servicing helps mga focus on growth<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/commercial-property\/\"><span itemprop=\"name\">Commercial Property<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Insurance for business property and physical assets against damages and subsequent lost income.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-are-pc-commercial-insurers-progressing-with-their-strategic-initiatives-in-2022\/\">P&amp;C commercial insurers strategic initiatives\u00a0<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/commercial-insurers-are-shifting-their-transformational-tech-priorities\/\">Commercial insurers transformational tech priorities<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/common-shares\/\"><span itemprop=\"name\">Common Shares\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A class of shares that has\u00a0no special features and possesses no greater rights than any other shares except for Preferred Shares. All capital stock except for preferred stock is considered Common Shares.  <a href=\"https:\/\/www.resourcepro.com\/blog\/5-unexpected-tasks-when-registering-as-a-foreign-entity\/\">5 unexpected tasks when registering as a foreign entity<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/compensation\/\"><span itemprop=\"name\">Compensation\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Compensation (also known as wage, base salary, income) is a fixed amount of money paid by the employer regularly.  <a href=\"https:\/\/www.resourcepro.com\/blog\/use-case-guiding-a-workers-comp-carrier-to-future-growth\/\">A roadmap to growth for workers comp carrier<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/compliance-gateway\/\"><span itemprop=\"name\">Compliance Gateway\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The online licensing database offers a read-only view of information about license, appointment, continuing education, bond, and tax filing statuses, provided free of charge by ILSA to the authorized representatives of our clients.  <a href=\"https:\/\/www.resourcepro.com\/blog\/naic-and-nipr-what-they-do\/\">NAIC and NIPR: what they do<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/comprehensive-auto-coverage\/\"><span itemprop=\"name\">Comprehensive Auto Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Comprehensive Auto Coverage covers a wide range of events beyond collisions, such as theft, vandalism, fire, weather, etc.  <a href=\"https:\/\/www.resourcepro.com\/blog\/use-case-end-to-end-policy-servicing-helps-mga-focus-on-growth\/\">Use case: end-to-end policy servicing helps MGA focus on growth<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/consent-of-use-of-name-a-k-a-name-approval\/\"><span itemprop=\"name\">Consent of Use of Name (a.k.a. Name Approval)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The first step of the corporate qualification process is name approval. Proposed names for a business entity are submitted to various state agencies to ensure that the name is distinct from those already in use within the state.  <a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-compliance-what-causes-consent-orders\/\">Insurance compliance: what causes consent orders?<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-agency-compliance-requires-full-time-focus\/\">Insurance agency compliance requires full-time focus<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/consequential-bodily-injury\/\"><span itemprop=\"name\">Consequential Bodily Injury<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Consequential Bodily Injury is a suit where an employer is found liable for a secondary health problem caused by a previous injury. In the case the employee sues the employer, Employers Liability (EL) coverage is important to apply to legal issues arising from employee claims that fall beyond the scope of Workers Compensation.  <a href=\"https:\/\/www.resourcepro.com\/blog\/major-lines-of-authority\/\">Major lines of authority<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/continuing-education-ce\/\"><span itemprop=\"name\">Continuing Education (CE)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Continuing Education (CE) are classes that are required to be taken in your Resident state before your renewal can be submitted to the state. Every state requires different courses and an amount of hours depending on the license you hold.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-to-attract-generation-z-employees-for-insurance-roles\/\">How to attract generation z employees for insurance roles<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/carriers-and-the-decline-in-insurance-agent-education\/\">Carriers and the decline in insurance agent education<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/contractors-installation-coverage\/\"><span itemprop=\"name\">Contractors Installation Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Contractors installation coverage pays for direct physical loss or damage to materials, supplies, equipment, machinery and fixtures which are to be installed by the insured and temporary structures built or assembled on site. The property is covered while at any job site you do not own or operate, waiting or during installation, in transit or at a temporary storage location.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/contractors-tools-equipment-coverage\/\"><span itemprop=\"name\">Contractors Tools & Equipment Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Contractors Tools and Equipment Insurance covers equipment and tools at construction projects and jobsites. This coverage is sometimes called a \"floater\" because the coverage follows the equipment from one jobsite to the next and also while equipment is in transit.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-insurance-agents-can-positively-influence-pricing\/\">How can insurance agents positively influence pricing<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/contributory-plan\/\"><span itemprop=\"name\">Contributory Plan\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A contributory insurance plan is an insurance plan where both the employer and the employee share the cost of the premiums. Employers have the authority to choose if they want employees to contribute to the premium fully or partially.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/conversion\/\"><span itemprop=\"name\">Conversion<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Conversion is the process of changing from one entity type to another. For example, changing from a Corporation (Inc.) to a Limited Liability Company (LLC).  <a href=\"https:\/\/www.resourcepro.com\/blog\/strategic-planning-insurance-companies\/\">Career development: mission-driven planning and management<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/corporate-affiliation\/\"><span itemprop=\"name\">Corporate Affiliation\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An affiliation establishes a relationship between an agency and an individual. It lets the Department of Insurance know which individuals work for a particular agency.  <a href=\"https:\/\/www.resourcepro.com\/blog\/certificates-of-authority-the-secretary-of-state\/\">Certificates of authority &amp; the secretary of state<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/corporate-compliance-review\/\"><span itemprop=\"name\">Corporate Compliance Review\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A corporate compliance review is a systematic examination of a company's practices to determine if it adheres to all applicable laws, regulations, and internal policies.  By request, ReSource Pro specialists can verify which states a business entity is or has been granted permission to transact business with a corporate qualification audit.  <a href=\"https:\/\/www.resourcepro.com\/blog\/the-cost-of-non-compliance\/\">The cost of non-compliance<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/5-unexpected-tasks-when-registering-as-a-foreign-entity\/\">5 unexpected tasks when registering as a foreign entity<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/corporate-qualification-cq\/\"><span itemprop=\"name\">Corporate Qualification (CQ)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The process of obtaining the Certificate of Authority (COA) to do Business in a given state. These are always suggested or advised by ILSA for the client to be fully compliant.\u00a0 Research tells us that many insurance companies (carriers) are not subject to obtaining a CQ, but there are no exceptions noted for agencies.\u00a0 While some clients refuse CQs, ILSA always maintains the documentation (typically stated in the PCA) indicating it was advised. This may also be referred to as a Business Registration.  <a href=\"https:\/\/www.resourcepro.com\/blog\/dont-let-zero-report-compliance-turn-into-an-uh-oh-moment\/\">Don't let zero compliance turn into an uh-oh moment<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/corporate-tax-return-corporate-tax-filing\/\"><span itemprop=\"name\">Corporate Tax Return (Corporate Tax Filing)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Corporate Tex Return, also called a Corporate Tax Filing, is due to the Department of Revenue for any business entity that is registered to do business in a particular state.\u00a0 Clients may have to file Zero business tax returns and owe a minimum tax in states where they have no employees or physical presence.\u00a0 ILSA files these zero tax returns for our clients.  <a href=\"https:\/\/www.resourcepro.com\/blog\/annual-returns-when-and-what-to-file\/\">Annual returns: what and when to file<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/corporation\/\"><span itemprop=\"name\">Corporation<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Corporation is an entity formed and authorized by, created under and governed by the laws of the state of incorporation to act as a single person even though it is constituted by one or more persons and legally endowed with various rights and duties including the capacity of succession.  <a href=\"https:\/\/www.resourcepro.com\/blog\/s-election-and-business-entity-taxes\/\">S-election and business entity taxes<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/coverage\/\"><span itemprop=\"name\">Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A coverage refers to the types of things that are \"covered,\" or paid for in case of a financial loss, under an insurance policy.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/coverage-tier\/\"><span itemprop=\"name\">Coverage Tier\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In insurance, a coverage tier refers to a system that categorizes different types of medications or treatments based on their cost and the amount the policyholder will pay for them.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/crime\/\"><span itemprop=\"name\">Crime<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Commercial Crime Policy (CR) protects businesses from various crimes like employee theft, forgery burglary, etc.  <a href=\"https:\/\/www.resourcepro.com\/blog\/cyber-insurance-wire-transfer-fraud\">Cyber insurance wire transfer fraud<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/critical-illness-insurance\/\"><span itemprop=\"name\">Critical Illness Insurance\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Critical Illness Insurance is an insurance plan that provides a lump-sum benefit for an employee diagnosed with a covered critical disease (e.g., heart attack, stroke).\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/cyber-liability\/\"><span itemprop=\"name\">Cyber Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Cyber and Privacy Insurance protects businesses from costs associated with data breaches and other cyber losses.  <a href=\"https:\/\/www.resourcepro.com\/blog\/limiting-cyber-liabilities-insurance\/\">What you should know about cybersecurity<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/eo-expands-cover-cyber-failures\/\">Insurance agents e&amp;o expands to cover cyber failures<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/cybersecurity\/\"><span itemprop=\"name\">Cybersecurity<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Cybersecurity is the practice of defending computers, servers, mobile devices, electronic systems, networks, and data from cyber-attacks.  <a href=\"https:\/\/www.resourcepro.com\/blog\/cyber-policy-for-insurance-companies\/\">Defend your data from ransomware<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/4-key-cybersecurity-processes-for-insurance-organizations\/\">4 key cybersecurity processes for insurance organizations<\/a><\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-d\"><span class=\"glossary-letter\" id=\"glossary-d\">d<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/damage-to-premises-rented-by-you\/\"><span itemprop=\"name\">Damage to Premises Rented by You<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In general liability, \"Damage to Premises Rented by You\" is a coverage that applies to damage by fire or damages to premises(and contents) rented to the insured, and occupied by the insured for 7 days or less. Basic limits start at $100,000.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/damage-to-rented-premise-coverage\/\"><span itemprop=\"name\">Damage to Rented Premise Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An insurance policy which protects the insured against liability incurred when the insured's negligent actions result in the destruction of property which is in the insured's care, custody or control.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/data-compromise\/\"><span itemprop=\"name\">Data Compromise<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Data compromise coverage is an innovative product designed to help small and midsize businesses respond to data breaches and offers identity theft recovery for designated executives of an insured organization. Data Compromise can help reimburse your company for expenses related to a data breach.  <a href=\"https:\/\/www.resourcepro.com\/blog\/data-security-the-naic-model-laws\/\">Data security: the NAIC model laws<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/data-form-df\/\"><span itemprop=\"name\">Data Form (DF)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Data Form (DF) is an online form completed by each individual and each agency that is enrolled in ILSA services. \u00a0The client completes the online secure form to submit their personal information to ILSA so that Intake personnel can build the record in the system for use in the licensing process.  <a href=\"https:\/\/www.resourcepro.com\/blog\/dec-pages-surplus-lines-filings\/\">DEC pages &amp; surplus lines filings<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/date-of-hire\/\"><span itemprop=\"name\">Date of Hire\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Date of Hire (DOH) (also known as hire date) is the first day an employee officially joins the employer.  <a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-talent-development-solution-employee-turnover\/\">The real cost of employee turnover<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/pre-hire-assessments\/\">Pre-employment testing\" how to help your company<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/dba-fictitious-name-filing-renewal\/\"><span itemprop=\"name\">DBA\/Fictitious Name Filing Renewal\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">DBA\/Fictitious names may need to be renewed and appropriate fees paid in order to maintain the name for use in that state.  <a href=\"https:\/\/www.resourcepro.com\/blog\/annual-returns-when-and-what-to-file\/\">Annual returns: what and when to file<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/newspaper-publication-requirements\/\">Newspaper publication requirements<\/a>  &nbsp;  &nbsp;<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/dba-fictitious-name-filing\/\"><span itemprop=\"name\">DBA\/Fictitious Name Filing\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">DBA\/Fictitious Name Filing is the process for registering names of a business entity, other than that listed on the entity's Articles of Incorporation\/Partnership, with various state offices.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/debris-removal\/\"><span itemprop=\"name\">Debris Removal<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Debris Removal is a coverage that pays to remove debris and costs associated with damages covered by the insured commercial property insurance.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/deductible\/\"><span itemprop=\"name\">Deductible<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A portion of a covered loss that is not paid by insurance. The deductible is subtracted from  the amount the insurer would otherwise be obligated to pay.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/dental-plan\/\"><span itemprop=\"name\">Dental Plan\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Dental Plan is an insurance plan that covers an employee's dental costs.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/department-of-insurance-doi\/\"><span itemprop=\"name\">Department of Insurance (DOI)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Department of Insurance (DOI) is the state office responsible for issuing insurance licenses and monitoring the activities of insurance agents and agencies doing business in the state.  <a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-compliance-what-causes-consent-orders\/\">What causes consent orders<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/5-pro-tips-for-surplus-lines-compliance\/\">5 pro tips for surplus lines compliance<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/department-of-revenue-dor\/\"><span itemprop=\"name\">Department of Revenue (DOR)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The regulatory authority that sets up tax accounts, receives taxes and provides tax clearance letters for business entities that are approved by that state's Secretary of State office to do business in that state.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/dependent-children\/\"><span itemprop=\"name\">Dependent Child(ren)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Dependent Child(ren) is either a biological child or non-biological child.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/dependent\/\"><span itemprop=\"name\">Dependent\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Dependent refers to someone added to an insurance policy who coverage can be extended to. This mainly includes spouse, domestic partner, dependent child(ren) and other relationships.  <a href=\"https:\/\/www.resourcepro.com\/blog\/what-are-the-fiduciary-risks-of-self-funded-health-plans\/\">What are the fiduciary risks of self-funded health plans?<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/designated-responsible-licensed-producer-drlp-or-dp\/\"><span itemprop=\"name\">Designated Responsible Licensed Producer\u00a0(DRLP or DP)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Designated Responsible Licensed Producer (DRLP or DP) is the main person in charge of and responsible for the agency license. They maintain a license for the same lines of authority that the agency holds.  <a href=\"https:\/\/www.resourcepro.com\/blog\/the-designated-responsible-licensed-producer\/\">The designated responsible licensed producer<\/a>  &nbsp;<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/direct-billing\/\"><span itemprop=\"name\">Direct Billing<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Direct Billing is a process through which the insurance company sends bills directly to the policyholder and the policyholder makes payments directly to the insurance company. The insurance company pays to the producer commissions or other compensation for producer new business and servicing renewal business.  <a href=\"https:\/\/www.resourcepro.com\/blog\/the-need-for-proactive-digital-engagement-in-insurance\">The need for proactive digital engagement in insurance<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/directors-and-officers-liability\/\"><span itemprop=\"name\">Directors and Officers Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Directors and Officers (D&O) liaibility insurance is a type of insurance designed to protect directors and officer's personal financial assets in the event of a lawsuit regarding management decisions.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/directors-and-officers-side-a-coverage\/\"><span itemprop=\"name\">Directors and Officers Side A Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Directors and officers (D&O) liability insurance protects individuals from loss as a result of managment errors and omissions. D&O is often structured into 3 parts. Side A Coverage is designed to protects coverage gaps for directors' and officers' personal asstes  when the company can't or won't cover them.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/directors-and-officers-side-b-coverage\/\"><span itemprop=\"name\">Directors and Officers Side B Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Directors and officers (D&O) liability insurance protects individuals from loss as a result of managment errors and omissions. D&O is often structured into 3 parts. Side B Coverage covers the company's costs when they indemnify their director and officers. This ensured the company isn't left with legal fees, settlements, or judgments of the associated costs.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/directors-and-officers-side-c-coverage\/\"><span itemprop=\"name\">Directors and Officers Side C Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Directors and officers (D&O) liability insurance protects individuals from loss as a result of managment errors and omissions. D&O is often structured into 3 parts. Side C Coverage is also referred to as \"entity coverage\", and it protects the company itself from lawsuits filed directly against it.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/directors\/\"><span itemprop=\"name\">Directors\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Directors are the individuals who, acting as a group known as the board of directors, manage the business and affairs of a corporation.  <a href=\"https:\/\/www.resourcepro.com\/blog\/director-officer-updates\/\">Director &amp; officer updates<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/producer-lift-out-its-impact-on-compliance\/\">Producer lift-out: its impact on compliance<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/disability-plan\/\"><span itemprop=\"name\">Disability Plan\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Disability Plan (also known as Disability Income Insurance, or Income Protection Insurance) is an insurance plan that covers loss of income if an employee becomes disabled due to illness or accident.  <a href=\"https:\/\/www.resourcepro.com\/blog\/major-lines-of-authority\/\">Major lines of authority<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/dissolution\/\"><span itemprop=\"name\">Dissolution\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Dissolution is the statutory procedure that terminates the existence of a domestic corporation.  &nbsp;<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/division-department\/\"><span itemprop=\"name\">Division \/ Department\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Large organizations or businesses are often divided into divisions or departments to make functions more organized and orderly.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/doing-business-as-name-dba\/\"><span itemprop=\"name\">Doing Business As Name (DBA)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The Doing Business As Name (DBA) is the operating name of a company, as opposed to the legal name of the company. DBA is also known as \"Fictitious Name,\" \"Assumed Name,\" or \"Trade Name.\"  <a href=\"https:\/\/www.resourcepro.com\/blog\/newspaper-publication-requirements\/\">Newspaper publication requirements<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/5-unexpected-tasks-when-registering-as-a-foreign-entity\/\">5 unexpected tasks when registering as a foreign entity<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/domestic-partner\/\"><span itemprop=\"name\">Domestic Partner\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Domestic Partner refers to two people of the same or opposite sex who live together and share a domestic life, but aren't married.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/drive-other-cars-endorsement\/\"><span itemprop=\"name\">Drive Other Cars Endorsement<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Drive Other Cars Endorsement is an amendment that can be added to a commercial auto insurance policy. It extends coverage to situations where certain authorized individuals can drive vehicles that aren't lisred on the policy.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/driver-other-car-coverage-doc\/\"><span itemprop=\"name\">Driver Other Car coverage (DOC)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Drive Other Car (DOC) coverage can provide protection for the employees, the executive of a partnership or corporation or their spouse who is supplied a company-owned vehicle but who does not own a personal vehicle and thus does not have a personal auto policy. It can afford protection for the covered named individual or spouse while driving a personal or non-owned vehicle from a third party for personal use, such as a vehicle is rented or borrowed. This coverage may include auto liability, auto medical payment, auto physical damage, UIM and UIM coverages.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/dual-capacity-suits\/\"><span itemprop=\"name\">Dual-Capacity Suits<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A dual-capacity suit arises when an employee sues their employer as a seperate entity. Employers Liability(EL) coverage is important to apply to legal issues arising from employee claims that fall beyond the scope of Workers Compensation.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/duplicate-license-request\/\"><span itemprop=\"name\">Duplicate License Request\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Duplicate License Request is a written request submitted to a state department of insurance to have another copy of a previously-issued license copy sent to an agent or agency.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/duty-to-defend\/\"><span itemprop=\"name\">Duty to defend<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In insurance, the duty to defend is a legal obligation of an insurance company to provide an attorney and cover legalexpenses on behalf of the insured, when a lawsuit is filed that falls under the coverage of the policy.  <\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-e\"><span class=\"glossary-letter\" id=\"glossary-e\">e<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/earthquake-coverage\/\"><span itemprop=\"name\">Earthquake Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Earthquake Coverage covers losses in the event of an earthquake. It is typically purcased by endorsement to a difference-in-condition (DIC) policy or to an all risks policy.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/effective-date\/\"><span itemprop=\"name\">Effective Date<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The Effective Date is the official date on which coverage begins.  <a href=\"https:\/\/www.resourcepro.com\/blog\/help-in-a-crisis-emergency-adjuster-licensing\/\">Help in a crisis: emergency adjuster licensing<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/dec-pages-surplus-lines-filings\/\">DEC pages &amp; surplus lines filings<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/electronic-data-processing-edp\/\"><span itemprop=\"name\">Electronic Data Processing (EDP)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Electronic Data Processing (EDP) is also called Computer and Media, Hardware and Software coverage. EDP pays for direct physical loss or damage to Electronic Data Processing (EDP) equipment, meaning computers and associated peripheral equipment such as printing, or auxiliary functions such as data transmission.  <a href=\"https:\/\/www.resourcepro.com\/blog\/eo-expands-cover-cyber-failures\/\">Insurance agents e&amp;o expands to cover cyber failures<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/eligibility-rule\/\"><span itemprop=\"name\">Eligibility Rule\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Eligibility Rule is used to determine whether employees are eligible for group insurance plans, and to calculate when the employee's group insurance plans take effect or terminate.\u00a0\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/eligibility-waiting-period\/\"><span itemprop=\"name\">Eligibility Waiting Period\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">When a new employee joins the company, the employer may require a specified period before the employee becomes eligible for group insurance plans. Commonly this period equals to Probation Period.\u00a0\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/eligibility\/\"><span itemprop=\"name\">Eligibility\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Eligibility, also known as \"Benefits Administration\" or \"Membership Management,\" is the process of changing group insurance. As one of the key steps in Group Insurance lifecycle, it ensures that employees' benefits are correctly reflected to carrier based on eligibility guidelines of the employer and insurance plans.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/embedded-insurance\/\"><span itemprop=\"name\">Embedded Insurance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Embedded Insurance is when insurance is purchased in conjunction with a related product or service from a different provider during the same customer experience.  <a href=\"https:\/\/www.resourcepro.com\/blog\/embedded-insurance-disruptor-300-report\/\">Many see embedded insurance as a disruptor \u2013 is it?<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/employee-benefits-liability-coverage\/\"><span itemprop=\"name\">Employee Benefits Liability Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Employee benefits liability insurance is a coverage designed to protect an employer in the event of an error or omission made while administering an employee benefit program.  <a href=\"https:\/\/www.resourcepro.com\/blog\/case-study-agency-eliminates-cross-plan-offsetting-risk\/\">Case study: agency eliminates cross-plan offsetting risk<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/employee-benefits\/\"><span itemprop=\"name\">Employee Benefits\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Employee Benefits is non-wage compensation provided to employees in addition to the normal wages or salaries to ensure their well-being is taken care of. It includes both government-mandated benefits and private plans.  <a href=\"https:\/\/www.resourcepro.com\/blog\/4-market-drivers-impacting-employee-benefits-brokers\/\">4 market drivers impacting employee benefit brokers<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-employee-benefits-environment\/\">The dynamic employee benefits environment needs to be nimble<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/employee-dishonesty-fidelity-bond\/\"><span itemprop=\"name\">Employee Dishonesty\/Fidelity Bond<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Employee Dishonesty liaiblity insurance, also known as a Fidelity Bond, is a type of insurance designed to protect an employer from financial losses arising from employee dishonesty. This typically covers the illegal trading, theft, and forgery of money, securities or other assets by employees.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/employee-hired-autos-endorsement\/\"><span itemprop=\"name\">Employee Hired Autos Endorsement<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Employee Hired Autos Endorsement is an amendment that can be added to a commercial auto insurance policy. The endorsement provides extra benefits for employees, extending coverage for employee rental cars, and clarifying rented vehicles are considered insured for both primary and liability protection.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/employee-reirement-income-security-act-erisa-bond\/\"><span itemprop=\"name\">Employee Reirement Income Security Act (ERISA) Bond<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An Employee Reirement Income Security Act (ERISA) bond, is a type of insurance designed to protect employee benefit plan from financial losses arising from employee dishonesty. This typically covers illegal theft, forgery, misappropriation and other acts of dishonesty.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/employee-tools-coverage\/\"><span itemprop=\"name\">Employee Tools Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Employee tools coverage covers employee's tools used in connection with the insured's business for direct physical loss from the causes of loss selected. Subject to a specific limit.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/employee\/\"><span itemprop=\"name\">Employee\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An Employee is a person who works for an employer, and will choose insurance plans and other benefits for themself according to their own needs.  <a href=\"https:\/\/www.resourcepro.com\/blog\/5-tips-for-increasing-employee-retention-in-insurance\/\">5 tips for increasing employee retention in insurance<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-to-attract-generation-z-employees-for-insurance-roles\/\">How to attract generation z employees for insurance roles<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/employers-liability\/\"><span itemprop=\"name\">Employers Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Employers Liability Coverage (EL) covers an employer's legal liability for employee who has experienced a job-related injury or illness.  <a href=\"https:\/\/www.resourcepro.com\/blog\/case-study-agency-eliminates-cross-plan-offsetting-risk\/\">Cast study: agency eliminates cross-plan offsetting risk<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/top-underinsurance-risks-agents-need-to-talk-about-in-2021\/\">Top underinsurance risks agents need to talk about in 2021<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/employer\/\"><span itemprop=\"name\">Employer\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The Employer (also known as the company or group) makes decisions to provide insurance plans and other benefits for their employees, based on the cost and employees' needs.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/employment-practices-liability\/\"><span itemprop=\"name\">Employment Practices Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Employment Practices Liability Insurance (EPLI) is a type of insurance designed to protect an employer from financial losses arising from wrongful treatment of employees, typically including discrimination, wrongful termination, harassment, retaliation, etc.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/endorsement\/\"><span itemprop=\"name\">Endorsement<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A document used to amend the coverage in an otherwise complete policy.  <a href=\"https:\/\/www.resourcepro.com\/blog\/3-policy-insights-features-that-simplify-policy-review\/\">3 policy insights features that simplify policy review<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-to-optimize-your-insurance-policy-checking-with-policy-insights-2-0\/\">How to optimize your insurance policy checking<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/enrollment-period\/\"><span itemprop=\"name\">Enrollment Period\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The Enrollment Period is a period after the eligibility waiting period, commonly 30 or 31 days, wherein a new hire must decide whether to enroll in group insurance plans. If the new hire does not enroll themself and\/or dependents during the initial enrollment period, they will only be able to enroll during an Open Enrollment period or during a Special Enrollment period.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-benefits-brokers-can-improve-operational-efficiency\/\">How benefits brokers can improve operational efficiency<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/enrollment\/\"><span itemprop=\"name\">Enrollment\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Enrollment is the process of enrolling employees in group insurance plans.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-employee-benefits-are-changing-in-2021\/\">How employee benefits are changing in 2021<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/employee-benefits-continue-to-evolve-in-2022\/\">Employee benefits continue to evolve in 2022<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/equipment-breakdown\/\"><span itemprop=\"name\">Equipment Breakdown<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Equipment breakdown is a coverage for equipment malfuntions and any subsequent damage and\/or loss of income.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/equipment-floater-policy\/\"><span itemprop=\"name\">Equipment Floater Policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Equipment floater insurance is a form of inland marine insurance that covers property and equipment that is often moved from place to place.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/errors-and-omissions-declaration-page\/\"><span itemprop=\"name\">Errors and Omissions Declaration Page\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Errors and Omissions Declaration Page is a certificate issued by the underwriting insurer to a business entity verifying the currency, amount and deductible of errors and omissions insurance coverage  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/errors-and-omissions-insurance-eo\/\"><span itemprop=\"name\">Errors and Omissions Insurance (E&O)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Errors and Omissions Insurance (E&amp;O)\u00a0a type of professional liability insurance that protects companies and their workers or individuals against claims made by clients for inadequate work or negligent actions.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-agencies-can-reduce-eo-risk-across-the-policy-lifecycle\/\">How agencies can reduce E&amp;O risk across the policy lifecycle<\/a> <a href=\"https:\/\/www.resourcepro.com\/blog\/avoiding-certificate-of-insurance-eo-part-1\/\">Avoiding certificate of insurance E&amp;O part 1<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/evidence-of-insurability-eoi\/\"><span itemprop=\"name\">Evidence of Insurability (EOI)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Evidence of Insurability (EOI) is documented proof of good health that employee provides to the carrier. This is often submitted through the form of documentation such as a medical questionnaire.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/excess-liability-policy\/\"><span itemprop=\"name\">Excess Liability Policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Excess Liability Policy, also known as Umbrella Insurance in some cases, is an additional layer of coverage that kicks in once the limits of the primary liability policy have been reached.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/exclusive-agent\/\"><span itemprop=\"name\">Exclusive Agent<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An Exclusive Agent is a self-employed producer who has a contract to sell insurance exclusively for one insurance company (or several related companies).  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-can-insurance-agencies-manage-small-accounts-effectively\/\">How can insurance agencies manage small accounts effectively<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/exposure-units\/\"><span itemprop=\"name\">Exposure Units<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Exposure Units are he standard units used in insurance rating, as a fair measure of expected loss frequency and severity.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/extension\/\"><span itemprop=\"name\">Extension\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">When you need additional time to complete and\/or file a corporate tax filing, you can file an extension with the Department of Revenue.  <a href=\"https:\/\/www.resourcepro.com\/blog\/achieving-a-faster-more-efficient-insurance-customer-experience\/\">Achieving a faster, more efficient insurance customer experience<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/extra-expense\/\"><span itemprop=\"name\">Extra Expense<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Extra expense is a coverage that covers disrupted businesses after an unexpected major disruption. It pays for costs above a business's normal operating expenses, such as: temporary relocation, employee wages, loans, etc.  <a href=\"https:\/\/www.resourcepro.com\/blog\/top-underinsurance-risks-agents-need-to-talk-about-in-2021\/\">Top underinsurance risks agents need to talk about in 2021<\/a><\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-f\"><span class=\"glossary-letter\" id=\"glossary-f\">f<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/fiduciary-liability\/\"><span itemprop=\"name\">Fiduciary Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Fiduciary liability is coverage specifically designed for someone who holds a fiduciary duty, such as a trustee, employee or individual in a position of trust. It typically covers situations involving errors &amp; omissions (E&amp;O) where the fiduciary can be help personally liable under the Employee Retirement Income Security Act of 1974 (ERISA).  <a href=\"https:\/\/www.resourcepro.com\/blog\/what-are-the-fiduciary-risks-of-self-funded-health-plans\/\">What are the fiduciary risks of self-funded health plans<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/fine-arts-coverage\/\"><span itemprop=\"name\">Fine Arts Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Fine arts coverage covers the loss or damage to fine art owned by the insured.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/first-named-insured\/\"><span itemprop=\"name\">First Named Insured<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">First Named Insured is responsible for the duties and obligations listed in the conditions, such as the duty to pay the premium and give proper notice of accidents and losses. Additionally, the insurer's obligations, such as proper notice of cancellation or non-renewal and premium refund, need go only to the first-named-insured.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/fiscal-year\/\"><span itemprop=\"name\">Fiscal Year<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">\u00a0A fiscal year is an accounting year that ends on a date other than December 31.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/fleet-policy\/\"><span itemprop=\"name\">Fleet Policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A fleet policy is a single policy that covers multiple vehicles owned by a business.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/flood-coverage\/\"><span itemprop=\"name\">Flood Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Covers losses in the event of a flood. It is typically purchased by endorsement to a difference-in-condition (DIC) policy or to an all-risks policy.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/foreign-corporation\/\"><span itemprop=\"name\">Foreign Corporation<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A foreign corporation is a corporation doing business in a state other than its state of incorporation.  <a href=\"https:\/\/www.resourcepro.com\/blog\/5-unexpected-tasks-when-registering-as-a-foreign-entity\/\">5 unexpected tasks when registering as a foreign entity<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/certificates-of-authority-the-secretary-of-state\/\">Certificates of authority: The secretary of state<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/foreign-liability\/\"><span itemprop=\"name\">Foreign Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In general liability, foreign liability is a coverage that applies to damages arising from business operations in other countries.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/forgery-alteration\/\"><span itemprop=\"name\">Forgery & Alteration<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Forgery & Alteration is type of insurance that covers loss sustained through forgery or alteration of outgoing negotiable instruments made or drawn by you, or drawn on your accounts, or made or drawn by one acting as your agent.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/franchise-tax\/\"><span itemprop=\"name\">Franchise Tax\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Franchise Tax is a tax or fee usually imposed annually upon a corporation, limited liability company or similar business entity for the right to exist or do business in a particular state. Failure to pay the franchise tax or similar fees may result in the administrative dissolution of the company and forfeiture of the charter.  <a href=\"https:\/\/www.resourcepro.com\/blog\/5-unexpected-tasks-when-registering-as-a-foreign-entity\/\">5 unexpected tasks when registering as a foreign entity<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-agency-compliance-requires-full-time-focus\/\">Insurance agency compliance requires full-time focus<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/full-time-equivalent-fte\/\"><span itemprop=\"name\">Full Time Equivalent (FTE)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">FTE, or full time equivalent, is a unit of measurement used to represent the workload of a typical full-time employee.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/full-time-employee-ft\/\"><span itemprop=\"name\">Full-Time Employee (FT)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A full-time employee is who works more than the minimum number of hours defined by employer.\u00a0  <\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-g\"><span class=\"glossary-letter\" id=\"glossary-g\">g<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/garage-keepers-liability\/\"><span itemprop=\"name\">Garage Keepers Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Garage keepers legal liability protects business that store or service vehicles. It provides coverage for physical damage to customer's vehicles while in the insured's care, custody or control. In Texas and Virginia only, Garage Keepers Legal Liability is called Storage Location Insurance, and Garage Keepers Legal Liability refers seperately to On-Hook Towing Insurance in those states only.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/general-liability\/\"><span itemprop=\"name\">General Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Protects businesses from claims that it caused damage to others, not including car accidents and professional liability.  <a href=\"https:\/\/www.resourcepro.com\/blog\/top-underinsurance-risks-agents-need-to-talk-about-in-2021\/\">Top underinsurance risks agents need to talk about in 2021<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/3-ways-insurance-brokers-can-help-clients-cut-costs-during-covid-19\/\">3 ways insurance brokers can help clients cut costs during COVID-19<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/glass\/\"><span itemprop=\"name\">Glass<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A type of property insurance that covers breakage of windows and other glass.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/good-standing\/\"><span itemprop=\"name\">Good Standing<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A corporation is said to be in good standing when it has remained current with the necessary reports and fees required by the regulatory jurisdictions under which it operates.  <a href=\"https:\/\/www.resourcepro.com\/blog\/in-good-standing-certificate-of-authority-statuses\/\">In good standing: certificates of authority statuses<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/group-insurance\/\"><span itemprop=\"name\">Group Insurance\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Group Insurance is an insurance that is purchased by a company (known as the employer or group) and provided to their employees. A company can provide multiple insurance plans to their employees.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/group-name\/\"><span itemprop=\"name\">Group Name\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Group Name (also known as company name, employer name), is the name by which a company is known legally and officially.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/group-number\/\"><span itemprop=\"name\">Group Number\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Group Number (also known as Plan Number) is the unique number insurance company uses to identify the group.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/guaranteed-issue-gi\/\"><span itemprop=\"name\">Guaranteed Issue (GI)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Guaranteed Issue (GI) is a fixed amount of life and AD&D insurance that is available to an employee. If the benefits amount an employee selects is over the guaranteed issue amount, Evidence of Insurability (EOI) is required by carrier.\u00a0  <\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-h\"><span class=\"glossary-letter\" id=\"glossary-h\">h<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/hazard\/\"><span itemprop=\"name\">Hazard<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Hazard is defined as anything that increases the chance of a loss or increases the chance that a loss will be severe.  <a href=\"https:\/\/www.resourcepro.com\/blog\/loss-control-a-hidden-opportunity-for-carriers\/\">Loss control: a hidden opportunity for carriers<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-insurance-agents-can-positively-influence-pricing\/\">How insurance agents can positively influence pricing<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/health-maintenance-organization-hmo\/\"><span itemprop=\"name\">Health Maintenance Organization (HMO)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Health Maintenance Organization (HMO) is a type of health insurance plan that emphasizes preventive care and coordination between the insured and network of healthcare providers. The features of this type are if an insured is sick and needs health service, he or she always needs to go to his or her PCP first before going to other specialists or doctors. The PCP then makes a decision if the medical issue requires a specialist or different doctors. If so, the PCP provides an authorized referral for the insured to the specialist or doctor. With this referral, the insured can be reimbursed by the insurance company for the medical services provided by the specialist. Without the referral, the insured most likely will not be reimbursed.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/hired-car-physical-damage\/\"><span itemprop=\"name\">Hired Car Physical Damage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Coverage for physical damage for a rental vehicle. The limit\/deductible of the compensation\/collision for the losses caused by the car that rented by the insured.  <a href=\"https:\/\/www.resourcepro.com\/blog\/limited-lines-unlimited-possibilities\/\">Unlimited lines: unlimited possibilities<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/hired-non-owned-auto-liability-2\/\"><span itemprop=\"name\">Hired Non\/Owned Auto Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Hired Non\/Owned Auto Liability coverage pays for bodily injury (BI) or property damage (PD) arising out of the maintenance or use of a hired automobile in the course of business by the insured or an employee (core - for business use), or the use of a non-owned automobile in the business by any person other than the insured.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/home-address\/\"><span itemprop=\"name\">Home Address\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Home Address is the address where the employee lives.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/hospital-indemnity-insurance\/\"><span itemprop=\"name\">Hospital Indemnity Insurance\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Hospital Indemnity Insurance is an insurance plan that provides a lump-sum benefit to help with out-of-pocket costs related to a hospital stay (e.g., the costs in ICU).\u00a0  <\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-i\"><span class=\"glossary-letter\" id=\"glossary-i\">i<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/in-network\/\"><span itemprop=\"name\">In-network\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In-network health care providers are part of a health plan's network of providers with which it has negotiated a discount. Providers partner with the insurance carrier and agree to the negotiated rate for services.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/independent-adjuster\/\"><span itemprop=\"name\">Independent Adjuster<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An independent contractor that provides claims adjusting services to various insurance companies and charges a fee for each claim handled.  <a href=\"https:\/\/www.resourcepro.com\/blog\/adjusters-theyre-not-all-the-same\/\">Adjusters: they\u2019re not all the same<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/individual-rating\/\"><span itemprop=\"name\">Individual Rating<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Individual Rating is a rating system used when every insured is unique. Each insured is assigned an insurance rate that reflects its own unique characteristics.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/inland-marine\/\"><span itemprop=\"name\">Inland Marine<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Inland Marine Insurance is a type of commercial insurance that provides coverage for property not fixed to one location that isn't traditionally covered by commercial property insurance. Inland marine policies provide coverage without regard to the location of the covered property, sometimes called \"floater\" policies. Examples of property covered may including a range of moveable business equipment and products like: constuction equipment, computers and electronitcs, fine art, production equipment and more.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/insurance\/\"><span itemprop=\"name\">Insurance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Insurance is a system that operates based on the concept of risk sharing. A person, business, or organization transfers risks to an insurer by buying insurance. The insurer in turn reimburses the insured for covered losses by sharing the costs of losses among all insured's.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/insurance-bureau\/\"><span itemprop=\"name\">Insurance Bureau<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An insurance burea is a government agency reponsible for regulating the insurance industry and address consumer concerns.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/insurance-company\/\"><span itemprop=\"name\">Insurance Company\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Insurance Company (also known as carrier, insurer) is the company who provides insurance service.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/insurance-rate\/\"><span itemprop=\"name\">Insurance Rate<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Insurance Rate is the price of insurance for each unit of exposure. The rate is multiplied by the number of exposure units to arrive at a premium.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-insurance-agents-can-positively-influence-pricing\/\">How insurance agents can positively influence pricing<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/insurance-rating-system\/\"><span itemprop=\"name\">Insurance Rating System<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Insurance Rating System is an orderly method for arriving at an appropriate premium.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/insured\/\"><span itemprop=\"name\">Insured<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An Insured is a person, business, or organization that is covered by an insurance policy by purchasing  insurance.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/insurer\/\"><span itemprop=\"name\">Insurer<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Also known as an insurance company or carrier, is an organization that sells insurance policies to protect insured's from financial hardship caused by financial loss.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/insuring-agreements\/\"><span itemprop=\"name\">Insuring Agreements<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Insuring Agreements are provisions in an insurance policy stating, in broad terms, the promises made by the insurance company. An insurance policy provides coverage only if the claim is within the scope of the promise expressed in an insuring agreement.  <a href=\"https:\/\/www.resourcepro.com\/blog\/which-policy-checking-solution-is-right-for-you\/\">Which policy checking solution is right for you?<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/insurtech\/\"><span itemprop=\"name\">InsurTech<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Insurtech refers to the usage of technology to innovate and improve the insurance industry. The term is a blend of \"insurance\" and \"technology.\" Insurtech companies develop solutions and applications to address inefficiencies and limitation in traditional insurance models to streamline processes, personalize products and enhance customer experiences within the industry.  <a href=\"https:\/\/www.resourcepro.com\/blog\/key-insurtech-terms-to-know\/\">Key insurtech terms to know<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/intake-personnel\/\"><span itemprop=\"name\">Intake Personnel<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Personnel who are specifically assigned to \"intake information\" in order to onboard new clients. Intake processes each agency and individual data form, runs PDBs, checks for affiliations and CQs.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/intelligent-document-processing-idp\/\"><span itemprop=\"name\">Intelligent Document Processing (IDP)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Intelligent Document Processing (IDP) is a technology that extracts information from documents in various formats. It scans, reads, extracts, and organizes structured, semi-structured, and unstructured data from various file types and sizes, including documents, spreadsheets, and PDFs.  <a href=\"https:\/\/www.resourcepro.com\/blog\/itc-2023-trends-and-takeaways-its-all-about-focus\/\">ITC 2023 trends and takeaways: it's all about focus<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/internet-of-things-iot\/\"><span itemprop=\"name\">Internet of Things (IoT)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The Internet of Things (IoT) is the network of connected physical devices embedded with sensors, software and other technologies that connect and exchange data over the internet. Examples of IoT devices used in insurance include vehicle sensors, water leak sensors, smart security sensors, fitness trackers, property inspection drones, equipment performance devices and more.  <a href=\"https:\/\/www.resourcepro.com\/blog\/resource-pros-mark-breading-talks-futurism-in-insurance\/\">ReSource Pro's Mark Breading talks futurism in insurance<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/involuntary-dissolution\/\"><span itemprop=\"name\">Involuntary Dissolution\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Involuntary dissolution occurs when the corporation's legal existence is terminated pursuant to an administrative or court proceeding; the dissolution is forced rather than decided upon by the corporation.<\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-j\"><span class=\"glossary-letter\" id=\"glossary-j\">j<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/jurisdiction\/\"><span itemprop=\"name\">Jurisdiction\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Jurisdiction is a term used to describe which insurance regulatory body (such as a state insurance department) has authority.  <a href=\"https:\/\/www.resourcepro.com\/blog\/in-good-standing-certificate-of-authority-statuses\/\">In good standing: certificate of authority statuses<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/resident-state-change-compliance-tips\/\">Resident state change compliance tips<\/a><\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-k\"><span class=\"glossary-letter\" id=\"glossary-k\">k<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/kidnap-and-ransom\/\"><span itemprop=\"name\">Kidnap and Ransom<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Kidnap and Ransom (K&amp;R) is a type of insurance designed to protect employees, relatives of employees, or guests from financial loss as the result of kidnapping, extortion and wrongful detention.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/knowledge-process-management-kpm\/\"><span itemprop=\"name\">Knowledge Process Management (KPM)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">KPM, or Knowledge Process Management, is a strategy used to manage an organization's knowledge and business processes. It involves combining strategies for creating, sharing and leveraging knowledge with optimizing business processes to improve efficiency, quality, and consistency.  <a href=\"https:\/\/www.resourcepro.com\/blog\/featured-carrier-management-dan-epstein-global-talent-crisis\/\">Featured in Carrier Management: Dan Epstein on global talent crisis<\/a><\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-l\"><span class=\"glossary-letter\" id=\"glossary-l\">l<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/large-language-model-llm\/\"><span itemprop=\"name\">Large Language Model (LLM)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Large Language Model (LLM) is a type of generative artificial intelligence program trained on a large amount of text data. The LLM is trained on this data to process and generate human-like text responses to prompts.  <a href=\"https:\/\/www.resourcepro.com\/blog\/generative-ai-insurance-plainenglish\/\">Generative AI in insurance, explained in plain English<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/lawyers-professional-liability\/\"><span itemprop=\"name\">Lawyers Professional Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Lawyers Professional Liability(LPL) is a commercial insurance providing professional liability coverage to law firms and lawyers due to legal mistakes.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/liability-insurance\/\"><span itemprop=\"name\">Liability Insurance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Liability Insurance, also called \"Third Party Coverage\" protects the insured from losses due to injury to someone else or accidental loss or damage to someone else's property.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/license-cancellation\/\"><span itemprop=\"name\">License Cancellation\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">To cancel a license that is no longer needed, an agent or agency can submit a written request to the state's Department of Insurance.  <a href=\"https:\/\/www.resourcepro.com\/blog\/resident-state-change-compliance-tips\/\">Resident state change compliance tips<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/license-reinstatement\/\"><span itemprop=\"name\">License Reinstatement\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">License reinstatement is typically available only within a short period, usually 15 days to 1 year,\u00a0after the renewal deadline. Reinstatement of expired licenses may require late fees in addition to the regular renewal fee.  <a href=\"https:\/\/www.resourcepro.com\/blog\/dealing-with-a-lapsed-license\/\">7 tips for dealing with a lapsed license<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/license-renewal\/\"><span itemprop=\"name\">License Renewal\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">License Renewal is the periodic and scheduled renewal of a license to keep it from lapsing\/expiring.  <a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-compliance-myths-busted-license-renewals-2\/\">Insurance compliance myths busted: license renewals<\/a>  &nbsp;<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/life-plan\/\"><span itemprop=\"name\">Life Plan\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Life Plan is an insurance plan that pays a lump sum to a beneficiary after employee death, and normally pays for employee a portion of life insurance upon other events such as terminal illness.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/limit\/\"><span itemprop=\"name\">Limit<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Also called limits of insurance, limits of liability, or policy limits, indicates in an application how much insurance is requested. Once the policy is issued, the limits in the policy set the maximum dollar amount the insurance company will pay.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/limited-liability-company-llc\/\"><span itemprop=\"name\">Limited Liability Company (LLC)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Limited Liability Company (LLC) is an entity created under and governed by the laws of the jurisdiction in which it was formed. Such entities are generally able to provide the limited personal liability of corporations and the pass-through taxation of partnerships or S corporations.  <a href=\"https:\/\/www.resourcepro.com\/blog\/s-election-and-business-entity-taxes\">S-election and business entity taxes<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/annual-returns-when-and-what-to-file\/\">Annual returns: when and what to file<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/limited-partnership\/\"><span itemprop=\"name\">Limited Partnership\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A limited partnership is a form of partnership consisting of one or more general partners who manage the business and are responsible for its debts, and one or more limited partners who invest in the business and have limited personal liability.  <a href=\"https:\/\/www.resourcepro.com\/blog\/director-officer-updates\/\">Director &amp; officer updates<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/lines-of-authority-loa\/\"><span itemprop=\"name\">Lines of Authority\u00a0(LOA)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Lines of Authority (LOA) are the specific types (or lines) of insurance that the individual\/agency is licensed to write.\u00a0 Examples include P\/C, L\/A\/H, SL, Adjuster, and TPA (Third Party Administrator).  <a href=\"https:\/\/www.resourcepro.com\/blog\/major-lines-of-authority\/\">Major lines of authority<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/limited-lines-unlimited-possibilities\/\">Limited lines, unlimited possibilities<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/liquor-liability\/\"><span itemprop=\"name\">Liquor Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Liquor liability insurance is business insurance that protects businesses against loss or damages claimed as a result of a patron of your business becoming intoxicated and injuring themselves or others. The business that served the alcohol could be legally liable for injuries, damages, or both that occurred as a result of actions, behaviors, or conduct of a patron under the influence of alcohol.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/location\/\"><span itemprop=\"name\">Location\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Location is the place or building where an employer run its business, and may have multiple offices in different locations. If the employer has multiple locations in different states, the group insurance plans in different locations may be different.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/long-term-disability-plan-ltd-plan\/\"><span itemprop=\"name\">Long Term Disability Plan (LTD Plan)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Long Term Disability (LTD) covers a longer time period (usually to age 65 or retire). Normally, benefits is paid on a monthly basis.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/loss\/\"><span itemprop=\"name\">Loss<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A loss is defined as the financial cost to pay for the losses in case of an accident.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/loss-control-inspection-reports\/\"><span itemprop=\"name\">Loss Control Inspection Reports<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Written by a loss control inspector. It describes the operations and hazards of the applicant's business as they relate to the type of insurance coverages the applicant is requesting. It reports not only strengths and weaknesses but also makes recommendations for improvement such as safety programs and other measures to control the hazards.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/loss-exposures\/\"><span itemprop=\"name\">Loss Exposures<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Loss exposures, also simply called exposures, are situations that could lead to an accidental loss.  <a href=\"https:\/\/www.resourcepro.com\/blog\/loss-control-a-hidden-opportunity-for-carriers\/\">Loss control: a hidden opportunity for carriers<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/loss-payee\/\"><span itemprop=\"name\">Loss Payee<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A loss payee is another entity that has a financial interest in a business or property.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/loss-run\/\"><span itemprop=\"name\">Loss run<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Loss run, also referred to as loss history or loss record, are lists of the losses incurred by the insured during the policy period.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/loss-summary\/\"><span itemprop=\"name\">Loss summary<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A loss summary is a brief summary of the loss runs. It is usually simpler than a loss run but keeps all the necessary data, such as the date and the type of loss.<\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-m\"><span class=\"glossary-letter\" id=\"glossary-m\">m<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/mailing-address-2\/\"><span itemprop=\"name\">Mailing Address\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Mailing Address is the address where mail is delivered to the Insured. It could be a physical address or PO Box.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/management-liability\/\"><span itemprop=\"name\">Management Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Management liaibility insurance, also known as executive liaiblity insurance is a type of insurance that protects a ompany's directors, officers and managers from financial loses arising from lawuits alleging mismanagement or negligence.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/managers\/\"><span itemprop=\"name\">Managers\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Managers are individuals responsible for the maintenance, administration and management of the affairs of a limited liability company (LLC). Managers usually do not hold a percentage of ownership in the company.  <a href=\"https:\/\/www.resourcepro.com\/blog\/annual-returns-when-and-what-to-file\/\">Annual returns: when and what to file<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/7-ways-agents-and-brokers-can-reduce-eo-risk\/\">7 ways agents and brokers can reduce e&amp;o risk\u00a0<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/managing-general-agent-mga\/\"><span itemprop=\"name\">Managing General Agent (MGA)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Managing General Agent is a specialized type of insurance agent\/broker that, unlike traditional agents\/brokers, is vested with underwriting authority from an insurer. Accordingly, MGAs perform certain functions ordinarily handled only by insurers, such as binding coverage, underwriting and pricing, appointing retail agents within a particular area, and settling claims.  <a href=\"https:\/\/www.resourcepro.com\/blog\/what-is-an-mga\/\">What is an mga?<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/master-service-agreement-msa\/\"><span itemprop=\"name\">Master Service Agreement (MSA)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A master service agreement (MSA), also sometimes referred to as a framework agreement, is a fundamental contract outlining the standard terms and conditions that will govern the relationship between a service provider and a client.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/media-liability\/\"><span itemprop=\"name\">Media Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Media liability is a type of errors and omissions (E&O) liability insurance for media companies that protects agasint damages such as defamation, invasion of privacy, copyright and plagiarism.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/medical-malpractice\/\"><span itemprop=\"name\">Medical Malpractice<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Medical Malpractice is a commercial insurance providing protection to doctors, hospitals, and other healthcare providers from financial losses due to medical errors.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/medical-payments\/\"><span itemprop=\"name\">Medical Payments<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In general liability, medical payments is a coverage that pays for medical bills for persons injured in the business, regardless of the insured's liability.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/medical-plan\/\"><span itemprop=\"name\">Medical Plan\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Medical Plan is an insurance plan that covers medical costs when an employee gets sick or hurt, and needs to go to the hospital.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/medical-professional-liaibility-mpl\/\"><span itemprop=\"name\">Medical Professional Liaibility (MPL)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Medical Professional Liaibility (MPL), also known as medical malpractice insurance, prtects healthcare providers from financial loss due to lawsuits alleging negligence or errors in their medical care.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/medicare\/\"><span itemprop=\"name\">Medicare\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Medicare is the federal health insurance program for people who are 65 or older, or certain younger people with disabilities or with End-Stage Renal Disease.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/members\/\"><span itemprop=\"name\">Members\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The owner(s) of a limited liability company (LLC) may be known as members. Members usually hold a percentage of ownership in the company.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/money-securities-inside-outside\/\"><span itemprop=\"name\">Money & Securities Inside\/Outside<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Money & Securities Coverage Inside\/Outside pays for loss due to theft, disappearance or destruction of insured's money and securities on premises, in a bank or savings institution, in the insured's living quarters, or the living quarters of partners or employees who have use and custody, or in transit insured's money.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/mortgagee\/\"><span itemprop=\"name\">Mortgagee<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A mortgagee is the lender of a loan secured by property. For example, a bank that lends money to purchase a home or building is a mortgagee.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/motor-carrier-policy\/\"><span itemprop=\"name\">Motor Carrier Policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Motor Carrier Policy is a commercial auto policy designed for businesses that transport goods using vehicles for hire. It provides financial  protection in the event of an accident, injury or damage in transit. Coverages include auto liability, trailer interchange and auto physical damage.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/motor-vehicle-report\/\"><span itemprop=\"name\">Motor Vehicle Report<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Motor vehicle report, also known as a Motor Vehicle Record or MVR, lists the moving violations (such as seeding tickets) and serious accidents that a driver has had in the past several years.  <\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-n\"><span class=\"glossary-letter\" id=\"glossary-n\">n<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/name-change\/\"><span itemprop=\"name\">Name Change\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The process by which the name of an individual or corporation is updated with all state departments that record this information  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/national-association-of-insurance-commissioners-naic\/\"><span itemprop=\"name\">National Association of Insurance Commissioners (NAIC)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">National Association of Insurance Commissioners (NAIC) is an association representing the various state commissioners of insurance that promotes uniformity of insurance licensing procedures and governing law and regulations.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/national-insurance-producers-registry-nipr\/\"><span itemprop=\"name\">National Insurance Producers' Registry (NIPR)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">\u00a0The National Insurance Producers' Registry is a business entity created by the NAIC to oversee the electronic licensing process and maintain a database of agents' and agencies' licensing and appointment statuses in the various states.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/new-hire\/\"><span itemprop=\"name\">New Hire\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A New Hire is an employee who has not previously worked for the employer.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/newspaper-publication\/\"><span itemprop=\"name\">Newspaper Publication\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Newspaper publications are a public notice in local newspaper(s) required prior to the issuance of certain types of corporate qualifications and\/or licensure.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/nexus-questionnaire\/\"><span itemprop=\"name\">Nexus Questionnaire\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The Nexus Questionnaire \u00a0is a state provided application that helps an agency determine whether or not it needs to file taxes in that state.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/no-par-value-shares\/\"><span itemprop=\"name\">No Par Value Shares\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A no par value share is issued without the specification of a par value indicated in the company's articles of incorporation. They may be issued for any consideration determined by the board of directors.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/non-admitted-carrier\/\"><span itemprop=\"name\">Non-Admitted Carrier\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">\u00a0A non-admitted carrier is an insurance carrier that, although it has not been approved by the state department of insurance to underwrite standard insurance products, may underwrite certain excessive risks, i.e. surplus lines policies with the special permission of the DOI.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/non-contributory-plan\/\"><span itemprop=\"name\">Non-Contributory Plan\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Non-Contributory Plan refers to a plan where an employer pays premium entirely and employees don't contribute money at all.\u00a0\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/not-for-profit-corporation\/\"><span itemprop=\"name\">Not-For-Profit Corporation\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Not-for-Profit Corporation, also known as a non-profit, is generally organized for some socially beneficial purpose, rather than for the direct monetary benefit of the directors or members. Not all not-for-profit corporations are tax exempt and some make a profit. However, the profit is not distributed to the members or directors.<\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-o\"><span class=\"glossary-letter\" id=\"glossary-o\">o<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/ocean-marine\/\"><span itemprop=\"name\">Ocean Marine<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Ocean Marine coverage is a type of insurance specifically designed to protect against financial loss from the transportation of goods at sea. The term Ocean Marine encompasses a variety of coverages, including Cargo, Hull and liability coverages.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/officers\/\"><span itemprop=\"name\">Officers\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Officers are individuals appointed by the board of directors who are responsible for carrying out the board's policies and for making day-to-day decisions.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/on-hook-towing-insurance\/\"><span itemprop=\"name\">On-Hook Towing Insurance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">On-Hook Towing Insurance, (also known as Garage Keepers Legal Liaiblity insurance in Texas and Virgina only) is a coverage designed for businesses that tow vehicles. It provides financial protection in the case that a customers car is damaged while it is being towed.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/open-lot-coverage\/\"><span itemprop=\"name\">Open Lot Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Open Lot, also referred to as Dealers Open Lot coverage is a specific type of insurance designed for car dealerships. It provides financial protection for a dealerships vehicle inventory. Coverage options include collision, comprehensive, specified cause of loss, or fire and theft.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/optical-character-recognition-ocr\/\"><span itemprop=\"name\">Optical Character Recognition (OCR)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">OCR, or Optical Character Recognition, is a technology that transforms images containing text into editable digital text.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/out-of-network\/\"><span itemprop=\"name\">Out-of-network\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Out-of-network providers are the ones do not have an agreement with a carrier's care plan. Employees could still go to the doctors who are out-of-network, but they would have to pay more or they would need to pay the cost by themselves.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/outdoor-property-coverage\/\"><span itemprop=\"name\">Outdoor Property Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Outdoor Property Coverage covers the following specific property: outdoor fences, radio and television antenna (including satellite dishes), signs not attached to buildings, trees shrubs and plants, and the debris removal expense of the above coverage.  <a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-organization-prepared-for-disaster\/\">Is your insurance organization prepared for disaster?<\/a><\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-p\"><span class=\"glossary-letter\" id=\"glossary-p\">p<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/par-value\/\"><span itemprop=\"name\">Par Value\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Par value is the minimum price of a share below which the share cannot be issued, as designated in the articles of incorporation.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/parametric-insurance\/\"><span itemprop=\"name\">Parametric Insurance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Parametric insurance is a type of insurance that pays out predefined amounts based on event triggers.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/parent-corporation\/\"><span itemprop=\"name\">Parent Corporation\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A corporation that owns a controlling interest in another corporation is a parent corporation.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/part-time-employee-pt\/\"><span itemprop=\"name\">Part-Time Employee (PT)\u00a0\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A part-time employee (PT) is who works less than the minimum number of hours defined by employer.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/partnership\/\"><span itemprop=\"name\">Partnership\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A partnership is a business organization in which two or more people agree to do business together.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/pass-through-taxation\/\"><span itemprop=\"name\">Pass-Through Taxation\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In Pass-Through Taxation rather than tax the income of the entity, taxation is \u0093passed through\u0094 to the individual shareholders in S corporations (and LLCs). Income or losses are declared on their individual tax returns.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/peril\/\"><span itemprop=\"name\">Peril<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A peril is a unexpected and damaging event that causes a loss. Insurance is specifically designed to protect individuals and businesses from perils.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/period\/\"><span itemprop=\"name\">Period<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The term \"Period\" refers to the duration of a policy.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/perpetual\/\"><span itemprop=\"name\">Perpetual<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">\"Perpetual\" describes a license that does not require a renewal.\u00a0 The license will always continually be active until a withdrawal is submitted to inactivate the license (or the resident license lapses\/expires, then all others begin to fall off as a result). You may see the expiration date listed as 2\/2\/2222.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/perpetual-existence\/\"><span itemprop=\"name\">Perpetual Existence\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Perpetual existence refers to an unlimited term of existence; characteristic of most business corporations.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/personal-injury\/\"><span itemprop=\"name\">Personal Injury<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In general liability, personal injury is a coverage that pays for non-physical harm. According to International Organization for Standardixation (ISO)'s 1986 commercial general liability (CGL) policy, PI includes: false arrest, detention, or imprisonment; malicious prosecution; wrongful eviction; slander; libel; and invasion of privacy.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/personal-injury-protection\/\"><span itemprop=\"name\">Personal Injury Protection<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Personal injury protection (PIP), also known as no-fault insurance, is a type of coverage that helps pay for medical expenses and other losses incurred regardless of who caused the accident. PIP is mandated in some jurisdictions and covers medical expenses, loss of income, funeral expenses, etc.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/personal-insurance\/\"><span itemprop=\"name\">Personal Insurance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Personal insurance is a type of insurance designed to protect individual and families from financial losses arising from unexpected events impacting their personal well-being, assets or liabilities.  <a href=\"https:\/\/www.resourcepro.com\/blog\/pc-personal-lines-insurers-viewing-key-strategic-initiatives-through-a-new-lens\/\">P&amp;C personal lines insurers: viewing key strategic initiatives through a new lens<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/personal-property-off-premises-coverage\/\"><span itemprop=\"name\">Personal Property off Premises Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Personal property off premises coverage extends insurance that applies to Business Personal Property to cover Business Personal Property other than Money and Securities, Valuable Papers and Records, or Accounts Receivable, while in course of transit or temporarily at a premise not owned, leased or operated by the insured.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/physical-damage\/\"><span itemprop=\"name\">Physical Damage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In insurance, physical damage refers to coverage for harm to physical objects, typically vehicles. It provides coverage from the cost of repairing or replacing the object in the event of an accident.  <a href=\"https:\/\/www.resourcepro.com\/blog\/major-lines-of-authority\/\">Major lines of authority<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/point-of-service-pos\/\"><span itemprop=\"name\">Point-Of-Service (POS)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Point-Of-Service (POS) combines some of the design features of both an HMO and a PPO. Each insured must select a PCP but still has the option of receiving services from doctors without a referral from the PCP. The insured can go out-of-network and still receive a certain amount of coverage. The cost will be lower in-network and higher for out-of-network.\u00a0Normally, a POS is more suitable if your favorite doctor is already in the network or when you are willing to visit a PCP before receiving in-network healthcare.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/policy\/\"><span itemprop=\"name\">Policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A policy is a contract that states the rights and duties of the insurance company and the insured.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/policy-checking\/\"><span itemprop=\"name\">Policy Checking<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Policy checking refers to the tasks involved in making sure that the policy is complete and accurate before it is issued to the insured.  <a href=\"https:\/\/www.resourcepro.com\/retail\/extend-your-team\/\">Expand your resources<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/policy-condtions\/\"><span itemprop=\"name\">Policy Condtions<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In an insurance policy, policy conditions are provisions that explain the duties, rights, and options of the insured and the insurance company.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/policy-declarations\/\"><span itemprop=\"name\">Policy Declarations<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Policy Declarations are the page or pages of an insurance policy containing information, such as the insured's name and address, that the policyholder declared (stated as facts) on the application for insurance.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/policy-definitions\/\"><span itemprop=\"name\">Policy Definitions<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In an insurance policy, policy definitions are provisions that define the words and phrases that have a special meaning when they are used elsewhere in that policy. Words defined in some policies are printed in bold or enclosed by quotation marks.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/policy-exclusions\/\"><span itemprop=\"name\">Policy Exclusions<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Policy Exclusions are policy provisions that restrict the broad terms of the insuring agreement by stating some exceptions to coverage, including certain activities, loss causes, property, persons, and places for which the insurer does not provide coverage.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-agencies-can-reduce-eo-risk-across-the-policy-lifecycle\/\">How agencies can reduce e&amp;o risk across the policy lifecycle<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/policy-issuance\/\"><span itemprop=\"name\">Policy Issuance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Policy issuance is the act of issuing the policy documents, which will be printed out and delivered to the insured.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/policy-servicing-representative-psr\/\"><span itemprop=\"name\">Policy Servicing Representative (PSR)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Policy Servicing Representative (PSR) is an insurance professional that interacts with the insured after they have purchased an insurance policy. They act as a bridge between the policyholder and insurance company, ensuring the policy runs smoothly and adressing any questions for the policyholder.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/policy-typing\/\"><span itemprop=\"name\">Policy Typing<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Policy typing refers to the data entry of the information that is necessary to create a policy.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/power-of-attorney\/\"><span itemprop=\"name\">Power of Attorney<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">\u00a0Power of attorney is the authority given to one person or organization to act on behalf of and obligate another.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/pre-licensing-requirements\/\"><span itemprop=\"name\">Pre-licensing Requirements\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Before a license application can be submitted, a new agent must complete certain pre-licensing requirement courses on state insurance laws and procedures, either online or in a classroom setting.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/preferred-provider-organization-ppo\/\"><span itemprop=\"name\">Preferred Provider Organization (PPO)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Preferred Provider Organization (PPO) allows a patient to go to out-of-network doctors or hospitals without an authorization from a PCP. Both in-network and out-of-network providers' medical costs are reimbursed. But the cost for out-of-network is generally higher that in-network.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/preferred-shares\/\"><span itemprop=\"name\">Preferred Shares\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Preferred Shares are a class of shares that entitles the holders to preferences over the holders of common shares, usually with regard to dividends and distributions of assets upon dissolution or liquidation.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/premises-operations\/\"><span itemprop=\"name\">Premises & Operations<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Premises & Operations covers liability for bodily injury (BI) or property damage (PD) that happens on your business premises or as a result of your business operations while they are ongoing.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/premium\/\"><span itemprop=\"name\">Premium<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Premium is a periodic payment by the insured to the insurance company in exchange for insurance coverage.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-insurance-agents-can-positively-influence-pricing\/\">How insurance agents can positively influence pricing<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/premium-auditing\/\"><span itemprop=\"name\">Premium auditing<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">At the end of the year, the policyholder's records are examined or audited by a premium auditor to determine the audited premium.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/premium-auditor\/\"><span itemprop=\"name\">Premium auditor<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A premium auditor is a person who examines policyholders' records at the end of the policy period to determine the final audited premium.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/primary-care-physician-pcp\/\"><span itemprop=\"name\">Primary Care Physician (PCP)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Primary Care Physician (PCP, also known as Primary Care Provider), is a health care professional who practices general medicine. PCPs are first stop for medical care.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/producer\/\"><span itemprop=\"name\">Producer<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Anyone who \u0091produces' insurance business by selling insurance.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/producer-database-report-pdb\/\"><span itemprop=\"name\">Producer Database Report (PDB)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Producer Database Report (PDB) is a report from the National Producer Database that gives the last known addresses and aliases (DBAs) of an individual or agency.\u00a0\u00a0 It also provides license detail for all license types that are reported to this national database, as well as any administrative actions and appointment currently on file.\u00a0 A PDB is only good at the moment it is run, because details are ever changing.\u00a0 A PDB could be run for the same person\/agency the following day and contain different information.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/producer-license\/\"><span itemprop=\"name\">Producer License<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A producer license is a credintial that authorizes and individual to sell, solicit, or negotiate insurance on behalf of insurance companies. Specific requirements for obtaining a producer license varies by state, and there are different types of producer license available, depending on the specific line of insurance: property & casualty, life & health, and accident & health.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/products-completed-operations\/\"><span itemprop=\"name\">Products & Completed Operations<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Products & Completed Operations covers liability for bodily injury (BI) or property damage (PD) that happens away from your premises and is caused by a product you sell or a service you completed.  This applies even after the work is finished.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/professional-liability\/\"><span itemprop=\"name\">Professional Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Professional liability (PL) protects professionals from errors &amp; omissions (E&amp;O) in their services. Most PL policies cover financial losses as opposed to bodily injury.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/property-insurance\/\"><span itemprop=\"name\">Property Insurance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Property insurance protects property and physical assets from damages and loss.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/proposal\/\"><span itemprop=\"name\">Proposal<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A proposal is a booklet that highlights the important features of the proposed coverage and related services by the broker and states the premium.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/prospect\/\"><span itemprop=\"name\">Prospect<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A prospect is a person, business, or organization that a producer hopes to sell insurance to. After the sale is completed, the prospect becomes a customer, client, policyholder, or account.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/provision\/\"><span itemprop=\"name\">Provision<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A provision is any statement in an insurance policy is referred as a policy provision.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/public-adjuster\/\"><span itemprop=\"name\">Public Adjuster<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An insurance claims adjuster advocates for and is paid by the policyholder to appraise and negotiate an insurance claim.  <a href=\"https:\/\/www.resourcepro.com\/blog\/adjusters-theyre-not-all-the-same\/\">Adjusters: they're not all the same<\/a><\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-q\"><span class=\"glossary-letter\" id=\"glossary-q\">q<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/qualifying-life-event-qle\/\"><span itemprop=\"name\">Qualifying Life Event (QLE)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Qualifying Life Event (QLE) is a change that happens to the employee and\/or dependents, like getting married, having a baby, or losing coverage, etc. QLE may trigger enrollment or change of group insurance plans.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/quote\/\"><span itemprop=\"name\">Quote<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A quote is a statement regarding the premium that will be charged for certain coverage.  <\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-r\"><span class=\"glossary-letter\" id=\"glossary-r\">r<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/reappraisal\/\"><span itemprop=\"name\">Reappraisal<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A reappraisal is the process of re-estimating the value of something, typically after a period of time to determine is the value has changed.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/region-code-rc\/\"><span itemprop=\"name\">Region Code (RC)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">\u00a0A Region Code (RC) is a specific number assigned to each new client as they onboard.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/registered-agent-ra\/\"><span itemprop=\"name\">Registered Agent (RA)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Registerd Agent (RA) is required by each state that you are registered in at the Secretary of State level (a couple of exceptions). The RA is an office or person in that state. We use Corporate Creations or CT Corp and if our clients use them through us, the fee is $95 per state per year.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/rehire-date\/\"><span itemprop=\"name\">Rehire Date\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Rehire Date is the first day officially re-employed by the employer.\u00a0\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/rehire\/\"><span itemprop=\"name\">Rehire\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Rehire is a former employee who is hired by the employer again.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/reinstatement\/\"><span itemprop=\"name\">Reinstatement\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Reinstatement involves returning a corporation that has been administratively dissolved, or had its certificate of authority revoked, to good standing at the Secretary of State.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/reinsurance\/\"><span itemprop=\"name\">Reinsurance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Reinsurance is an agreement by one insurer (the primary insurer) with another insurer (the reinsurer) to share a risk.  <a href=\"https:\/\/www.resourcepro.com\/blog\/ma-keeps-the-non-admitted-market-growing\">M&amp;A keeps the non-admitted market growing<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/categorizing-emerging-exposures-helps-reinsurers-measure-potential-losses\/\">Categorizing emerging exposures helps reinsurers<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/reinsurer\/\"><span itemprop=\"name\">Reinsurer<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An insurance company that sells insurance to another insurance company as a way of offsetting risk.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/renewal\/\"><span itemprop=\"name\">Renewal<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">At the end of the period of insurance (usually one year) the policy may be extended for another period of time. This is called a renewal.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/renewal-questionnaire\/\"><span itemprop=\"name\">Renewal Questionnaire<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A renewal questionnaire is a form that asks questions about changes during the past coverage period.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/rental-reimbursement\/\"><span itemprop=\"name\">Rental Reimbursement<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Rental reimbursement (or rental car coverage) is a type of optional car insurance coverage that helps pay for the cost of rental car while your vehicle is being repaired after a car accident or after suffering damages that are covered through your car insurance policy.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/replacement-cost-value\/\"><span itemprop=\"name\">Replacement Cost Value<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">When an insured chooses replacement cost, the insurance company will pay the amount that it costs to replace the property at the time of the loss.  <a href=\"https:\/\/www.resourcepro.com\/blog\/7-ways-agents-and-brokers-can-reduce-eo-risk\/\">7 ways agents and brokers can reduce e&amp;o risk<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/restricted-state\/\"><span itemprop=\"name\">Restricted State\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A restricted state is one that requires the approval of an agent's or agency's request for appointment before any insurance policy is solicited or written  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/retail-agent\/\"><span itemprop=\"name\">Retail Agent<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Also known as independent agent. A retail agent sells insurance as a representative of several unrelated insurance companies. The retail agent's business is a retail agency.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/retainer\/\"><span itemprop=\"name\">Retainer<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">\u00a0A retainer is an account set up between a service provider and a client in which money for \u0091pre-paid' items will be deposited.\u00a0 Once the items or \u0093tasks\u0094 have been completed and put into the billing cycle, the funds for those particular items will be removed from the Retainer account and used to pay service fees.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/risk\/\"><span itemprop=\"name\">Risk<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Risk refers to the possibility of financial loss.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/risk-sharing\/\"><span itemprop=\"name\">Risk Sharing<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In risk sharing, insured's pays premiums to the insurance company, which pools the premiums into a  large fund. Insured's who suffer losses are paid from this pool of money. The total cost of paying for  losses that occur to relatively few insured's is spread among all members of the group. Sharing the cost  among all insured's makes each insured's premium relatively small.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/robotic-process-automation-rpa\/\"><span itemprop=\"name\">Robotic Process Automation (RPA)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Robotic Process Automation (RPA) is a technology that uses software robots to automate repetitive high-volume tasks. Tasks that can be automated with RPA in insurance include data entry, form processing, claims intake and more.  <a href=\"https:\/\/www.resourcepro.com\/blog\/pitfalls-of-robotic-process-automation-rpa\/\">Pitfalls of robotic process automation<\/a><\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-s\"><span class=\"glossary-letter\" id=\"glossary-s\">s<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/s-corporation\/\"><span itemprop=\"name\">S Corporation\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.  <a href=\"https:\/\/www.resourcepro.com\/blog\/s-election-and-business-entity-taxes\/\">S-election and business entity taxes<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/saving-accounts\/\"><span itemprop=\"name\">Saving Accounts\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">When an employer is creating a competitive benefits package for employees, good healthcare options should be a top priority. In addition to health, dental and vision insurance, many employers choose to offer employees tax-free accounts that can be used to pay for health care expenses, such as:\u00a0Flexible Spending Accounts (FSA), Health Reimbursement Arrangements (HRA), Health Savings Accounts (HSA)  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/secretary-of-state-sos\/\"><span itemprop=\"name\">Secretary of State (SOS)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Secretary of State (SOS)  is the regulatory authority that grants business entities the authority to conduct business in their state.\u00a0 Some states refer to as State Corporation Commission or other similar name  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/selling-agreement\/\"><span itemprop=\"name\">Selling Agreement\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Selling Agreement is the contract between an insurance carrier and an agency defining the terms and conditions under which the agency and its agents may represent the carrier's insurance products. The agreement typically defines marketing procedures, terms and schedules for compensation, and binding legal responsibilities of both parties.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/short-term-disability-plan-std-plan\/\"><span itemprop=\"name\">Short Term Disability Plan (STD Plan)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Short Term Disability (STD) plan covers a shorter time period (usually 13 to 26 weeks). Normally, benefits is paid on a weekly basis.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/shrinking-limits-defense-provision\/\"><span itemprop=\"name\">Shrinking Limits Defense Provision<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A shrinking limits defense provision is a clause that states the costs incurred by the insurance company defending a lawsuit against a policyholder will be deducted from the overall policy limits available to pay for actual damages in a lawsuit.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/signature-date\/\"><span itemprop=\"name\">Signature Date\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Signature Date (sign date) is the date when an employee applies for group insurance plans. Employee may sign on benefits administration system or paper application form.\u00a0\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/signs-coverage\/\"><span itemprop=\"name\">Signs Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Signs coverage is designed to pay out to damages to signs not attached to the covered building, owned by you or owned by others but in your care, custody or control.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/social-security-number-ssn\/\"><span itemprop=\"name\">Social Security Number (SSN)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Social Security Number (SSN) is a nine-digit number in the format \u0093123-45-6789\u0094 or \u0093123456789\u0094 that the U.S. government issues to all U.S. citizens, legal permanent resides, and noncitizens who have jobs in the United States.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/sole-proprietorship\/\"><span itemprop=\"name\">Sole Proprietorship\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A sole proprietorship is an unincorporated business with a sole owner in which the owner is personally liable for business debts and claims against the business.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/specialist\/\"><span itemprop=\"name\">Specialist\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A specialist is a type of doctor that focuses on a certain area of medicine, such as cancer.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/specificied-perils-policy\/\"><span itemprop=\"name\">Specificied Perils Policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Specified Perils Policy covers any loss that is caused by one or more of the perils that is specified in the policy. The burden of proof is on the insured.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/spoilage-coverage\/\"><span itemprop=\"name\">Spoilage Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Spoilage Coverage pays for damage to insured's personal property (normally food) due to mechanical breakdown or failure of refrigerating equipment, contamination by refrigerant or power outages beyond insured's control.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/spouse\/\"><span itemprop=\"name\">Spouse\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Spouse refers to an individual who is lawfully married to another individual.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/state-fees\/\"><span itemprop=\"name\">State Fees<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">\u00a0State Fees refers to the amount of funds needed to process an item and pay the state.\u00a0 This amount usually includes an additional amount to cover any related \u0091processing fees'.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/stockholders\/\"><span itemprop=\"name\">Stockholders\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Stockholders, also known as shareholders, are the owners of a corporation based on their holdings. They own an interest in the corporation rather than specific corporate property.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/stop-gap-endorsement\/\"><span itemprop=\"name\">Stop Gap Endorsement<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Stop Gap Endorsement provides liability coverage to employers in states with limited workers' compensation options.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/submission\/\"><span itemprop=\"name\">Submission<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A submission is the package of materials that will go to the underwriters as part of a request for a quote.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/subrogation\/\"><span itemprop=\"name\">Subrogation<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">When the insurer pays the insured for a loss, the insurer takes over the insured's right to collect damages from the other party responsible for the loss through a process called subrogation. The insurance company may subrogate against the party directly responsible for the loss.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/surplus-lines-a-k-a-excess-lines\/\"><span itemprop=\"name\">Surplus Lines (a.k.a. Excess Lines)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Surplus lines is the license class that enables an insurance agent and\/or agency to place large and\/or hard-to-place insurance risks with non-admitted insurance carriers.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/surplus-lines-tax-filing\/\"><span itemprop=\"name\">Surplus Lines Tax Filing\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Surplus Lines Tax Filing is a tax filing required from a business entity to report income earned, if any, within the state from surplus lines policies.  <a href=\"https:\/\/www.resourcepro.com\/blog\/dec-pages-surplus-lines-filings\/\">DEC pages &amp; surplus lines filings<\/a><\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-t\"><span class=\"glossary-letter\" id=\"glossary-t\">t<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/tasking\/\"><span itemprop=\"name\">Tasking<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">\u00a0Tasking is the process of manually entering a client's signed\/funded PCA request into the database so the license reps can complete the work.\u00a0 The lines are entered manually one at a time into various tables for the below mentioned services.\u00a0 The licensing reps get their work assignments from queries that pull from these various tables: New License, New Affiliation, New Appointment, New CQ, New Initial Annual Return, New Corporate Tax Filing, Address Changes, Director & Officer Updates, Bonds, etc.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/tax-clearance\/\"><span itemprop=\"name\">Tax Clearance\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Tax Clearance is a confirmation from the state that no further tax filings are due and that the agency is in good standing with the Department of Revenue is a tax clearance.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/technology-errors-and-omissions\/\"><span itemprop=\"name\">Technology Errors and Omissions<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Technology errors and omissions (tech E&O) insurance is specifically designed for businesses that provide technology products or services and protects from losses from mistakes or negligence related to those technology products or services.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/telematics\/\"><span itemprop=\"name\">Telematics<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Telematics refers to the technology that collects data about a vehicle and its operation. Data collected is then used for purposes like usage-based insurance (UBI). Telematics data collected may include distance driven, time of day, braking frequency, acceleration patterns, or instances of speeding.  <a href=\"https:\/\/www.resourcepro.com\/blog\/key-insurtech-terms-to-know\/\">Key insurtech terms to know<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/tenant-improvement-betterment\/\"><span itemprop=\"name\">Tenant Improvement & Betterment<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Tenant improvement & Betterment coverage is both the standard business owners and commercial property coverage designed for tenants who lease commercial space and make modifications to it. Forms define TI&B as fixtures, alterations, installations, or additions that made a permanent part of a building by and at the expense of the tenant, which may not legally be removed. Various courts have ruled that the additions must also be substantial (not merely putting in a few shelves) in order to qualify.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/termination-of-corporate-affiliation\/\"><span itemprop=\"name\">Termination of Corporate Affiliation\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Secretary of State (SOS) is the process of disassociating an individual agent's state license from the license of an agency in the same state is a termination of corporate affiliation.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/termination-rule\/\"><span itemprop=\"name\">Termination Rule\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Termination rule is used to calculate when an employee's group insurance plans terminate.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/termination\/\"><span itemprop=\"name\">Termination\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Termination is a process of ending benefits for an employee who no longer joins in group insurance plans for any reason.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/terrorism\/\"><span itemprop=\"name\">Terrorism Insurance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Terrorism Insurance is a type of property and general liability coverage designed to protect losses due to acts of terrorism. The Terrorism Risk Insurance Act (TRIA) passed in 2002 created a public-private partnership with insurers and the government, ensuring availability of terrorism coverage.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/third-party-administrator-tpa\/\"><span itemprop=\"name\">Third Party Administrator (TPA)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A third party administrator is an individual or entity licensed by the state to perform certain administrative functions, including claims administration and payment, marketing administrative functions, premium accounting, premium billing, coverage verification, underwriting authority or certificate issuance on behalf of insurance companies.  <a href=\"https:\/\/www.resourcepro.com\/blog\/common-pitfalls-in-third-party-risk-management\/\">Common pitfalls in third-party risk management<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/third-party-over-actions\/\"><span itemprop=\"name\">Third-Party Over Actions<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A third-party over action is a suit where an employer is found liable for an employee injury. In the case the employee sues the employer, Employers Liability(EL) coverage is important to apply to legal issues arising from employee claims that fall beyond the scope of Workers Compensation.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/towing-and-labor-coverage\/\"><span itemprop=\"name\">Towing and Labor Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Towing and Labor Coverage refers to the cost of calling towing and payments for the related servicce.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/trigger-cap-tc\/\"><span itemprop=\"name\">Trigger & Cap (T&C)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A specific accounting option available for clients that don't like to fund invoices each month.\u00a0 When their escrow account reaches a certain low \"trigger\" balance it prompts accounting to send an invoice for an amount that brings them back up to their \"cap\" balance. The trigger amounts and cap amounts differ by client.<\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-u\"><span class=\"glossary-letter\" id=\"glossary-u\">u<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/umbrella-liability-policy\/\"><span itemprop=\"name\">Umbrella Liability Policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Umbrella Liability Policy, similar to Excess Liability Policy, is an additional layer of coverage to provide protection against catastrophic losses. It generally is written over various primary liability policies, such as the business auto policy (BAP), commercial general liability (CGL) policy, watercraft and aircraft liability policies, and employers liability coverage and kicks in once the limits of the primary policy have been reached.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/umbrella-policy\/\"><span itemprop=\"name\">Umbrella Policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An umbrella policy is a liability policy that covers the insured for losses exceeding the  limits of the primary policies.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/underinsured-motorist\/\"><span itemprop=\"name\">Underinsured Motorist<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Underinsured Motorists (UIM) coverage is coverage for bodily insjury(BI) and property damage(PD) caused by a motorist who has liability insurance, but the limits of their coverage aren't enoughto compensate for all of the damage or injury sustained in the accident.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/underwriter\/\"><span itemprop=\"name\">Underwriter<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An Underwriter is a professional who decides to accept or reject applications for insurance. They also decide how much coverage their insurance company is willing to provide and at what price.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/underwriting-assistant-ua\/\"><span itemprop=\"name\">Underwriting Assistant (UA)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An Underwriting Assisstant (UA) is an insurance professional who provides support to underwriters in the process of evaluating and approving insurance applicationns. Responsibiltiies of an UA may include data collection, risk assessment, policy processing, research and more.  <a href=\"https:\/\/www.resourcepro.com\/carrier\/extend-your-team\/\">Extend your team<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/underwriting-authority\/\"><span itemprop=\"name\">Underwriting Authority<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Underwriting Authority refers to the limit on decisions an underwriter can make without receiving approval from someone at a higher level.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/underwriting-guide\/\"><span itemprop=\"name\">Underwriting Guide<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An Underwriting Guide is a book or computer database that details the underwriting practices of the insurance company and provides specific guidance about how underwriters should analyze all of the various types of applicants they might encounter.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/uninsured-motorist\/\"><span itemprop=\"name\">Uninsured Motorist<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Uninsured Motorist (UM) coverage is a type of auto insurance that protects financially in the event of an accident caused by a driver who doesn't have liability insurance.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/usage-based-insurance-ubi\/\"><span itemprop=\"name\">Usage-Based Insurance (UBI)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Usage-based insurance (UBI) is a type of auto insurance that tailors premium to how a vehicle is driven using data about driving habits to calculate rate. Data collected may include: distance drive, time of day, brakinf frequency, acceleration patters or instances of speeding.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/utility-service-coverage\/\"><span itemprop=\"name\">Utility Service Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Utility service coverage provides financial protection from property damage from a utility service (water, electricity, gas, etc.) interruption. It includes two parts: Utility service \u0096 Direct Damage and Utility service- Time Element.  <\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-v\"><span class=\"glossary-letter\" id=\"glossary-v\">v<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/valuable-papers-records\/\"><span itemprop=\"name\">Valuable Papers & Records Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Valuable paper &amp; records coverage pays the cost to reconstruct damaged or destroyed valuable papers and records. \"Valuable papers and records\" typically include almost all forms of printed documents or records except money or securities; data processing programs, data, and media are usually excluded.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/valuation\/\"><span itemprop=\"name\">Valuation<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A provision in a property insurance policy stating the method that is used to place a value on damaged property covered by the policy.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/valuation-type\/\"><span itemprop=\"name\">Valuation Type<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In insurance, valuation type is the method used to calculate the value of a covered loss. A few common valuation types include Actual Cash Value (ACV), Replacement Cost (RC), Agreed Value (AV), and Market Value.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/vision-plan\/\"><span itemprop=\"name\">Vision Plan\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An insurance plan that covers an employee's vision care costs.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/voluntary-dissolution\/\"><span itemprop=\"name\">Voluntary Dissolution\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Voluntary dissolution is when shareholders, incorporators or initial directors decide to dissolve a corporation in their domicile state.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/voluntary-life\/\"><span itemprop=\"name\">Voluntary Life\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Employee pays premium for voluntary life plan. If has no cost to employer, and the benefit amount is higher than basic life plan.\u00a0  <\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-w\"><span class=\"glossary-letter\" id=\"glossary-w\">w<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/waiver-of-subrogation\/\"><span itemprop=\"name\">Waiver of Subrogation<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Subrogation is the process by which an insurer can, after it has paid a loss under the policy, recover the amount paid from any party (other than the insured) who caused the loss or is otherwise legally liable for the loss. A Waiver of Subrogation (WOS) means the right is waived; in other words, the insurer will not recover the amount paid under the above condition.  <a href=\"https:\/\/www.resourcepro.com\/blog\/avoiding-certificate-of-insurance-eo-part-1\/\">Avoiding certificates of insurance e&amp;o part 1<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/wholesale-broker\/\"><span itemprop=\"name\">Wholesale Broker<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A wholesale broker serves as a transactional organization between a broker and the insurance company.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/withdrawal-of-corporate-qualification\/\"><span itemprop=\"name\">Withdrawal of Corporate Qualification\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Withdrawal of Corporate Qualification is the process of terminating a business entity's corporate qualification (certificate of authority to conduct business) in a non-resident state without prejudice to the entity  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/workers-compensation\/\"><span itemprop=\"name\">Workers' Compensation<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Workers' Compensation is a state-mandated program that requires business to provide medical and wage benefits to employees injured on the job.  <a href=\"https:\/\/www.resourcepro.com\/blog\/use-case-guiding-a-workers-comp-carrier-to-future-growth\/\">A roadmap to growth for workers comp carrier<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/working-hours\/\"><span itemprop=\"name\">Working Hours\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Working Hours is the period of time that an employee spends at paid labor. Usually, the employee's working hours is calculated by week. For example, working hours is 40 hours per week.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/worksite-benefits\/\"><span itemprop=\"name\">Worksite Benefits\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Worksite Benefits (as known as supplemental insurance), are a cost-effective solution to help employees offset out-of-pocket medical expenses, mainly including:\u00a0Accident Insurance, Cancer Insurance, Critical Illness Insurance and Hospital Indemnity Insurance.  <\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-z\"><span class=\"glossary-letter\" id=\"glossary-z\">z<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/zero-report-2\/\"><span itemprop=\"name\">Zero Report\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Zero Report is a report to the state that confirms there was no business written for the month, quarter, year, etc.  <a href=\"https:\/\/www.resourcepro.com\/blog\/dont-let-zero-report-compliance-turn-into-an-uh-oh-moment\/\">Don't let zero report compliance turn into an 'uh-oh' moment<\/a><\/span><\/span><\/li><\/ul><\/div><\/div><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fab1974 resourcepro2k24-glossary-listing resourcepro2k24-glossary-listing-bottom-bar elementor-widget__width-inherit elementor-widget elementor-widget-shortcode\" data-id=\"fab1974\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\"><div class=\"glossary-term-bar\"><span class=\"glossary-link-initial-item\"><a href=\"#glossary-a\">a<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-b\">b<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-c\">c<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-d\">d<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-e\">e<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-f\">f<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-g\">g<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-h\">h<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-i\">i<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-j\">j<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-k\">k<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-l\">l<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-m\">m<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-n\">n<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-o\">o<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-p\">p<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-q\">q<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-r\">r<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-s\">s<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-t\">t<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-u\">u<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-v\">v<\/a><\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-w\">w<\/a><\/span><span class=\"glossary-no-link-initial-item\">x<\/span><span class=\"glossary-no-link-initial-item\">y<\/span><span class=\"glossary-link-initial-item\"><a href=\"#glossary-z\">z<\/a><\/span><\/div><div class=\"glossary-term-list \"><div class=\"glossary-block glossary-block-a\"><span class=\"glossary-letter\" id=\"glossary-a\">a<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/accident-insurance-2\/\"><span itemprop=\"name\">Accident Insurance\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Accident Insurance is an insurance plan that helps offset the unexpected medical expenses that result from a covered accidental injury.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/accountants-professional-liability\/\"><span itemprop=\"name\">Accountants Professional Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Accountants Professional Liability is a commercial insurance providing protection from financial losses if the event an accountant's work leads to financial harm.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/accounts-receivable\/\"><span itemprop=\"name\">Accounts Receivable<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Accounts receivable coverage (AR) is a type of insurance that protects businesses from financial losses arising from unpaid customer credits.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/acord-association-for-cooperative-operations-research-and-development\/\"><span itemprop=\"name\">ACORD (Association for Cooperative Operations Research and Development)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">ACORD is the Association for Cooperative Operations Research and Development, an insurance industry organization that drafts and disseminates standardized insurance forms to the property and casualty insurance industry.  <a href=\"https:\/\/www.resourcepro.com\/blog\/new-digital-solutions-are-transforming-insurance-distribution-for-agents-brokers\/\" target=\"_blank\" rel=\"noopener\">New digital solutions are transforming insurance distribution\u00a0<\/a> <a href=\"https:\/\/www.resourcepro.com\/blog\/new-priorities-for-pc-personal-lines-carriers\/\" target=\"_blank\" rel=\"noopener\">Tough times call for new priorities for p&amp;c personal lines carriers<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/actual-cash-value\/\"><span itemprop=\"name\">Actual Cash Value<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Is determined by figuring out what the property is worth at the time of the loss.  This is typically calculated as the replacement cost minus depreciation.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/add-plan-accident-death-dismemberment-plan\/\"><span itemprop=\"name\">AD&D Plan (Accident Death & Dismemberment Plan)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An AD&amp;D Plan is an insurance plan that pays a lump sum to beneficiary if death results from an accident, or to employee upon the loss of a limb (e.g., loss of an arm).  <a href=\"\/blog\/limited-lines-unlimited-possibilities\/\">Limited lines: unlimited possibilities<\/a> <a href=\"\/blog\/major-lines-of-authority\/\">Major lines of authority<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/additional-insured\/\"><span itemprop=\"name\">Additional Insured<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Where two parties have agreed contractually that one party is given coverage by in the insurance company and to be added to the other's insurance.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/additional-named-insured\/\"><span itemprop=\"name\">Additional Named Insured<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A person or organization that is given the same rights as the insured. <div class=\"ewa-rteLine\"><a href=\"\/blog\/avoiding-certificate-of-insurance-eo-part-1\/\">Avoiding certificate of insurance e&amp;o<\/a><\/div> <div class=\"ewa-rteLine\"><a href=\"\/blog\/to-attach-or-not-to-attach-certs-tips-tricks\/\">Certificate tips &amp; tricks: how to prevent misunderstandings<\/a><\/div> <div><\/div> <div><\/div><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/address-change\/\"><span itemprop=\"name\">Address Change<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Each state's Department of Insurance and\/or Secretary of State's Office requires notification whenever an agent or agency changes their address. Most addresses at the Secretary of State can be updated with the annual report.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/adjuster\/\"><span itemprop=\"name\">Adjuster<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An adjuster is an individual or agency that investigates and adjusts losses or claims arising under insurance contracts on behalf of an insurer. They may receive\u00a0compensation as an independent contractor or as an employee of the insurer. <div class=\"ewa-rteLine\"><a href=\"https:\/\/www.resourcepro.com\/blog\/adjusters-theyre-not-all-the-same\/\">Adjusters: they\u2019re not all the same<\/a><\/div> <div class=\"ewa-rteLine\"><a href=\"https:\/\/www.resourcepro.com\/blog\/help-in-a-crisis-emergency-adjuster-licensing\/\">Help in a crisis: emergency adjuster licensing<\/a><\/div><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/adjustment\/\"><span itemprop=\"name\">Adjustment<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Changes made to an existing insurance policy, either requiring only a modification of the policy itself or involving premium changes. <div class=\"ewa-rteLine\"><a href=\"https:\/\/www.resourcepro.com\/blog\/7-ways-the-insurance-workforce-is-evolving\/\">7 ways the insurance workforce is evolving<\/a><\/div> <div class=\"ewa-rteLine\"><a href=\"https:\/\/www.resourcepro.com\/blog\/how-insurers-can-reduce-the-cost-of-claims-during-crises\/\">How insurers can reduce the cost of claims during crisis<\/a><\/div><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/administrative-action\/\"><span itemprop=\"name\">Administrative Action<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Actions reportable to the National Producer Database and should be reported on any license application (or potentially a renewal application), as they may have a direct outcome on whether a license is issued or renewed. These actions could be sanctions levied by a Department of Insurance, or could be past criminal convictions, etc. May also be referred to as Sanctions. <div class=\"ewa-rteLine\"><a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-compliance-what-causes-consent-orders\/#:~:text=The%20Wrong%20Response%20to%20Consent%20Orders%20Can%20Be%20Costly&amp;text=In%20most%20cases%2C%20consent%20orders,to%20prevent%20a%20consent%20order.\">Insurance compliance: What causes consent orders?<\/a><\/div> <div class=\"ewa-rteLine\"><a href=\"https:\/\/www.resourcepro.com\/blog\/the-cost-of-non-compliance\/\">The cost of non-compliance<\/a><\/div><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/administrative-action-notification\/\"><span itemprop=\"name\">Administrative Action Notification<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">All state departments of insurance require notification whenever an agent or agency incurs an administrative action or criminal penalty (other than a misdemeanor) in any state.  <a href=\"https:\/\/www.resourcepro.com\/blog\/7-tips-for-dealing-with-a-lapsed-license\/\">7 tips for dealing with a lapsed license<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/administrative-dissolution\/\"><span itemprop=\"name\">Administrative Dissolution<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An involuntary dissolution of a corporation by an act of the Secretary of State or similar state authority, caused by the corporation's failure to comply with certain state requirements. A corporation may be administratively dissolved for failure to file an annual report, to pay franchise taxes or maintain a valid Registered Agent.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/admitted-carrier\/\"><span itemprop=\"name\">Admitted Carrier<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An admitted carrier is an insurance carrier that has been approved by the state department of insurance to underwrite insurance products in that state. <div class=\"ewa-rteLine\"><a href=\"\/blog\/domestic-foreign-and-alien-insurance-carriers\/\">Domestic, foreign, and alien insurance carriers<\/a><\/div> <div class=\"ewa-rteLine\"><a href=\"\/blog\/ma-keeps-the-non-admitted-market-growing\/\">M&amp;A keeps the non-admitted market growing<\/a><\/div><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/adverse-selection\/\"><span itemprop=\"name\">Adverse Selection<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The increasing likelihood the customers will purchase insurance when the premium is low relative to the risk. It means someone is more likely to buy insurance when their risk is high. When the risk is low, people are less likely to buy insurance.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-are-pc-commercial-insurance-carriers-approaching-ai\/\">How p&amp;c commercial insurance carriers are approaching AI<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/advertising-injury\/\"><span itemprop=\"name\">Advertising Injury<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In general liability, advertising injury is a coverage protects against: libel, slander, invasion of privacy, copyright infringement, and misappropriation of advertising ideas.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/affiliated-producers\/\"><span itemprop=\"name\">Affiliated Producers<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Affiliated Producers are the employees who are licensed in the various lines of authority.\u00a0 Some states require the affiliation of these producers to the agency license.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/affiliations-terminations\/\"><span itemprop=\"name\">Affiliations\/Terminations<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The process of showing the relationship of a licensed employee to the licensed agency.\u00a0 This is a process separate and apart from the license application.  <a href=\"https:\/\/www.resourcepro.com\/blog\/producer-lift-out-its-impact-on-compliance\/\">Producer lift-out: Its impact on compliance<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/agency-billing\/\"><span itemprop=\"name\">Agency Billing<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Also called producer billing, a process through which a bill for the insured is prepared in the producer's office and the premium is paid directly to the producer's office. Meanwhile, the insurance company bills the producer for premiums due on all policies the producer has sold. The producer collects premiums and remits them to the insurance company after deducting the producer's commission.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/agency-management-system-ams\/\"><span itemprop=\"name\">Agency Management System (AMS)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An Agency Management System (AMS) is software specifically designed to address and streamline the workflow of insurance agencies. The AMS typically handles customer relationship management, policy management, billing, claims processing, document management and reporting or analytics.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-to-optimize-your-insurance-policy-checking-with-policy-insights-2-0\/\">How to optimize your insurance policy checking process<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/agent\/\"><span itemprop=\"name\">Agent<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A person or business that contracts with one or more insurance companies to sell insurance and provides customer service. Agents represent their insurance companies in case of a dispute with the insured and receive a commission for each policy they sell.  <a href=\"https:\/\/www.resourcepro.com\/blog\/differentiate-your-insurance-agency-with-disruptive-selling\/\">Differentiate your insurance agency with disruptive selling<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/agent-agency-type-license\/\"><span itemprop=\"name\">Agent\/Agency Type License<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">This license type indicates an agency that contracts with specific carriers and sells only those carriers' products.\u00a0 A carrier will require to see a copy of the license that indicates it is an agent license type. Agent\/Agency type licenses are appointed (see <em>Appointment<\/em>) to the carriers they work with\/contract with.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/all-risks-policy\/\"><span itemprop=\"name\">All Risks Policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">All risks insurance, also called Special or Open-Peril Policy, is designed to cover any loss unless it is caused by an excluded peril described in the policy. In an all-risks policy the burden of proof is on the insurer.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/amendment\/\"><span itemprop=\"name\">Amendment<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An amendment is a formal legal change to the existing provisions of the policy. They typically address the articles of incorporation\/articles of organization, name of an entity or change to the capital stock structure.  <a href=\"https:\/\/www.resourcepro.com\/blog\/data-security-the-naic-model-laws\/\">Data security: The NAIC model laws<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/annual-return-annual-report\/\"><span itemprop=\"name\">Annual Return (Annual Report)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A report due to the Secretary of State office usually every year (a few states are biennial) that updates the business entity address, officer information and where applicable the shares information.  <a href=\"https:\/\/www.resourcepro.com\/blog\/annual-returns-when-and-what-to-file\/\">Annual returns: When and what to file<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/application\/\"><span itemprop=\"name\">Application<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An insurance application is a formal process to apply for an insurance policy. A producer collects information about the person or business that wants to buy insurance to document key information to assess the applicant's risk.  <a href=\"https:\/\/www.resourcepro.com\/blog\/7-ways-agents-and-brokers-can-reduce-eo-risk\/\">7 ways agents and brokers can reduce e&amp;o risk<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/appointment-renewal\/\"><span itemprop=\"name\">Appointment Renewal<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An appointment renewal is the process by which an appointment for an agent or agency is continued, typically consisting of payment of a fee and\/or the forwarding of a current license copy to the insurance carrier.  <a href=\"https:\/\/www.resourcepro.com\/blog\/buying-an-agency-vs-buying-a-book-of-business\/\">Buying an agency vs. buying a book of business<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/appointment-request\/\"><span itemprop=\"name\">Appointment Request<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An appointment request is a written request submitted to an insurance carrier to have the carrier add an agent and\/or agency to their list of representatives within a state.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/appraisal\/\"><span itemprop=\"name\">Appraisal<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An appriasal is the process of estimating the vale of a proprerty by a qualified and unbiased professional, called an appraiser.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/architects-and-engineers-liability\/\"><span itemprop=\"name\">Architects and Engineers Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Architects and Engineers Liability is a commercial insurance providing protection to design professionals from financial losses due to errors and omission (E&O) in their designs.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/articles-of-incorporation-organization-aoi-aoo\/\"><span itemprop=\"name\">Articles of Incorporation\/Organization (AOI\/AOO)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Articles of Incorporation\/Organization (AOI\/AOO) are the formation documents required (domicile) to establish LLCs (S Corp and C Corp). They are also known as Certificates of Formation for LLCs.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/artifical-internet-of-things-aiot\/\"><span itemprop=\"name\">Artifical Internet of Things (AIoT)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">AIoT stands for Artificial Internet of Things. It is a combination of AI with the network of connected devices that make up the IoT. IoT devices gather massive amounts of data, and AI analyze, and automate actions to optimize processes, improve decision-making or predict future events.  <a href=\"https:\/\/www.resourcepro.com\/blog\/resource-pros-mark-breading-talks-futurism-in-insurance\/\">Mark Breading talks futurism in insurance<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/authorized-shares\/\"><span itemprop=\"name\">Authorized Shares<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Authorized Shares refers to the maximum number of shares that a corporation may issue pursuant to its articles of incorporation.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/auto-liability\/\"><span itemprop=\"name\">Auto Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Auto Liability is a coverage for if an insured is found at fault for injury or property damage.<\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-b\"><span class=\"glossary-letter\" id=\"glossary-b\">b<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/back-up-sewers-or-drain-coverage\/\"><span itemprop=\"name\">Back-up Sewers or Drain Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Back-up Sewers or Drain Coverage pays for the reasonable and necessary cost to repair or replace property due to loss or damage caused by back up or overflow of a sewer, drain, sump pump, and sump pump well or any other system located off the premises which is designed to remove subsurface water from the foundation area.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/background-investigation\/\"><span itemprop=\"name\">Background Investigation<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Some states may require a check of federal, state, and\/or local governments' records to determine an agent's or agency's officers' criminal history prior to issuing a license or processing an appointment.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/bankers-blanket-bond-bbb\/\"><span itemprop=\"name\">Banker's Blanket Bond (BBB)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Banker's Blanket Bond is a type of employee Dishonesty liaiblity insurance designed specifically for banks. It protect from financial losses arising from employee dishonesty. This typically covers the illegal trading, theft, and forgery of money, securities or other assets by employees.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/basic-life-plan\/\"><span itemprop=\"name\">Basic Life Plan\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Employer pays premium for basic life plan. It has no cost to employee, but benefit amount is lower than voluntary life plan.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/beneficiary-2\/\"><span itemprop=\"name\">Beneficiary\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Beneficiary is the person or entity whom the employee names in a life\/AD&D insurance plan to receive the death benefit. Employee can name spouse, children, another family member, a friend or a charity as a beneficiary. If more than one beneficiary, the employee will assign to a certain percentage of benefits to each beneficiary, e.g., 50% to spouse, 50% to child.\u00a0\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/benefit-amount\/\"><span itemprop=\"name\">Benefit Amount\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Benefit Amount is the maximum amount an insurance company agrees to pay for a specific covered benefit.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/benefits-effective-date\/\"><span itemprop=\"name\">Benefits Effective Date\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Benefits effective date is calculated based on the trigger of enrollment.\u00a0 Different triggers have different eligibility rules.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/benefits-end-date\/\"><span itemprop=\"name\">Benefits End Date\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Benefits End Date (also known as Termination Date) is the date when employer terminates employee from group insurance plans.\u00a0\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/bid-bond\/\"><span itemprop=\"name\">Bid Bond<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A bid bond is a financial guarentee issued by a surety company ensuring that the contractor will enter into a contract to perform the work at the price quoted.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/binder\/\"><span itemprop=\"name\">Binder<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Binder is a statement that coverage is in force. Its purpose is to provide temporary coverage until an actual insurance policy can be issued. A binder need not be in writing.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-agencies-can-reduce-eo-risk-across-the-policy-lifecycle\">How agencies can reduce EO risk across the policy lifecycle<\/a> <a href=\"https:\/\/www.resourcepro.com\/blog\/dec-pages-surplus-lines-filings\/\">DEC pages &amp; surplus lines filings<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/boiler-and-machinery\/\"><span itemprop=\"name\">Boiler and Machinery<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Boiler and Machinery Coverage is designed specifically for equipment to provide financial protection against breakdown, physical damages, and subsequent lost income.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/bond\/\"><span itemprop=\"name\">Bond<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In order to obtain certain types of insurance licenses, you may be required to obtain a bond. A bond is an insurance agreement pledging responsibility for financial loss caused to a state by the act or default of an agent or agency.  <a href=\"https:\/\/www.resourcepro.com\/blog\/what-is-an-mga\/\">What is an MGA<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/bond-cancellation\/\"><span itemprop=\"name\">Bond Cancellation<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A bond cancellation is a written request to a bond underwriter to terminate a bond that is no longer needed.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/bond-renewal\/\"><span itemprop=\"name\">Bond Renewal<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Bond Renewal refers to the payment of a premium, usually on an annual basis, to continue a required bond.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/bond-rider\/\"><span itemprop=\"name\">Bond Rider\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Bond Rider refers to all amendments to a bond, name change, extension of the expiration date must be executed on a bond rider by the bonding company.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/broker-type-license\/\"><span itemprop=\"name\">Broker Type License<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">This license type indicates an agency that will \"shop around\" for the best deal for their client.\u00a0 They aren't locked into specific carriers and can shop multiple carriers until they find the deal that will best suit their client's needs.\u00a0\u00a0 No contract between agency and carrier are needed, and therefore no appointments needed.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/broker\/\"><span itemprop=\"name\">Broker\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An insurance broker is an intermediary who sells, solicits, or negotiates insurance on behalf of an employer for compensation.  <a href=\"https:\/\/www.resourcepro.com\/blog\/use-case-broker-enhances-small-commercial-account-servicing\/\">Use Case: broker enhances commercial account servicing<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/new-digital-solutions-are-transforming-insurance-distribution-for-agents-brokers\/\">New digital solutions are transforming insurance distribution<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/builders-risk\/\"><span itemprop=\"name\">Builders Risk<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Builders Risk is a property insurance policy designed to protect property under construction.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/building-coverage\/\"><span itemprop=\"name\">Building Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Building Coverage pays for direct physical loss to the covered building or buildings including completed additions, fixtures, permanently installed machinery and equipment.  <a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-organization-prepared-for-disaster\/\">Is your insurance organization prepared for disaster?<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/building-ordinance-or-law-coverage\/\"><span itemprop=\"name\">Building Ordinance or Law Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Building ordinance or law coverage is a specific type of insurance that provides protection in the event of needing to rebuild or repair property caused by enforcement of ordinances or laws.  <a href=\"https:\/\/www.resourcepro.com\/blog\/top-underinsurance-risks-agents-need-to-talk-about-in-2021\/\">Top underinsurance risks agents need to talk about in 2021<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/business-income\/\"><span itemprop=\"name\">Business Income<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Business income coverage is a type of commercial property coverage that covers from financial losses due to unexpected events that disrupt regular operations.  <a href=\"https:\/\/www.resourcepro.com\/blog\/getting-the-most-out-of-contingent-commissions\">Getting the most out of contingent commissions?<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/business-owners-policy\/\"><span itemprop=\"name\">Business owners policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Businessowners Policy (BOP) is a comprehensive insurance package that combines property and liability coverage for small businesses. These policies are tailored to suit the needs of eligible businesses, offering unique advantages. BOP programs are available through organizations like the American Association of Insurance Services (AAIS) and the Insurance Services Office, Inc. (ISO), as well as through various insurers who offer their own BOP programs.  <a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-agency-compliance-requires-full-time-focus\/\">Insurance agency compliance requires full-time focus<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/knowledge-management-for-the-new-economy\/\">Knowledge management for the new economy<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/business-personal-property-coverage\/\"><span itemprop=\"name\">Business Personal Property Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Business Personal Property Coverage is designed to pay for direct physical loss to property the insured owns that is used in the business (including products for sale).<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/business-registration\/\"><span itemprop=\"name\">Business Registration\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A business registration at the Department of Revenue is a business tax account application. A business registration at the Secretary of State is the process of registering an entity for a certificate of authority to transact business in that state.  <a href=\"https:\/\/www.resourcepro.com\/blog\/newspaper-publication-requirements\/\">Newspaper publication requirements<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/certificates-of-authority-the-secretary-of-state\/\">Certificates of authority &amp; secretary of state<\/a><\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-c\"><span class=\"glossary-letter\" id=\"glossary-c\">c<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/c-corporation\/\"><span itemprop=\"name\">C Corporation\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A C Corporation is the most common corporate structure, also known as a general corporation. A C corporation may have an unlimited number of stockholders. It is usually chosen by companies planning to have more than 30 stockholders or large public stock offerings. A C corporation pays tax on its own income.  <a href=\"https:\/\/www.resourcepro.com\/blog\/s-election-and-business-entity-taxes\/\">S-election and business entity taxes<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/calendar-year\/\"><span itemprop=\"name\">Calendar Year\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Calendar Year refers to an accounting period that ends each December 31st is known as a calendar year. This is the period most S corporations must adopt as a permitted year.  <a href=\"https:\/\/www.resourcepro.com\/blog\/maximizing-staffs-servicing-opportunities-skin-game\/\">Maximizing your staff's servicing opportunities<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/cancer-insurance\/\"><span itemprop=\"name\">Cancer Insurance\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Cancer Insurance is an insurance plan that provides an employee with funds that can be used flexibly, including to help cover both medical and nonmedical expenses that occur during the journey to recovery.\u00a0\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/carrier\/\"><span itemprop=\"name\">Carrier<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The company that receives premium and pays claims.\u00a0 Carriers rely on agencies and individual licensees to sell their business. They may also be referred to as Insurance Companies or Insurers.  <a href=\"https:\/\/www.resourcepro.com\/carrier\/\">Carriers<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/carrier-contract\/\"><span itemprop=\"name\">Carrier Contract\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A carrier contract is paperwork submitted to an insurance carrier to contract an agent or registered representative under an existing selling agreement between the carrier and an agency or broker\/dealer.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-agencies-can-track-and-maximize-carrier-incentives\/\">How agencies can track and maximize carrier incentives<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/getting-the-most-out-of-contingent-commissions\/\">Getting the most out of contingent commissions<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/catastrophe-exposure-cat\/\"><span itemprop=\"name\">Catastrophe Exposure (CAT)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The term CAT exposure in insurance refers to the potential financial risk an insurance company faces due to a CAT, or catastrophic event. A CAT is typically a natural disaster such as hurricanes, tornadies, earthquakes or floods that result in sizeable financial loss.  <a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-organization-prepared-for-disaster\/\">Is your insurance organization prepared for disaster?<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-insurers-can-reduce-the-cost-of-claims-during-crises\/\">How insurers can reduce the cost of claims during a crisis<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/certificate-of-authority\/\"><span itemprop=\"name\">Certificate of Authority\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The Secretary of State Offices issue a Certificate of Authority verifying approval for a non-resident, also known as foreign, corporation to transact business in the state.  <a href=\"https:\/\/www.resourcepro.com\/blog\/certificates-of-authority-the-secretary-of-state\/\">Certificates of authority &amp; the secretary of state<\/a>  &nbsp;<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/certificate-of-good-standing-cgs\/\"><span itemprop=\"name\">Certificate of Good Standing (CGS)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Certificate of Good Standing (CGS) is issued by a state official as evidence that a corporation exists or is authorized to transact business in the state is known as a certificate of good standing.  <a href=\"https:\/\/www.resourcepro.com\/blog\/in-good-standing-certificate-of-authority-statuses\/\">In good standing: certificate of authority statuses<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/change\/\"><span itemprop=\"name\">Change\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Change is a process of changing plan information.\u00a0 Common changes are demographic information change of employee and dependent, salary change of employee, and adding\/removing dependent.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-employee-benefits-are-changing-in-2021\/\">How employee benefits are changing<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/case-study-transform-your-employee-benefits-renewals\/\">Case Study: transform your employee benefits renewals<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/change-request\/\"><span itemprop=\"name\">Change\u00a0Request<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A document that states in details the changes the insured wants to make to the policy.  <a href=\"https:\/\/www.resourcepro.com\/blog\/resident-state-change-compliance-tips\/\">Resident state change: compliance tips<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/claim\/\"><span itemprop=\"name\">Claim<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A demand by a person or business that is seeking to recover a loss. A claim may be made against an individual or against an insurance company.  <a href=\"https:\/\/www.resourcepro.com\/blog\/boosting-insurance-claims-quality-by-100x-in-60-days\/\">Boosting insurance claims quality by 100x in 60 days<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/the-long-and-winding-road-to-claims-resolution\/\">The long and winding road to claims resolution<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/claimant\/\"><span itemprop=\"name\">Claimant<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Anyone who presents a claim that might be covered by insurance. For a liability insurance loss, the claimant is a person or business that has suffered a loss and seeks to collect for that loss from an insured. For a property insurance loss, the claimant is the insured who wants the insurance company to pay for repairing or replacing his or her damaged property.  <a href=\"https:\/\/www.resourcepro.com\/blog\/resourcepro-insurance-experience-center-stevie-awards\/\">ReSource Pro's IX Center delivers award-winning customer service<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/claims-adjuster\/\"><span itemprop=\"name\">Claims Adjuster<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A person directly responsible for investigating and settling claims that might be covered by insurance.  <a href=\"https:\/\/www.resourcepro.com\/blog\/adjusters-theyre-not-all-the-same\/\">Adjusters: they're not all the same<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/class-rating\/\"><span itemprop=\"name\">Class Rating<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Class rating is an insurance rating system that places similar insureds into categories or classes and applies the same rate to all insureds in the same class.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/coinsurance\/\"><span itemprop=\"name\">Coinsurance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Coinsurance is a property insurance provision that penalizes the insured's loss recovery if the limit of insurance purchased by the insured is not equal to or greater than a specified percentage (80%, 90%, 100%) of the value of the insured property. The amount of the loss that is not payable to the insured as a result of failure to comply with the coinsurance provision is commonly referred to as a coinsurance penalty.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/collision\/\"><span itemprop=\"name\">Collision<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In insurance, collision refers to accidents where a vehicle hits another object or vehicle. Collision coverage pays for loss or damage resulting from a collision.  <a href=\"https:\/\/www.resourcepro.com\/blog\/new-priorities-for-pc-personal-lines-carriers\/\">Tough times call for new priorities for p&amp;c personal lines carriers<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/commercial-auto-policy\/\"><span itemprop=\"name\">Commercial Auto Policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Commercial auto insurance is specifically designed to protect businesses that use vehicles for operations. It provides financial protection during accidents, including auto liability and auto physical damage.  <a href=\"https:\/\/www.resourcepro.com\/blog\/the-evolution-of-mobility-transportation-what-it-means-for-insurers\/\">The evolution of mobility\/transportation: what it means for insurers<\/a>  &nbsp;<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/commercial-insurance\/\"><span itemprop=\"name\">Commercial Insurance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Commercial insurance, also known as business insurance, is a type of insurance designed to protect businesses from financial loss arising from unexpected events that impact their employees, assets or liabilities.  <a href=\"https:\/\/www.resourcepro.com\/blog\/digital-transformation-in-commercial-lines-a-frenzy-of-activity\/\">Digital transformation in commercial lines: a frenzy of activity<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/ai-data-is-a-force-multiplier-for-pc-commercial-lines\/\">AI + data is a force multiplier for p&amp;c commercial lines<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/commercial-package-policy\/\"><span itemprop=\"name\">Commercial Package Policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Commercial Package Policy (CPP) is a type of insurance that combines multiple types of coverage into a single package. CPP will include general liability insurance and commercial property insurance as standard components. Beyond core coverages, there are numerous ways to customize a Commercial Package Policy.  <a href=\"https:\/\/www.resourcepro.com\/blog\/use-case-end-to-end-policy-servicing-helps-mga-focus-on-growth\/\">Use case: end-to-end policy servicing helps mga focus on growth<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/commercial-property\/\"><span itemprop=\"name\">Commercial Property<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Insurance for business property and physical assets against damages and subsequent lost income.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-are-pc-commercial-insurers-progressing-with-their-strategic-initiatives-in-2022\/\">P&amp;C commercial insurers strategic initiatives\u00a0<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/commercial-insurers-are-shifting-their-transformational-tech-priorities\/\">Commercial insurers transformational tech priorities<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/common-shares\/\"><span itemprop=\"name\">Common Shares\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A class of shares that has\u00a0no special features and possesses no greater rights than any other shares except for Preferred Shares. All capital stock except for preferred stock is considered Common Shares.  <a href=\"https:\/\/www.resourcepro.com\/blog\/5-unexpected-tasks-when-registering-as-a-foreign-entity\/\">5 unexpected tasks when registering as a foreign entity<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/compensation\/\"><span itemprop=\"name\">Compensation\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Compensation (also known as wage, base salary, income) is a fixed amount of money paid by the employer regularly.  <a href=\"https:\/\/www.resourcepro.com\/blog\/use-case-guiding-a-workers-comp-carrier-to-future-growth\/\">A roadmap to growth for workers comp carrier<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/compliance-gateway\/\"><span itemprop=\"name\">Compliance Gateway\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The online licensing database offers a read-only view of information about license, appointment, continuing education, bond, and tax filing statuses, provided free of charge by ILSA to the authorized representatives of our clients.  <a href=\"https:\/\/www.resourcepro.com\/blog\/naic-and-nipr-what-they-do\/\">NAIC and NIPR: what they do<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/comprehensive-auto-coverage\/\"><span itemprop=\"name\">Comprehensive Auto Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Comprehensive Auto Coverage covers a wide range of events beyond collisions, such as theft, vandalism, fire, weather, etc.  <a href=\"https:\/\/www.resourcepro.com\/blog\/use-case-end-to-end-policy-servicing-helps-mga-focus-on-growth\/\">Use case: end-to-end policy servicing helps MGA focus on growth<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/consent-of-use-of-name-a-k-a-name-approval\/\"><span itemprop=\"name\">Consent of Use of Name (a.k.a. Name Approval)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The first step of the corporate qualification process is name approval. Proposed names for a business entity are submitted to various state agencies to ensure that the name is distinct from those already in use within the state.  <a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-compliance-what-causes-consent-orders\/\">Insurance compliance: what causes consent orders?<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-agency-compliance-requires-full-time-focus\/\">Insurance agency compliance requires full-time focus<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/consequential-bodily-injury\/\"><span itemprop=\"name\">Consequential Bodily Injury<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Consequential Bodily Injury is a suit where an employer is found liable for a secondary health problem caused by a previous injury. In the case the employee sues the employer, Employers Liability (EL) coverage is important to apply to legal issues arising from employee claims that fall beyond the scope of Workers Compensation.  <a href=\"https:\/\/www.resourcepro.com\/blog\/major-lines-of-authority\/\">Major lines of authority<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/continuing-education-ce\/\"><span itemprop=\"name\">Continuing Education (CE)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Continuing Education (CE) are classes that are required to be taken in your Resident state before your renewal can be submitted to the state. Every state requires different courses and an amount of hours depending on the license you hold.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-to-attract-generation-z-employees-for-insurance-roles\/\">How to attract generation z employees for insurance roles<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/carriers-and-the-decline-in-insurance-agent-education\/\">Carriers and the decline in insurance agent education<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/contractors-installation-coverage\/\"><span itemprop=\"name\">Contractors Installation Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Contractors installation coverage pays for direct physical loss or damage to materials, supplies, equipment, machinery and fixtures which are to be installed by the insured and temporary structures built or assembled on site. The property is covered while at any job site you do not own or operate, waiting or during installation, in transit or at a temporary storage location.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/contractors-tools-equipment-coverage\/\"><span itemprop=\"name\">Contractors Tools & Equipment Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Contractors Tools and Equipment Insurance covers equipment and tools at construction projects and jobsites. This coverage is sometimes called a \"floater\" because the coverage follows the equipment from one jobsite to the next and also while equipment is in transit.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-insurance-agents-can-positively-influence-pricing\/\">How can insurance agents positively influence pricing<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/contributory-plan\/\"><span itemprop=\"name\">Contributory Plan\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A contributory insurance plan is an insurance plan where both the employer and the employee share the cost of the premiums. Employers have the authority to choose if they want employees to contribute to the premium fully or partially.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/conversion\/\"><span itemprop=\"name\">Conversion<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Conversion is the process of changing from one entity type to another. For example, changing from a Corporation (Inc.) to a Limited Liability Company (LLC).  <a href=\"https:\/\/www.resourcepro.com\/blog\/strategic-planning-insurance-companies\/\">Career development: mission-driven planning and management<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/corporate-affiliation\/\"><span itemprop=\"name\">Corporate Affiliation\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An affiliation establishes a relationship between an agency and an individual. It lets the Department of Insurance know which individuals work for a particular agency.  <a href=\"https:\/\/www.resourcepro.com\/blog\/certificates-of-authority-the-secretary-of-state\/\">Certificates of authority &amp; the secretary of state<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/corporate-compliance-review\/\"><span itemprop=\"name\">Corporate Compliance Review\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A corporate compliance review is a systematic examination of a company's practices to determine if it adheres to all applicable laws, regulations, and internal policies.  By request, ReSource Pro specialists can verify which states a business entity is or has been granted permission to transact business with a corporate qualification audit.  <a href=\"https:\/\/www.resourcepro.com\/blog\/the-cost-of-non-compliance\/\">The cost of non-compliance<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/5-unexpected-tasks-when-registering-as-a-foreign-entity\/\">5 unexpected tasks when registering as a foreign entity<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/corporate-qualification-cq\/\"><span itemprop=\"name\">Corporate Qualification (CQ)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The process of obtaining the Certificate of Authority (COA) to do Business in a given state. These are always suggested or advised by ILSA for the client to be fully compliant.\u00a0 Research tells us that many insurance companies (carriers) are not subject to obtaining a CQ, but there are no exceptions noted for agencies.\u00a0 While some clients refuse CQs, ILSA always maintains the documentation (typically stated in the PCA) indicating it was advised. This may also be referred to as a Business Registration.  <a href=\"https:\/\/www.resourcepro.com\/blog\/dont-let-zero-report-compliance-turn-into-an-uh-oh-moment\/\">Don't let zero compliance turn into an uh-oh moment<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/corporate-tax-return-corporate-tax-filing\/\"><span itemprop=\"name\">Corporate Tax Return (Corporate Tax Filing)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Corporate Tex Return, also called a Corporate Tax Filing, is due to the Department of Revenue for any business entity that is registered to do business in a particular state.\u00a0 Clients may have to file Zero business tax returns and owe a minimum tax in states where they have no employees or physical presence.\u00a0 ILSA files these zero tax returns for our clients.  <a href=\"https:\/\/www.resourcepro.com\/blog\/annual-returns-when-and-what-to-file\/\">Annual returns: what and when to file<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/corporation\/\"><span itemprop=\"name\">Corporation<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Corporation is an entity formed and authorized by, created under and governed by the laws of the state of incorporation to act as a single person even though it is constituted by one or more persons and legally endowed with various rights and duties including the capacity of succession.  <a href=\"https:\/\/www.resourcepro.com\/blog\/s-election-and-business-entity-taxes\/\">S-election and business entity taxes<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/coverage\/\"><span itemprop=\"name\">Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A coverage refers to the types of things that are \"covered,\" or paid for in case of a financial loss, under an insurance policy.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/coverage-tier\/\"><span itemprop=\"name\">Coverage Tier\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In insurance, a coverage tier refers to a system that categorizes different types of medications or treatments based on their cost and the amount the policyholder will pay for them.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/crime\/\"><span itemprop=\"name\">Crime<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Commercial Crime Policy (CR) protects businesses from various crimes like employee theft, forgery burglary, etc.  <a href=\"https:\/\/www.resourcepro.com\/blog\/cyber-insurance-wire-transfer-fraud\">Cyber insurance wire transfer fraud<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/critical-illness-insurance\/\"><span itemprop=\"name\">Critical Illness Insurance\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Critical Illness Insurance is an insurance plan that provides a lump-sum benefit for an employee diagnosed with a covered critical disease (e.g., heart attack, stroke).\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/cyber-liability\/\"><span itemprop=\"name\">Cyber Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Cyber and Privacy Insurance protects businesses from costs associated with data breaches and other cyber losses.  <a href=\"https:\/\/www.resourcepro.com\/blog\/limiting-cyber-liabilities-insurance\/\">What you should know about cybersecurity<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/eo-expands-cover-cyber-failures\/\">Insurance agents e&amp;o expands to cover cyber failures<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/cybersecurity\/\"><span itemprop=\"name\">Cybersecurity<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Cybersecurity is the practice of defending computers, servers, mobile devices, electronic systems, networks, and data from cyber-attacks.  <a href=\"https:\/\/www.resourcepro.com\/blog\/cyber-policy-for-insurance-companies\/\">Defend your data from ransomware<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/4-key-cybersecurity-processes-for-insurance-organizations\/\">4 key cybersecurity processes for insurance organizations<\/a><\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-d\"><span class=\"glossary-letter\" id=\"glossary-d\">d<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/damage-to-premises-rented-by-you\/\"><span itemprop=\"name\">Damage to Premises Rented by You<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In general liability, \"Damage to Premises Rented by You\" is a coverage that applies to damage by fire or damages to premises(and contents) rented to the insured, and occupied by the insured for 7 days or less. Basic limits start at $100,000.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/damage-to-rented-premise-coverage\/\"><span itemprop=\"name\">Damage to Rented Premise Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An insurance policy which protects the insured against liability incurred when the insured's negligent actions result in the destruction of property which is in the insured's care, custody or control.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/data-compromise\/\"><span itemprop=\"name\">Data Compromise<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Data compromise coverage is an innovative product designed to help small and midsize businesses respond to data breaches and offers identity theft recovery for designated executives of an insured organization. Data Compromise can help reimburse your company for expenses related to a data breach.  <a href=\"https:\/\/www.resourcepro.com\/blog\/data-security-the-naic-model-laws\/\">Data security: the NAIC model laws<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/data-form-df\/\"><span itemprop=\"name\">Data Form (DF)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Data Form (DF) is an online form completed by each individual and each agency that is enrolled in ILSA services. \u00a0The client completes the online secure form to submit their personal information to ILSA so that Intake personnel can build the record in the system for use in the licensing process.  <a href=\"https:\/\/www.resourcepro.com\/blog\/dec-pages-surplus-lines-filings\/\">DEC pages &amp; surplus lines filings<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/date-of-hire\/\"><span itemprop=\"name\">Date of Hire\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Date of Hire (DOH) (also known as hire date) is the first day an employee officially joins the employer.  <a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-talent-development-solution-employee-turnover\/\">The real cost of employee turnover<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/pre-hire-assessments\/\">Pre-employment testing\" how to help your company<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/dba-fictitious-name-filing-renewal\/\"><span itemprop=\"name\">DBA\/Fictitious Name Filing Renewal\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">DBA\/Fictitious names may need to be renewed and appropriate fees paid in order to maintain the name for use in that state.  <a href=\"https:\/\/www.resourcepro.com\/blog\/annual-returns-when-and-what-to-file\/\">Annual returns: what and when to file<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/newspaper-publication-requirements\/\">Newspaper publication requirements<\/a>  &nbsp;  &nbsp;<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/dba-fictitious-name-filing\/\"><span itemprop=\"name\">DBA\/Fictitious Name Filing\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">DBA\/Fictitious Name Filing is the process for registering names of a business entity, other than that listed on the entity's Articles of Incorporation\/Partnership, with various state offices.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/debris-removal\/\"><span itemprop=\"name\">Debris Removal<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Debris Removal is a coverage that pays to remove debris and costs associated with damages covered by the insured commercial property insurance.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/deductible\/\"><span itemprop=\"name\">Deductible<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A portion of a covered loss that is not paid by insurance. The deductible is subtracted from  the amount the insurer would otherwise be obligated to pay.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/dental-plan\/\"><span itemprop=\"name\">Dental Plan\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Dental Plan is an insurance plan that covers an employee's dental costs.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/department-of-insurance-doi\/\"><span itemprop=\"name\">Department of Insurance (DOI)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Department of Insurance (DOI) is the state office responsible for issuing insurance licenses and monitoring the activities of insurance agents and agencies doing business in the state.  <a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-compliance-what-causes-consent-orders\/\">What causes consent orders<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/5-pro-tips-for-surplus-lines-compliance\/\">5 pro tips for surplus lines compliance<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/department-of-revenue-dor\/\"><span itemprop=\"name\">Department of Revenue (DOR)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The regulatory authority that sets up tax accounts, receives taxes and provides tax clearance letters for business entities that are approved by that state's Secretary of State office to do business in that state.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/dependent-children\/\"><span itemprop=\"name\">Dependent Child(ren)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Dependent Child(ren) is either a biological child or non-biological child.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/dependent\/\"><span itemprop=\"name\">Dependent\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Dependent refers to someone added to an insurance policy who coverage can be extended to. This mainly includes spouse, domestic partner, dependent child(ren) and other relationships.  <a href=\"https:\/\/www.resourcepro.com\/blog\/what-are-the-fiduciary-risks-of-self-funded-health-plans\/\">What are the fiduciary risks of self-funded health plans?<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/designated-responsible-licensed-producer-drlp-or-dp\/\"><span itemprop=\"name\">Designated Responsible Licensed Producer\u00a0(DRLP or DP)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Designated Responsible Licensed Producer (DRLP or DP) is the main person in charge of and responsible for the agency license. They maintain a license for the same lines of authority that the agency holds.  <a href=\"https:\/\/www.resourcepro.com\/blog\/the-designated-responsible-licensed-producer\/\">The designated responsible licensed producer<\/a>  &nbsp;<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/direct-billing\/\"><span itemprop=\"name\">Direct Billing<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Direct Billing is a process through which the insurance company sends bills directly to the policyholder and the policyholder makes payments directly to the insurance company. The insurance company pays to the producer commissions or other compensation for producer new business and servicing renewal business.  <a href=\"https:\/\/www.resourcepro.com\/blog\/the-need-for-proactive-digital-engagement-in-insurance\">The need for proactive digital engagement in insurance<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/directors-and-officers-liability\/\"><span itemprop=\"name\">Directors and Officers Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Directors and Officers (D&O) liaibility insurance is a type of insurance designed to protect directors and officer's personal financial assets in the event of a lawsuit regarding management decisions.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/directors-and-officers-side-a-coverage\/\"><span itemprop=\"name\">Directors and Officers Side A Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Directors and officers (D&O) liability insurance protects individuals from loss as a result of managment errors and omissions. D&O is often structured into 3 parts. Side A Coverage is designed to protects coverage gaps for directors' and officers' personal asstes  when the company can't or won't cover them.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/directors-and-officers-side-b-coverage\/\"><span itemprop=\"name\">Directors and Officers Side B Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Directors and officers (D&O) liability insurance protects individuals from loss as a result of managment errors and omissions. D&O is often structured into 3 parts. Side B Coverage covers the company's costs when they indemnify their director and officers. This ensured the company isn't left with legal fees, settlements, or judgments of the associated costs.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/directors-and-officers-side-c-coverage\/\"><span itemprop=\"name\">Directors and Officers Side C Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Directors and officers (D&O) liability insurance protects individuals from loss as a result of managment errors and omissions. D&O is often structured into 3 parts. Side C Coverage is also referred to as \"entity coverage\", and it protects the company itself from lawsuits filed directly against it.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/directors\/\"><span itemprop=\"name\">Directors\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Directors are the individuals who, acting as a group known as the board of directors, manage the business and affairs of a corporation.  <a href=\"https:\/\/www.resourcepro.com\/blog\/director-officer-updates\/\">Director &amp; officer updates<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/producer-lift-out-its-impact-on-compliance\/\">Producer lift-out: its impact on compliance<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/disability-plan\/\"><span itemprop=\"name\">Disability Plan\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Disability Plan (also known as Disability Income Insurance, or Income Protection Insurance) is an insurance plan that covers loss of income if an employee becomes disabled due to illness or accident.  <a href=\"https:\/\/www.resourcepro.com\/blog\/major-lines-of-authority\/\">Major lines of authority<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/dissolution\/\"><span itemprop=\"name\">Dissolution\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Dissolution is the statutory procedure that terminates the existence of a domestic corporation.  &nbsp;<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/division-department\/\"><span itemprop=\"name\">Division \/ Department\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Large organizations or businesses are often divided into divisions or departments to make functions more organized and orderly.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/doing-business-as-name-dba\/\"><span itemprop=\"name\">Doing Business As Name (DBA)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The Doing Business As Name (DBA) is the operating name of a company, as opposed to the legal name of the company. DBA is also known as \"Fictitious Name,\" \"Assumed Name,\" or \"Trade Name.\"  <a href=\"https:\/\/www.resourcepro.com\/blog\/newspaper-publication-requirements\/\">Newspaper publication requirements<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/5-unexpected-tasks-when-registering-as-a-foreign-entity\/\">5 unexpected tasks when registering as a foreign entity<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/domestic-partner\/\"><span itemprop=\"name\">Domestic Partner\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Domestic Partner refers to two people of the same or opposite sex who live together and share a domestic life, but aren't married.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/drive-other-cars-endorsement\/\"><span itemprop=\"name\">Drive Other Cars Endorsement<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Drive Other Cars Endorsement is an amendment that can be added to a commercial auto insurance policy. It extends coverage to situations where certain authorized individuals can drive vehicles that aren't lisred on the policy.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/driver-other-car-coverage-doc\/\"><span itemprop=\"name\">Driver Other Car coverage (DOC)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Drive Other Car (DOC) coverage can provide protection for the employees, the executive of a partnership or corporation or their spouse who is supplied a company-owned vehicle but who does not own a personal vehicle and thus does not have a personal auto policy. It can afford protection for the covered named individual or spouse while driving a personal or non-owned vehicle from a third party for personal use, such as a vehicle is rented or borrowed. This coverage may include auto liability, auto medical payment, auto physical damage, UIM and UIM coverages.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/dual-capacity-suits\/\"><span itemprop=\"name\">Dual-Capacity Suits<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A dual-capacity suit arises when an employee sues their employer as a seperate entity. Employers Liability(EL) coverage is important to apply to legal issues arising from employee claims that fall beyond the scope of Workers Compensation.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/duplicate-license-request\/\"><span itemprop=\"name\">Duplicate License Request\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Duplicate License Request is a written request submitted to a state department of insurance to have another copy of a previously-issued license copy sent to an agent or agency.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/duty-to-defend\/\"><span itemprop=\"name\">Duty to defend<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In insurance, the duty to defend is a legal obligation of an insurance company to provide an attorney and cover legalexpenses on behalf of the insured, when a lawsuit is filed that falls under the coverage of the policy.  <\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-e\"><span class=\"glossary-letter\" id=\"glossary-e\">e<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/earthquake-coverage\/\"><span itemprop=\"name\">Earthquake Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Earthquake Coverage covers losses in the event of an earthquake. It is typically purcased by endorsement to a difference-in-condition (DIC) policy or to an all risks policy.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/effective-date\/\"><span itemprop=\"name\">Effective Date<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The Effective Date is the official date on which coverage begins.  <a href=\"https:\/\/www.resourcepro.com\/blog\/help-in-a-crisis-emergency-adjuster-licensing\/\">Help in a crisis: emergency adjuster licensing<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/dec-pages-surplus-lines-filings\/\">DEC pages &amp; surplus lines filings<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/electronic-data-processing-edp\/\"><span itemprop=\"name\">Electronic Data Processing (EDP)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Electronic Data Processing (EDP) is also called Computer and Media, Hardware and Software coverage. EDP pays for direct physical loss or damage to Electronic Data Processing (EDP) equipment, meaning computers and associated peripheral equipment such as printing, or auxiliary functions such as data transmission.  <a href=\"https:\/\/www.resourcepro.com\/blog\/eo-expands-cover-cyber-failures\/\">Insurance agents e&amp;o expands to cover cyber failures<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/eligibility-rule\/\"><span itemprop=\"name\">Eligibility Rule\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Eligibility Rule is used to determine whether employees are eligible for group insurance plans, and to calculate when the employee's group insurance plans take effect or terminate.\u00a0\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/eligibility-waiting-period\/\"><span itemprop=\"name\">Eligibility Waiting Period\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">When a new employee joins the company, the employer may require a specified period before the employee becomes eligible for group insurance plans. Commonly this period equals to Probation Period.\u00a0\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/eligibility\/\"><span itemprop=\"name\">Eligibility\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Eligibility, also known as \"Benefits Administration\" or \"Membership Management,\" is the process of changing group insurance. As one of the key steps in Group Insurance lifecycle, it ensures that employees' benefits are correctly reflected to carrier based on eligibility guidelines of the employer and insurance plans.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/embedded-insurance\/\"><span itemprop=\"name\">Embedded Insurance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Embedded Insurance is when insurance is purchased in conjunction with a related product or service from a different provider during the same customer experience.  <a href=\"https:\/\/www.resourcepro.com\/blog\/embedded-insurance-disruptor-300-report\/\">Many see embedded insurance as a disruptor \u2013 is it?<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/employee-benefits-liability-coverage\/\"><span itemprop=\"name\">Employee Benefits Liability Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Employee benefits liability insurance is a coverage designed to protect an employer in the event of an error or omission made while administering an employee benefit program.  <a href=\"https:\/\/www.resourcepro.com\/blog\/case-study-agency-eliminates-cross-plan-offsetting-risk\/\">Case study: agency eliminates cross-plan offsetting risk<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/employee-benefits\/\"><span itemprop=\"name\">Employee Benefits\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Employee Benefits is non-wage compensation provided to employees in addition to the normal wages or salaries to ensure their well-being is taken care of. It includes both government-mandated benefits and private plans.  <a href=\"https:\/\/www.resourcepro.com\/blog\/4-market-drivers-impacting-employee-benefits-brokers\/\">4 market drivers impacting employee benefit brokers<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-employee-benefits-environment\/\">The dynamic employee benefits environment needs to be nimble<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/employee-dishonesty-fidelity-bond\/\"><span itemprop=\"name\">Employee Dishonesty\/Fidelity Bond<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Employee Dishonesty liaiblity insurance, also known as a Fidelity Bond, is a type of insurance designed to protect an employer from financial losses arising from employee dishonesty. This typically covers the illegal trading, theft, and forgery of money, securities or other assets by employees.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/employee-hired-autos-endorsement\/\"><span itemprop=\"name\">Employee Hired Autos Endorsement<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Employee Hired Autos Endorsement is an amendment that can be added to a commercial auto insurance policy. The endorsement provides extra benefits for employees, extending coverage for employee rental cars, and clarifying rented vehicles are considered insured for both primary and liability protection.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/employee-reirement-income-security-act-erisa-bond\/\"><span itemprop=\"name\">Employee Reirement Income Security Act (ERISA) Bond<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An Employee Reirement Income Security Act (ERISA) bond, is a type of insurance designed to protect employee benefit plan from financial losses arising from employee dishonesty. This typically covers illegal theft, forgery, misappropriation and other acts of dishonesty.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/employee-tools-coverage\/\"><span itemprop=\"name\">Employee Tools Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Employee tools coverage covers employee's tools used in connection with the insured's business for direct physical loss from the causes of loss selected. Subject to a specific limit.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/employee\/\"><span itemprop=\"name\">Employee\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An Employee is a person who works for an employer, and will choose insurance plans and other benefits for themself according to their own needs.  <a href=\"https:\/\/www.resourcepro.com\/blog\/5-tips-for-increasing-employee-retention-in-insurance\/\">5 tips for increasing employee retention in insurance<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-to-attract-generation-z-employees-for-insurance-roles\/\">How to attract generation z employees for insurance roles<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/employers-liability\/\"><span itemprop=\"name\">Employers Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Employers Liability Coverage (EL) covers an employer's legal liability for employee who has experienced a job-related injury or illness.  <a href=\"https:\/\/www.resourcepro.com\/blog\/case-study-agency-eliminates-cross-plan-offsetting-risk\/\">Cast study: agency eliminates cross-plan offsetting risk<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/top-underinsurance-risks-agents-need-to-talk-about-in-2021\/\">Top underinsurance risks agents need to talk about in 2021<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/employer\/\"><span itemprop=\"name\">Employer\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The Employer (also known as the company or group) makes decisions to provide insurance plans and other benefits for their employees, based on the cost and employees' needs.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/employment-practices-liability\/\"><span itemprop=\"name\">Employment Practices Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Employment Practices Liability Insurance (EPLI) is a type of insurance designed to protect an employer from financial losses arising from wrongful treatment of employees, typically including discrimination, wrongful termination, harassment, retaliation, etc.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/endorsement\/\"><span itemprop=\"name\">Endorsement<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A document used to amend the coverage in an otherwise complete policy.  <a href=\"https:\/\/www.resourcepro.com\/blog\/3-policy-insights-features-that-simplify-policy-review\/\">3 policy insights features that simplify policy review<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-to-optimize-your-insurance-policy-checking-with-policy-insights-2-0\/\">How to optimize your insurance policy checking<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/enrollment-period\/\"><span itemprop=\"name\">Enrollment Period\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The Enrollment Period is a period after the eligibility waiting period, commonly 30 or 31 days, wherein a new hire must decide whether to enroll in group insurance plans. If the new hire does not enroll themself and\/or dependents during the initial enrollment period, they will only be able to enroll during an Open Enrollment period or during a Special Enrollment period.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-benefits-brokers-can-improve-operational-efficiency\/\">How benefits brokers can improve operational efficiency<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/enrollment\/\"><span itemprop=\"name\">Enrollment\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Enrollment is the process of enrolling employees in group insurance plans.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-employee-benefits-are-changing-in-2021\/\">How employee benefits are changing in 2021<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/employee-benefits-continue-to-evolve-in-2022\/\">Employee benefits continue to evolve in 2022<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/equipment-breakdown\/\"><span itemprop=\"name\">Equipment Breakdown<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Equipment breakdown is a coverage for equipment malfuntions and any subsequent damage and\/or loss of income.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/equipment-floater-policy\/\"><span itemprop=\"name\">Equipment Floater Policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Equipment floater insurance is a form of inland marine insurance that covers property and equipment that is often moved from place to place.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/errors-and-omissions-declaration-page\/\"><span itemprop=\"name\">Errors and Omissions Declaration Page\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Errors and Omissions Declaration Page is a certificate issued by the underwriting insurer to a business entity verifying the currency, amount and deductible of errors and omissions insurance coverage  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/errors-and-omissions-insurance-eo\/\"><span itemprop=\"name\">Errors and Omissions Insurance (E&O)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Errors and Omissions Insurance (E&amp;O)\u00a0a type of professional liability insurance that protects companies and their workers or individuals against claims made by clients for inadequate work or negligent actions.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-agencies-can-reduce-eo-risk-across-the-policy-lifecycle\/\">How agencies can reduce E&amp;O risk across the policy lifecycle<\/a> <a href=\"https:\/\/www.resourcepro.com\/blog\/avoiding-certificate-of-insurance-eo-part-1\/\">Avoiding certificate of insurance E&amp;O part 1<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/evidence-of-insurability-eoi\/\"><span itemprop=\"name\">Evidence of Insurability (EOI)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Evidence of Insurability (EOI) is documented proof of good health that employee provides to the carrier. This is often submitted through the form of documentation such as a medical questionnaire.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/excess-liability-policy\/\"><span itemprop=\"name\">Excess Liability Policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Excess Liability Policy, also known as Umbrella Insurance in some cases, is an additional layer of coverage that kicks in once the limits of the primary liability policy have been reached.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/exclusive-agent\/\"><span itemprop=\"name\">Exclusive Agent<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An Exclusive Agent is a self-employed producer who has a contract to sell insurance exclusively for one insurance company (or several related companies).  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-can-insurance-agencies-manage-small-accounts-effectively\/\">How can insurance agencies manage small accounts effectively<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/exposure-units\/\"><span itemprop=\"name\">Exposure Units<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Exposure Units are he standard units used in insurance rating, as a fair measure of expected loss frequency and severity.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/extension\/\"><span itemprop=\"name\">Extension\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">When you need additional time to complete and\/or file a corporate tax filing, you can file an extension with the Department of Revenue.  <a href=\"https:\/\/www.resourcepro.com\/blog\/achieving-a-faster-more-efficient-insurance-customer-experience\/\">Achieving a faster, more efficient insurance customer experience<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/extra-expense\/\"><span itemprop=\"name\">Extra Expense<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Extra expense is a coverage that covers disrupted businesses after an unexpected major disruption. It pays for costs above a business's normal operating expenses, such as: temporary relocation, employee wages, loans, etc.  <a href=\"https:\/\/www.resourcepro.com\/blog\/top-underinsurance-risks-agents-need-to-talk-about-in-2021\/\">Top underinsurance risks agents need to talk about in 2021<\/a><\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-f\"><span class=\"glossary-letter\" id=\"glossary-f\">f<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/fiduciary-liability\/\"><span itemprop=\"name\">Fiduciary Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Fiduciary liability is coverage specifically designed for someone who holds a fiduciary duty, such as a trustee, employee or individual in a position of trust. It typically covers situations involving errors &amp; omissions (E&amp;O) where the fiduciary can be help personally liable under the Employee Retirement Income Security Act of 1974 (ERISA).  <a href=\"https:\/\/www.resourcepro.com\/blog\/what-are-the-fiduciary-risks-of-self-funded-health-plans\/\">What are the fiduciary risks of self-funded health plans<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/fine-arts-coverage\/\"><span itemprop=\"name\">Fine Arts Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Fine arts coverage covers the loss or damage to fine art owned by the insured.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/first-named-insured\/\"><span itemprop=\"name\">First Named Insured<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">First Named Insured is responsible for the duties and obligations listed in the conditions, such as the duty to pay the premium and give proper notice of accidents and losses. Additionally, the insurer's obligations, such as proper notice of cancellation or non-renewal and premium refund, need go only to the first-named-insured.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/fiscal-year\/\"><span itemprop=\"name\">Fiscal Year<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">\u00a0A fiscal year is an accounting year that ends on a date other than December 31.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/fleet-policy\/\"><span itemprop=\"name\">Fleet Policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A fleet policy is a single policy that covers multiple vehicles owned by a business.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/flood-coverage\/\"><span itemprop=\"name\">Flood Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Covers losses in the event of a flood. It is typically purchased by endorsement to a difference-in-condition (DIC) policy or to an all-risks policy.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/foreign-corporation\/\"><span itemprop=\"name\">Foreign Corporation<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A foreign corporation is a corporation doing business in a state other than its state of incorporation.  <a href=\"https:\/\/www.resourcepro.com\/blog\/5-unexpected-tasks-when-registering-as-a-foreign-entity\/\">5 unexpected tasks when registering as a foreign entity<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/certificates-of-authority-the-secretary-of-state\/\">Certificates of authority: The secretary of state<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/foreign-liability\/\"><span itemprop=\"name\">Foreign Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In general liability, foreign liability is a coverage that applies to damages arising from business operations in other countries.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/forgery-alteration\/\"><span itemprop=\"name\">Forgery & Alteration<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Forgery & Alteration is type of insurance that covers loss sustained through forgery or alteration of outgoing negotiable instruments made or drawn by you, or drawn on your accounts, or made or drawn by one acting as your agent.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/franchise-tax\/\"><span itemprop=\"name\">Franchise Tax\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Franchise Tax is a tax or fee usually imposed annually upon a corporation, limited liability company or similar business entity for the right to exist or do business in a particular state. Failure to pay the franchise tax or similar fees may result in the administrative dissolution of the company and forfeiture of the charter.  <a href=\"https:\/\/www.resourcepro.com\/blog\/5-unexpected-tasks-when-registering-as-a-foreign-entity\/\">5 unexpected tasks when registering as a foreign entity<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-agency-compliance-requires-full-time-focus\/\">Insurance agency compliance requires full-time focus<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/full-time-equivalent-fte\/\"><span itemprop=\"name\">Full Time Equivalent (FTE)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">FTE, or full time equivalent, is a unit of measurement used to represent the workload of a typical full-time employee.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/full-time-employee-ft\/\"><span itemprop=\"name\">Full-Time Employee (FT)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A full-time employee is who works more than the minimum number of hours defined by employer.\u00a0  <\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-g\"><span class=\"glossary-letter\" id=\"glossary-g\">g<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/garage-keepers-liability\/\"><span itemprop=\"name\">Garage Keepers Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Garage keepers legal liability protects business that store or service vehicles. It provides coverage for physical damage to customer's vehicles while in the insured's care, custody or control. In Texas and Virginia only, Garage Keepers Legal Liability is called Storage Location Insurance, and Garage Keepers Legal Liability refers seperately to On-Hook Towing Insurance in those states only.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/general-liability\/\"><span itemprop=\"name\">General Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Protects businesses from claims that it caused damage to others, not including car accidents and professional liability.  <a href=\"https:\/\/www.resourcepro.com\/blog\/top-underinsurance-risks-agents-need-to-talk-about-in-2021\/\">Top underinsurance risks agents need to talk about in 2021<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/3-ways-insurance-brokers-can-help-clients-cut-costs-during-covid-19\/\">3 ways insurance brokers can help clients cut costs during COVID-19<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/glass\/\"><span itemprop=\"name\">Glass<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A type of property insurance that covers breakage of windows and other glass.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/good-standing\/\"><span itemprop=\"name\">Good Standing<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A corporation is said to be in good standing when it has remained current with the necessary reports and fees required by the regulatory jurisdictions under which it operates.  <a href=\"https:\/\/www.resourcepro.com\/blog\/in-good-standing-certificate-of-authority-statuses\/\">In good standing: certificates of authority statuses<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/group-insurance\/\"><span itemprop=\"name\">Group Insurance\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Group Insurance is an insurance that is purchased by a company (known as the employer or group) and provided to their employees. A company can provide multiple insurance plans to their employees.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/group-name\/\"><span itemprop=\"name\">Group Name\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Group Name (also known as company name, employer name), is the name by which a company is known legally and officially.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/group-number\/\"><span itemprop=\"name\">Group Number\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Group Number (also known as Plan Number) is the unique number insurance company uses to identify the group.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/guaranteed-issue-gi\/\"><span itemprop=\"name\">Guaranteed Issue (GI)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Guaranteed Issue (GI) is a fixed amount of life and AD&D insurance that is available to an employee. If the benefits amount an employee selects is over the guaranteed issue amount, Evidence of Insurability (EOI) is required by carrier.\u00a0  <\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-h\"><span class=\"glossary-letter\" id=\"glossary-h\">h<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/hazard\/\"><span itemprop=\"name\">Hazard<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Hazard is defined as anything that increases the chance of a loss or increases the chance that a loss will be severe.  <a href=\"https:\/\/www.resourcepro.com\/blog\/loss-control-a-hidden-opportunity-for-carriers\/\">Loss control: a hidden opportunity for carriers<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-insurance-agents-can-positively-influence-pricing\/\">How insurance agents can positively influence pricing<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/health-maintenance-organization-hmo\/\"><span itemprop=\"name\">Health Maintenance Organization (HMO)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Health Maintenance Organization (HMO) is a type of health insurance plan that emphasizes preventive care and coordination between the insured and network of healthcare providers. The features of this type are if an insured is sick and needs health service, he or she always needs to go to his or her PCP first before going to other specialists or doctors. The PCP then makes a decision if the medical issue requires a specialist or different doctors. If so, the PCP provides an authorized referral for the insured to the specialist or doctor. With this referral, the insured can be reimbursed by the insurance company for the medical services provided by the specialist. Without the referral, the insured most likely will not be reimbursed.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/hired-car-physical-damage\/\"><span itemprop=\"name\">Hired Car Physical Damage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Coverage for physical damage for a rental vehicle. The limit\/deductible of the compensation\/collision for the losses caused by the car that rented by the insured.  <a href=\"https:\/\/www.resourcepro.com\/blog\/limited-lines-unlimited-possibilities\/\">Unlimited lines: unlimited possibilities<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/hired-non-owned-auto-liability-2\/\"><span itemprop=\"name\">Hired Non\/Owned Auto Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Hired Non\/Owned Auto Liability coverage pays for bodily injury (BI) or property damage (PD) arising out of the maintenance or use of a hired automobile in the course of business by the insured or an employee (core - for business use), or the use of a non-owned automobile in the business by any person other than the insured.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/home-address\/\"><span itemprop=\"name\">Home Address\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Home Address is the address where the employee lives.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/hospital-indemnity-insurance\/\"><span itemprop=\"name\">Hospital Indemnity Insurance\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Hospital Indemnity Insurance is an insurance plan that provides a lump-sum benefit to help with out-of-pocket costs related to a hospital stay (e.g., the costs in ICU).\u00a0  <\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-i\"><span class=\"glossary-letter\" id=\"glossary-i\">i<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/in-network\/\"><span itemprop=\"name\">In-network\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In-network health care providers are part of a health plan's network of providers with which it has negotiated a discount. Providers partner with the insurance carrier and agree to the negotiated rate for services.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/independent-adjuster\/\"><span itemprop=\"name\">Independent Adjuster<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An independent contractor that provides claims adjusting services to various insurance companies and charges a fee for each claim handled.  <a href=\"https:\/\/www.resourcepro.com\/blog\/adjusters-theyre-not-all-the-same\/\">Adjusters: they\u2019re not all the same<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/individual-rating\/\"><span itemprop=\"name\">Individual Rating<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Individual Rating is a rating system used when every insured is unique. Each insured is assigned an insurance rate that reflects its own unique characteristics.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/inland-marine\/\"><span itemprop=\"name\">Inland Marine<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Inland Marine Insurance is a type of commercial insurance that provides coverage for property not fixed to one location that isn't traditionally covered by commercial property insurance. Inland marine policies provide coverage without regard to the location of the covered property, sometimes called \"floater\" policies. Examples of property covered may including a range of moveable business equipment and products like: constuction equipment, computers and electronitcs, fine art, production equipment and more.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/insurance\/\"><span itemprop=\"name\">Insurance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Insurance is a system that operates based on the concept of risk sharing. A person, business, or organization transfers risks to an insurer by buying insurance. The insurer in turn reimburses the insured for covered losses by sharing the costs of losses among all insured's.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/insurance-bureau\/\"><span itemprop=\"name\">Insurance Bureau<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An insurance burea is a government agency reponsible for regulating the insurance industry and address consumer concerns.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/insurance-company\/\"><span itemprop=\"name\">Insurance Company\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Insurance Company (also known as carrier, insurer) is the company who provides insurance service.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/insurance-rate\/\"><span itemprop=\"name\">Insurance Rate<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Insurance Rate is the price of insurance for each unit of exposure. The rate is multiplied by the number of exposure units to arrive at a premium.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-insurance-agents-can-positively-influence-pricing\/\">How insurance agents can positively influence pricing<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/insurance-rating-system\/\"><span itemprop=\"name\">Insurance Rating System<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Insurance Rating System is an orderly method for arriving at an appropriate premium.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/insured\/\"><span itemprop=\"name\">Insured<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An Insured is a person, business, or organization that is covered by an insurance policy by purchasing  insurance.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/insurer\/\"><span itemprop=\"name\">Insurer<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Also known as an insurance company or carrier, is an organization that sells insurance policies to protect insured's from financial hardship caused by financial loss.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/insuring-agreements\/\"><span itemprop=\"name\">Insuring Agreements<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Insuring Agreements are provisions in an insurance policy stating, in broad terms, the promises made by the insurance company. An insurance policy provides coverage only if the claim is within the scope of the promise expressed in an insuring agreement.  <a href=\"https:\/\/www.resourcepro.com\/blog\/which-policy-checking-solution-is-right-for-you\/\">Which policy checking solution is right for you?<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/insurtech\/\"><span itemprop=\"name\">InsurTech<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Insurtech refers to the usage of technology to innovate and improve the insurance industry. The term is a blend of \"insurance\" and \"technology.\" Insurtech companies develop solutions and applications to address inefficiencies and limitation in traditional insurance models to streamline processes, personalize products and enhance customer experiences within the industry.  <a href=\"https:\/\/www.resourcepro.com\/blog\/key-insurtech-terms-to-know\/\">Key insurtech terms to know<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/intake-personnel\/\"><span itemprop=\"name\">Intake Personnel<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Personnel who are specifically assigned to \"intake information\" in order to onboard new clients. Intake processes each agency and individual data form, runs PDBs, checks for affiliations and CQs.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/intelligent-document-processing-idp\/\"><span itemprop=\"name\">Intelligent Document Processing (IDP)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Intelligent Document Processing (IDP) is a technology that extracts information from documents in various formats. It scans, reads, extracts, and organizes structured, semi-structured, and unstructured data from various file types and sizes, including documents, spreadsheets, and PDFs.  <a href=\"https:\/\/www.resourcepro.com\/blog\/itc-2023-trends-and-takeaways-its-all-about-focus\/\">ITC 2023 trends and takeaways: it's all about focus<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/internet-of-things-iot\/\"><span itemprop=\"name\">Internet of Things (IoT)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The Internet of Things (IoT) is the network of connected physical devices embedded with sensors, software and other technologies that connect and exchange data over the internet. Examples of IoT devices used in insurance include vehicle sensors, water leak sensors, smart security sensors, fitness trackers, property inspection drones, equipment performance devices and more.  <a href=\"https:\/\/www.resourcepro.com\/blog\/resource-pros-mark-breading-talks-futurism-in-insurance\/\">ReSource Pro's Mark Breading talks futurism in insurance<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/involuntary-dissolution\/\"><span itemprop=\"name\">Involuntary Dissolution\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Involuntary dissolution occurs when the corporation's legal existence is terminated pursuant to an administrative or court proceeding; the dissolution is forced rather than decided upon by the corporation.<\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-j\"><span class=\"glossary-letter\" id=\"glossary-j\">j<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/jurisdiction\/\"><span itemprop=\"name\">Jurisdiction\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Jurisdiction is a term used to describe which insurance regulatory body (such as a state insurance department) has authority.  <a href=\"https:\/\/www.resourcepro.com\/blog\/in-good-standing-certificate-of-authority-statuses\/\">In good standing: certificate of authority statuses<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/resident-state-change-compliance-tips\/\">Resident state change compliance tips<\/a><\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-k\"><span class=\"glossary-letter\" id=\"glossary-k\">k<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/kidnap-and-ransom\/\"><span itemprop=\"name\">Kidnap and Ransom<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Kidnap and Ransom (K&amp;R) is a type of insurance designed to protect employees, relatives of employees, or guests from financial loss as the result of kidnapping, extortion and wrongful detention.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/knowledge-process-management-kpm\/\"><span itemprop=\"name\">Knowledge Process Management (KPM)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">KPM, or Knowledge Process Management, is a strategy used to manage an organization's knowledge and business processes. It involves combining strategies for creating, sharing and leveraging knowledge with optimizing business processes to improve efficiency, quality, and consistency.  <a href=\"https:\/\/www.resourcepro.com\/blog\/featured-carrier-management-dan-epstein-global-talent-crisis\/\">Featured in Carrier Management: Dan Epstein on global talent crisis<\/a><\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-l\"><span class=\"glossary-letter\" id=\"glossary-l\">l<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/large-language-model-llm\/\"><span itemprop=\"name\">Large Language Model (LLM)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Large Language Model (LLM) is a type of generative artificial intelligence program trained on a large amount of text data. The LLM is trained on this data to process and generate human-like text responses to prompts.  <a href=\"https:\/\/www.resourcepro.com\/blog\/generative-ai-insurance-plainenglish\/\">Generative AI in insurance, explained in plain English<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/lawyers-professional-liability\/\"><span itemprop=\"name\">Lawyers Professional Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Lawyers Professional Liability(LPL) is a commercial insurance providing professional liability coverage to law firms and lawyers due to legal mistakes.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/liability-insurance\/\"><span itemprop=\"name\">Liability Insurance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Liability Insurance, also called \"Third Party Coverage\" protects the insured from losses due to injury to someone else or accidental loss or damage to someone else's property.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/license-cancellation\/\"><span itemprop=\"name\">License Cancellation\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">To cancel a license that is no longer needed, an agent or agency can submit a written request to the state's Department of Insurance.  <a href=\"https:\/\/www.resourcepro.com\/blog\/resident-state-change-compliance-tips\/\">Resident state change compliance tips<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/license-reinstatement\/\"><span itemprop=\"name\">License Reinstatement\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">License reinstatement is typically available only within a short period, usually 15 days to 1 year,\u00a0after the renewal deadline. Reinstatement of expired licenses may require late fees in addition to the regular renewal fee.  <a href=\"https:\/\/www.resourcepro.com\/blog\/dealing-with-a-lapsed-license\/\">7 tips for dealing with a lapsed license<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/license-renewal\/\"><span itemprop=\"name\">License Renewal\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">License Renewal is the periodic and scheduled renewal of a license to keep it from lapsing\/expiring.  <a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-compliance-myths-busted-license-renewals-2\/\">Insurance compliance myths busted: license renewals<\/a>  &nbsp;<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/life-plan\/\"><span itemprop=\"name\">Life Plan\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Life Plan is an insurance plan that pays a lump sum to a beneficiary after employee death, and normally pays for employee a portion of life insurance upon other events such as terminal illness.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/limit\/\"><span itemprop=\"name\">Limit<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Also called limits of insurance, limits of liability, or policy limits, indicates in an application how much insurance is requested. Once the policy is issued, the limits in the policy set the maximum dollar amount the insurance company will pay.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/limited-liability-company-llc\/\"><span itemprop=\"name\">Limited Liability Company (LLC)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Limited Liability Company (LLC) is an entity created under and governed by the laws of the jurisdiction in which it was formed. Such entities are generally able to provide the limited personal liability of corporations and the pass-through taxation of partnerships or S corporations.  <a href=\"https:\/\/www.resourcepro.com\/blog\/s-election-and-business-entity-taxes\">S-election and business entity taxes<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/annual-returns-when-and-what-to-file\/\">Annual returns: when and what to file<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/limited-partnership\/\"><span itemprop=\"name\">Limited Partnership\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A limited partnership is a form of partnership consisting of one or more general partners who manage the business and are responsible for its debts, and one or more limited partners who invest in the business and have limited personal liability.  <a href=\"https:\/\/www.resourcepro.com\/blog\/director-officer-updates\/\">Director &amp; officer updates<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/lines-of-authority-loa\/\"><span itemprop=\"name\">Lines of Authority\u00a0(LOA)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Lines of Authority (LOA) are the specific types (or lines) of insurance that the individual\/agency is licensed to write.\u00a0 Examples include P\/C, L\/A\/H, SL, Adjuster, and TPA (Third Party Administrator).  <a href=\"https:\/\/www.resourcepro.com\/blog\/major-lines-of-authority\/\">Major lines of authority<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/limited-lines-unlimited-possibilities\/\">Limited lines, unlimited possibilities<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/liquor-liability\/\"><span itemprop=\"name\">Liquor Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Liquor liability insurance is business insurance that protects businesses against loss or damages claimed as a result of a patron of your business becoming intoxicated and injuring themselves or others. The business that served the alcohol could be legally liable for injuries, damages, or both that occurred as a result of actions, behaviors, or conduct of a patron under the influence of alcohol.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/location\/\"><span itemprop=\"name\">Location\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Location is the place or building where an employer run its business, and may have multiple offices in different locations. If the employer has multiple locations in different states, the group insurance plans in different locations may be different.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/long-term-disability-plan-ltd-plan\/\"><span itemprop=\"name\">Long Term Disability Plan (LTD Plan)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Long Term Disability (LTD) covers a longer time period (usually to age 65 or retire). Normally, benefits is paid on a monthly basis.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/loss\/\"><span itemprop=\"name\">Loss<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A loss is defined as the financial cost to pay for the losses in case of an accident.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/loss-control-inspection-reports\/\"><span itemprop=\"name\">Loss Control Inspection Reports<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Written by a loss control inspector. It describes the operations and hazards of the applicant's business as they relate to the type of insurance coverages the applicant is requesting. It reports not only strengths and weaknesses but also makes recommendations for improvement such as safety programs and other measures to control the hazards.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/loss-exposures\/\"><span itemprop=\"name\">Loss Exposures<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Loss exposures, also simply called exposures, are situations that could lead to an accidental loss.  <a href=\"https:\/\/www.resourcepro.com\/blog\/loss-control-a-hidden-opportunity-for-carriers\/\">Loss control: a hidden opportunity for carriers<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/loss-payee\/\"><span itemprop=\"name\">Loss Payee<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A loss payee is another entity that has a financial interest in a business or property.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/loss-run\/\"><span itemprop=\"name\">Loss run<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Loss run, also referred to as loss history or loss record, are lists of the losses incurred by the insured during the policy period.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/loss-summary\/\"><span itemprop=\"name\">Loss summary<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A loss summary is a brief summary of the loss runs. It is usually simpler than a loss run but keeps all the necessary data, such as the date and the type of loss.<\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-m\"><span class=\"glossary-letter\" id=\"glossary-m\">m<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/mailing-address-2\/\"><span itemprop=\"name\">Mailing Address\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Mailing Address is the address where mail is delivered to the Insured. It could be a physical address or PO Box.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/management-liability\/\"><span itemprop=\"name\">Management Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Management liaibility insurance, also known as executive liaiblity insurance is a type of insurance that protects a ompany's directors, officers and managers from financial loses arising from lawuits alleging mismanagement or negligence.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/managers\/\"><span itemprop=\"name\">Managers\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Managers are individuals responsible for the maintenance, administration and management of the affairs of a limited liability company (LLC). Managers usually do not hold a percentage of ownership in the company.  <a href=\"https:\/\/www.resourcepro.com\/blog\/annual-returns-when-and-what-to-file\/\">Annual returns: when and what to file<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/7-ways-agents-and-brokers-can-reduce-eo-risk\/\">7 ways agents and brokers can reduce e&amp;o risk\u00a0<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/managing-general-agent-mga\/\"><span itemprop=\"name\">Managing General Agent (MGA)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Managing General Agent is a specialized type of insurance agent\/broker that, unlike traditional agents\/brokers, is vested with underwriting authority from an insurer. Accordingly, MGAs perform certain functions ordinarily handled only by insurers, such as binding coverage, underwriting and pricing, appointing retail agents within a particular area, and settling claims.  <a href=\"https:\/\/www.resourcepro.com\/blog\/what-is-an-mga\/\">What is an mga?<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/master-service-agreement-msa\/\"><span itemprop=\"name\">Master Service Agreement (MSA)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A master service agreement (MSA), also sometimes referred to as a framework agreement, is a fundamental contract outlining the standard terms and conditions that will govern the relationship between a service provider and a client.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/media-liability\/\"><span itemprop=\"name\">Media Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Media liability is a type of errors and omissions (E&O) liability insurance for media companies that protects agasint damages such as defamation, invasion of privacy, copyright and plagiarism.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/medical-malpractice\/\"><span itemprop=\"name\">Medical Malpractice<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Medical Malpractice is a commercial insurance providing protection to doctors, hospitals, and other healthcare providers from financial losses due to medical errors.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/medical-payments\/\"><span itemprop=\"name\">Medical Payments<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In general liability, medical payments is a coverage that pays for medical bills for persons injured in the business, regardless of the insured's liability.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/medical-plan\/\"><span itemprop=\"name\">Medical Plan\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Medical Plan is an insurance plan that covers medical costs when an employee gets sick or hurt, and needs to go to the hospital.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/medical-professional-liaibility-mpl\/\"><span itemprop=\"name\">Medical Professional Liaibility (MPL)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Medical Professional Liaibility (MPL), also known as medical malpractice insurance, prtects healthcare providers from financial loss due to lawsuits alleging negligence or errors in their medical care.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/medicare\/\"><span itemprop=\"name\">Medicare\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Medicare is the federal health insurance program for people who are 65 or older, or certain younger people with disabilities or with End-Stage Renal Disease.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/members\/\"><span itemprop=\"name\">Members\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The owner(s) of a limited liability company (LLC) may be known as members. Members usually hold a percentage of ownership in the company.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/money-securities-inside-outside\/\"><span itemprop=\"name\">Money & Securities Inside\/Outside<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Money & Securities Coverage Inside\/Outside pays for loss due to theft, disappearance or destruction of insured's money and securities on premises, in a bank or savings institution, in the insured's living quarters, or the living quarters of partners or employees who have use and custody, or in transit insured's money.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/mortgagee\/\"><span itemprop=\"name\">Mortgagee<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A mortgagee is the lender of a loan secured by property. For example, a bank that lends money to purchase a home or building is a mortgagee.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/motor-carrier-policy\/\"><span itemprop=\"name\">Motor Carrier Policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Motor Carrier Policy is a commercial auto policy designed for businesses that transport goods using vehicles for hire. It provides financial  protection in the event of an accident, injury or damage in transit. Coverages include auto liability, trailer interchange and auto physical damage.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/motor-vehicle-report\/\"><span itemprop=\"name\">Motor Vehicle Report<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Motor vehicle report, also known as a Motor Vehicle Record or MVR, lists the moving violations (such as seeding tickets) and serious accidents that a driver has had in the past several years.  <\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-n\"><span class=\"glossary-letter\" id=\"glossary-n\">n<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/name-change\/\"><span itemprop=\"name\">Name Change\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The process by which the name of an individual or corporation is updated with all state departments that record this information  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/national-association-of-insurance-commissioners-naic\/\"><span itemprop=\"name\">National Association of Insurance Commissioners (NAIC)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">National Association of Insurance Commissioners (NAIC) is an association representing the various state commissioners of insurance that promotes uniformity of insurance licensing procedures and governing law and regulations.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/national-insurance-producers-registry-nipr\/\"><span itemprop=\"name\">National Insurance Producers' Registry (NIPR)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">\u00a0The National Insurance Producers' Registry is a business entity created by the NAIC to oversee the electronic licensing process and maintain a database of agents' and agencies' licensing and appointment statuses in the various states.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/new-hire\/\"><span itemprop=\"name\">New Hire\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A New Hire is an employee who has not previously worked for the employer.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/newspaper-publication\/\"><span itemprop=\"name\">Newspaper Publication\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Newspaper publications are a public notice in local newspaper(s) required prior to the issuance of certain types of corporate qualifications and\/or licensure.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/nexus-questionnaire\/\"><span itemprop=\"name\">Nexus Questionnaire\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The Nexus Questionnaire \u00a0is a state provided application that helps an agency determine whether or not it needs to file taxes in that state.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/no-par-value-shares\/\"><span itemprop=\"name\">No Par Value Shares\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A no par value share is issued without the specification of a par value indicated in the company's articles of incorporation. They may be issued for any consideration determined by the board of directors.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/non-admitted-carrier\/\"><span itemprop=\"name\">Non-Admitted Carrier\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">\u00a0A non-admitted carrier is an insurance carrier that, although it has not been approved by the state department of insurance to underwrite standard insurance products, may underwrite certain excessive risks, i.e. surplus lines policies with the special permission of the DOI.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/non-contributory-plan\/\"><span itemprop=\"name\">Non-Contributory Plan\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Non-Contributory Plan refers to a plan where an employer pays premium entirely and employees don't contribute money at all.\u00a0\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/not-for-profit-corporation\/\"><span itemprop=\"name\">Not-For-Profit Corporation\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Not-for-Profit Corporation, also known as a non-profit, is generally organized for some socially beneficial purpose, rather than for the direct monetary benefit of the directors or members. Not all not-for-profit corporations are tax exempt and some make a profit. However, the profit is not distributed to the members or directors.<\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-o\"><span class=\"glossary-letter\" id=\"glossary-o\">o<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/ocean-marine\/\"><span itemprop=\"name\">Ocean Marine<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Ocean Marine coverage is a type of insurance specifically designed to protect against financial loss from the transportation of goods at sea. The term Ocean Marine encompasses a variety of coverages, including Cargo, Hull and liability coverages.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/officers\/\"><span itemprop=\"name\">Officers\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Officers are individuals appointed by the board of directors who are responsible for carrying out the board's policies and for making day-to-day decisions.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/on-hook-towing-insurance\/\"><span itemprop=\"name\">On-Hook Towing Insurance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">On-Hook Towing Insurance, (also known as Garage Keepers Legal Liaiblity insurance in Texas and Virgina only) is a coverage designed for businesses that tow vehicles. It provides financial protection in the case that a customers car is damaged while it is being towed.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/open-lot-coverage\/\"><span itemprop=\"name\">Open Lot Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Open Lot, also referred to as Dealers Open Lot coverage is a specific type of insurance designed for car dealerships. It provides financial protection for a dealerships vehicle inventory. Coverage options include collision, comprehensive, specified cause of loss, or fire and theft.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/optical-character-recognition-ocr\/\"><span itemprop=\"name\">Optical Character Recognition (OCR)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">OCR, or Optical Character Recognition, is a technology that transforms images containing text into editable digital text.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/out-of-network\/\"><span itemprop=\"name\">Out-of-network\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Out-of-network providers are the ones do not have an agreement with a carrier's care plan. Employees could still go to the doctors who are out-of-network, but they would have to pay more or they would need to pay the cost by themselves.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/outdoor-property-coverage\/\"><span itemprop=\"name\">Outdoor Property Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Outdoor Property Coverage covers the following specific property: outdoor fences, radio and television antenna (including satellite dishes), signs not attached to buildings, trees shrubs and plants, and the debris removal expense of the above coverage.  <a href=\"https:\/\/www.resourcepro.com\/blog\/insurance-organization-prepared-for-disaster\/\">Is your insurance organization prepared for disaster?<\/a><\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-p\"><span class=\"glossary-letter\" id=\"glossary-p\">p<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/par-value\/\"><span itemprop=\"name\">Par Value\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Par value is the minimum price of a share below which the share cannot be issued, as designated in the articles of incorporation.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/parametric-insurance\/\"><span itemprop=\"name\">Parametric Insurance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Parametric insurance is a type of insurance that pays out predefined amounts based on event triggers.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/parent-corporation\/\"><span itemprop=\"name\">Parent Corporation\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A corporation that owns a controlling interest in another corporation is a parent corporation.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/part-time-employee-pt\/\"><span itemprop=\"name\">Part-Time Employee (PT)\u00a0\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A part-time employee (PT) is who works less than the minimum number of hours defined by employer.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/partnership\/\"><span itemprop=\"name\">Partnership\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A partnership is a business organization in which two or more people agree to do business together.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/pass-through-taxation\/\"><span itemprop=\"name\">Pass-Through Taxation\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In Pass-Through Taxation rather than tax the income of the entity, taxation is \u0093passed through\u0094 to the individual shareholders in S corporations (and LLCs). Income or losses are declared on their individual tax returns.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/peril\/\"><span itemprop=\"name\">Peril<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A peril is a unexpected and damaging event that causes a loss. Insurance is specifically designed to protect individuals and businesses from perils.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/period\/\"><span itemprop=\"name\">Period<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">The term \"Period\" refers to the duration of a policy.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/perpetual\/\"><span itemprop=\"name\">Perpetual<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">\"Perpetual\" describes a license that does not require a renewal.\u00a0 The license will always continually be active until a withdrawal is submitted to inactivate the license (or the resident license lapses\/expires, then all others begin to fall off as a result). You may see the expiration date listed as 2\/2\/2222.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/perpetual-existence\/\"><span itemprop=\"name\">Perpetual Existence\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Perpetual existence refers to an unlimited term of existence; characteristic of most business corporations.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/personal-injury\/\"><span itemprop=\"name\">Personal Injury<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In general liability, personal injury is a coverage that pays for non-physical harm. According to International Organization for Standardixation (ISO)'s 1986 commercial general liability (CGL) policy, PI includes: false arrest, detention, or imprisonment; malicious prosecution; wrongful eviction; slander; libel; and invasion of privacy.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/personal-injury-protection\/\"><span itemprop=\"name\">Personal Injury Protection<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Personal injury protection (PIP), also known as no-fault insurance, is a type of coverage that helps pay for medical expenses and other losses incurred regardless of who caused the accident. PIP is mandated in some jurisdictions and covers medical expenses, loss of income, funeral expenses, etc.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/personal-insurance\/\"><span itemprop=\"name\">Personal Insurance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Personal insurance is a type of insurance designed to protect individual and families from financial losses arising from unexpected events impacting their personal well-being, assets or liabilities.  <a href=\"https:\/\/www.resourcepro.com\/blog\/pc-personal-lines-insurers-viewing-key-strategic-initiatives-through-a-new-lens\/\">P&amp;C personal lines insurers: viewing key strategic initiatives through a new lens<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/personal-property-off-premises-coverage\/\"><span itemprop=\"name\">Personal Property off Premises Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Personal property off premises coverage extends insurance that applies to Business Personal Property to cover Business Personal Property other than Money and Securities, Valuable Papers and Records, or Accounts Receivable, while in course of transit or temporarily at a premise not owned, leased or operated by the insured.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/physical-damage\/\"><span itemprop=\"name\">Physical Damage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In insurance, physical damage refers to coverage for harm to physical objects, typically vehicles. It provides coverage from the cost of repairing or replacing the object in the event of an accident.  <a href=\"https:\/\/www.resourcepro.com\/blog\/major-lines-of-authority\/\">Major lines of authority<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/point-of-service-pos\/\"><span itemprop=\"name\">Point-Of-Service (POS)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Point-Of-Service (POS) combines some of the design features of both an HMO and a PPO. Each insured must select a PCP but still has the option of receiving services from doctors without a referral from the PCP. The insured can go out-of-network and still receive a certain amount of coverage. The cost will be lower in-network and higher for out-of-network.\u00a0Normally, a POS is more suitable if your favorite doctor is already in the network or when you are willing to visit a PCP before receiving in-network healthcare.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/policy\/\"><span itemprop=\"name\">Policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A policy is a contract that states the rights and duties of the insurance company and the insured.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/policy-checking\/\"><span itemprop=\"name\">Policy Checking<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Policy checking refers to the tasks involved in making sure that the policy is complete and accurate before it is issued to the insured.  <a href=\"https:\/\/www.resourcepro.com\/retail\/extend-your-team\/\">Expand your resources<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/policy-condtions\/\"><span itemprop=\"name\">Policy Condtions<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In an insurance policy, policy conditions are provisions that explain the duties, rights, and options of the insured and the insurance company.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/policy-declarations\/\"><span itemprop=\"name\">Policy Declarations<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Policy Declarations are the page or pages of an insurance policy containing information, such as the insured's name and address, that the policyholder declared (stated as facts) on the application for insurance.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/policy-definitions\/\"><span itemprop=\"name\">Policy Definitions<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In an insurance policy, policy definitions are provisions that define the words and phrases that have a special meaning when they are used elsewhere in that policy. Words defined in some policies are printed in bold or enclosed by quotation marks.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/policy-exclusions\/\"><span itemprop=\"name\">Policy Exclusions<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Policy Exclusions are policy provisions that restrict the broad terms of the insuring agreement by stating some exceptions to coverage, including certain activities, loss causes, property, persons, and places for which the insurer does not provide coverage.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-agencies-can-reduce-eo-risk-across-the-policy-lifecycle\/\">How agencies can reduce e&amp;o risk across the policy lifecycle<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/policy-issuance\/\"><span itemprop=\"name\">Policy Issuance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Policy issuance is the act of issuing the policy documents, which will be printed out and delivered to the insured.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/policy-servicing-representative-psr\/\"><span itemprop=\"name\">Policy Servicing Representative (PSR)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Policy Servicing Representative (PSR) is an insurance professional that interacts with the insured after they have purchased an insurance policy. They act as a bridge between the policyholder and insurance company, ensuring the policy runs smoothly and adressing any questions for the policyholder.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/policy-typing\/\"><span itemprop=\"name\">Policy Typing<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Policy typing refers to the data entry of the information that is necessary to create a policy.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/power-of-attorney\/\"><span itemprop=\"name\">Power of Attorney<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">\u00a0Power of attorney is the authority given to one person or organization to act on behalf of and obligate another.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/pre-licensing-requirements\/\"><span itemprop=\"name\">Pre-licensing Requirements\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Before a license application can be submitted, a new agent must complete certain pre-licensing requirement courses on state insurance laws and procedures, either online or in a classroom setting.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/preferred-provider-organization-ppo\/\"><span itemprop=\"name\">Preferred Provider Organization (PPO)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Preferred Provider Organization (PPO) allows a patient to go to out-of-network doctors or hospitals without an authorization from a PCP. Both in-network and out-of-network providers' medical costs are reimbursed. But the cost for out-of-network is generally higher that in-network.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/preferred-shares\/\"><span itemprop=\"name\">Preferred Shares\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Preferred Shares are a class of shares that entitles the holders to preferences over the holders of common shares, usually with regard to dividends and distributions of assets upon dissolution or liquidation.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/premises-operations\/\"><span itemprop=\"name\">Premises & Operations<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Premises & Operations covers liability for bodily injury (BI) or property damage (PD) that happens on your business premises or as a result of your business operations while they are ongoing.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/premium\/\"><span itemprop=\"name\">Premium<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Premium is a periodic payment by the insured to the insurance company in exchange for insurance coverage.  <a href=\"https:\/\/www.resourcepro.com\/blog\/how-insurance-agents-can-positively-influence-pricing\/\">How insurance agents can positively influence pricing<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/premium-auditing\/\"><span itemprop=\"name\">Premium auditing<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">At the end of the year, the policyholder's records are examined or audited by a premium auditor to determine the audited premium.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/premium-auditor\/\"><span itemprop=\"name\">Premium auditor<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A premium auditor is a person who examines policyholders' records at the end of the policy period to determine the final audited premium.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/primary-care-physician-pcp\/\"><span itemprop=\"name\">Primary Care Physician (PCP)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Primary Care Physician (PCP, also known as Primary Care Provider), is a health care professional who practices general medicine. PCPs are first stop for medical care.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/producer\/\"><span itemprop=\"name\">Producer<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Anyone who \u0091produces' insurance business by selling insurance.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/producer-database-report-pdb\/\"><span itemprop=\"name\">Producer Database Report (PDB)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Producer Database Report (PDB) is a report from the National Producer Database that gives the last known addresses and aliases (DBAs) of an individual or agency.\u00a0\u00a0 It also provides license detail for all license types that are reported to this national database, as well as any administrative actions and appointment currently on file.\u00a0 A PDB is only good at the moment it is run, because details are ever changing.\u00a0 A PDB could be run for the same person\/agency the following day and contain different information.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/producer-license\/\"><span itemprop=\"name\">Producer License<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A producer license is a credintial that authorizes and individual to sell, solicit, or negotiate insurance on behalf of insurance companies. Specific requirements for obtaining a producer license varies by state, and there are different types of producer license available, depending on the specific line of insurance: property & casualty, life & health, and accident & health.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/products-completed-operations\/\"><span itemprop=\"name\">Products & Completed Operations<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Products & Completed Operations covers liability for bodily injury (BI) or property damage (PD) that happens away from your premises and is caused by a product you sell or a service you completed.  This applies even after the work is finished.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/professional-liability\/\"><span itemprop=\"name\">Professional Liability<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Professional liability (PL) protects professionals from errors &amp; omissions (E&amp;O) in their services. Most PL policies cover financial losses as opposed to bodily injury.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/property-insurance\/\"><span itemprop=\"name\">Property Insurance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Property insurance protects property and physical assets from damages and loss.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/proposal\/\"><span itemprop=\"name\">Proposal<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A proposal is a booklet that highlights the important features of the proposed coverage and related services by the broker and states the premium.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/prospect\/\"><span itemprop=\"name\">Prospect<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A prospect is a person, business, or organization that a producer hopes to sell insurance to. After the sale is completed, the prospect becomes a customer, client, policyholder, or account.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/provision\/\"><span itemprop=\"name\">Provision<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A provision is any statement in an insurance policy is referred as a policy provision.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/public-adjuster\/\"><span itemprop=\"name\">Public Adjuster<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An insurance claims adjuster advocates for and is paid by the policyholder to appraise and negotiate an insurance claim.  <a href=\"https:\/\/www.resourcepro.com\/blog\/adjusters-theyre-not-all-the-same\/\">Adjusters: they're not all the same<\/a><\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-q\"><span class=\"glossary-letter\" id=\"glossary-q\">q<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/qualifying-life-event-qle\/\"><span itemprop=\"name\">Qualifying Life Event (QLE)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Qualifying Life Event (QLE) is a change that happens to the employee and\/or dependents, like getting married, having a baby, or losing coverage, etc. QLE may trigger enrollment or change of group insurance plans.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/quote\/\"><span itemprop=\"name\">Quote<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A quote is a statement regarding the premium that will be charged for certain coverage.  <\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-r\"><span class=\"glossary-letter\" id=\"glossary-r\">r<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/reappraisal\/\"><span itemprop=\"name\">Reappraisal<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A reappraisal is the process of re-estimating the value of something, typically after a period of time to determine is the value has changed.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/region-code-rc\/\"><span itemprop=\"name\">Region Code (RC)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">\u00a0A Region Code (RC) is a specific number assigned to each new client as they onboard.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/registered-agent-ra\/\"><span itemprop=\"name\">Registered Agent (RA)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Registerd Agent (RA) is required by each state that you are registered in at the Secretary of State level (a couple of exceptions). The RA is an office or person in that state. We use Corporate Creations or CT Corp and if our clients use them through us, the fee is $95 per state per year.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/rehire-date\/\"><span itemprop=\"name\">Rehire Date\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Rehire Date is the first day officially re-employed by the employer.\u00a0\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/rehire\/\"><span itemprop=\"name\">Rehire\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Rehire is a former employee who is hired by the employer again.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/reinstatement\/\"><span itemprop=\"name\">Reinstatement\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Reinstatement involves returning a corporation that has been administratively dissolved, or had its certificate of authority revoked, to good standing at the Secretary of State.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/reinsurance\/\"><span itemprop=\"name\">Reinsurance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Reinsurance is an agreement by one insurer (the primary insurer) with another insurer (the reinsurer) to share a risk.  <a href=\"https:\/\/www.resourcepro.com\/blog\/ma-keeps-the-non-admitted-market-growing\">M&amp;A keeps the non-admitted market growing<\/a>  <a href=\"https:\/\/www.resourcepro.com\/blog\/categorizing-emerging-exposures-helps-reinsurers-measure-potential-losses\/\">Categorizing emerging exposures helps reinsurers<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/reinsurer\/\"><span itemprop=\"name\">Reinsurer<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An insurance company that sells insurance to another insurance company as a way of offsetting risk.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/renewal\/\"><span itemprop=\"name\">Renewal<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">At the end of the period of insurance (usually one year) the policy may be extended for another period of time. This is called a renewal.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/renewal-questionnaire\/\"><span itemprop=\"name\">Renewal Questionnaire<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A renewal questionnaire is a form that asks questions about changes during the past coverage period.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/rental-reimbursement\/\"><span itemprop=\"name\">Rental Reimbursement<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Rental reimbursement (or rental car coverage) is a type of optional car insurance coverage that helps pay for the cost of rental car while your vehicle is being repaired after a car accident or after suffering damages that are covered through your car insurance policy.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/replacement-cost-value\/\"><span itemprop=\"name\">Replacement Cost Value<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">When an insured chooses replacement cost, the insurance company will pay the amount that it costs to replace the property at the time of the loss.  <a href=\"https:\/\/www.resourcepro.com\/blog\/7-ways-agents-and-brokers-can-reduce-eo-risk\/\">7 ways agents and brokers can reduce e&amp;o risk<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/restricted-state\/\"><span itemprop=\"name\">Restricted State\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A restricted state is one that requires the approval of an agent's or agency's request for appointment before any insurance policy is solicited or written  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/retail-agent\/\"><span itemprop=\"name\">Retail Agent<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Also known as independent agent. A retail agent sells insurance as a representative of several unrelated insurance companies. The retail agent's business is a retail agency.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/retainer\/\"><span itemprop=\"name\">Retainer<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">\u00a0A retainer is an account set up between a service provider and a client in which money for \u0091pre-paid' items will be deposited.\u00a0 Once the items or \u0093tasks\u0094 have been completed and put into the billing cycle, the funds for those particular items will be removed from the Retainer account and used to pay service fees.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/risk\/\"><span itemprop=\"name\">Risk<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Risk refers to the possibility of financial loss.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/risk-sharing\/\"><span itemprop=\"name\">Risk Sharing<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In risk sharing, insured's pays premiums to the insurance company, which pools the premiums into a  large fund. Insured's who suffer losses are paid from this pool of money. The total cost of paying for  losses that occur to relatively few insured's is spread among all members of the group. Sharing the cost  among all insured's makes each insured's premium relatively small.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/robotic-process-automation-rpa\/\"><span itemprop=\"name\">Robotic Process Automation (RPA)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Robotic Process Automation (RPA) is a technology that uses software robots to automate repetitive high-volume tasks. Tasks that can be automated with RPA in insurance include data entry, form processing, claims intake and more.  <a href=\"https:\/\/www.resourcepro.com\/blog\/pitfalls-of-robotic-process-automation-rpa\/\">Pitfalls of robotic process automation<\/a><\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-s\"><span class=\"glossary-letter\" id=\"glossary-s\">s<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/s-corporation\/\"><span itemprop=\"name\">S Corporation\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.  <a href=\"https:\/\/www.resourcepro.com\/blog\/s-election-and-business-entity-taxes\/\">S-election and business entity taxes<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/saving-accounts\/\"><span itemprop=\"name\">Saving Accounts\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">When an employer is creating a competitive benefits package for employees, good healthcare options should be a top priority. In addition to health, dental and vision insurance, many employers choose to offer employees tax-free accounts that can be used to pay for health care expenses, such as:\u00a0Flexible Spending Accounts (FSA), Health Reimbursement Arrangements (HRA), Health Savings Accounts (HSA)  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/secretary-of-state-sos\/\"><span itemprop=\"name\">Secretary of State (SOS)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Secretary of State (SOS)  is the regulatory authority that grants business entities the authority to conduct business in their state.\u00a0 Some states refer to as State Corporation Commission or other similar name  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/selling-agreement\/\"><span itemprop=\"name\">Selling Agreement\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Selling Agreement is the contract between an insurance carrier and an agency defining the terms and conditions under which the agency and its agents may represent the carrier's insurance products. The agreement typically defines marketing procedures, terms and schedules for compensation, and binding legal responsibilities of both parties.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/short-term-disability-plan-std-plan\/\"><span itemprop=\"name\">Short Term Disability Plan (STD Plan)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Short Term Disability (STD) plan covers a shorter time period (usually 13 to 26 weeks). Normally, benefits is paid on a weekly basis.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/shrinking-limits-defense-provision\/\"><span itemprop=\"name\">Shrinking Limits Defense Provision<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A shrinking limits defense provision is a clause that states the costs incurred by the insurance company defending a lawsuit against a policyholder will be deducted from the overall policy limits available to pay for actual damages in a lawsuit.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/signature-date\/\"><span itemprop=\"name\">Signature Date\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Signature Date (sign date) is the date when an employee applies for group insurance plans. Employee may sign on benefits administration system or paper application form.\u00a0\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/signs-coverage\/\"><span itemprop=\"name\">Signs Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Signs coverage is designed to pay out to damages to signs not attached to the covered building, owned by you or owned by others but in your care, custody or control.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/social-security-number-ssn\/\"><span itemprop=\"name\">Social Security Number (SSN)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Social Security Number (SSN) is a nine-digit number in the format \u0093123-45-6789\u0094 or \u0093123456789\u0094 that the U.S. government issues to all U.S. citizens, legal permanent resides, and noncitizens who have jobs in the United States.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/sole-proprietorship\/\"><span itemprop=\"name\">Sole Proprietorship\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A sole proprietorship is an unincorporated business with a sole owner in which the owner is personally liable for business debts and claims against the business.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/specialist\/\"><span itemprop=\"name\">Specialist\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A specialist is a type of doctor that focuses on a certain area of medicine, such as cancer.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/specificied-perils-policy\/\"><span itemprop=\"name\">Specificied Perils Policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Specified Perils Policy covers any loss that is caused by one or more of the perils that is specified in the policy. The burden of proof is on the insured.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/spoilage-coverage\/\"><span itemprop=\"name\">Spoilage Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Spoilage Coverage pays for damage to insured's personal property (normally food) due to mechanical breakdown or failure of refrigerating equipment, contamination by refrigerant or power outages beyond insured's control.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/spouse\/\"><span itemprop=\"name\">Spouse\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Spouse refers to an individual who is lawfully married to another individual.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/state-fees\/\"><span itemprop=\"name\">State Fees<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">\u00a0State Fees refers to the amount of funds needed to process an item and pay the state.\u00a0 This amount usually includes an additional amount to cover any related \u0091processing fees'.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/stockholders\/\"><span itemprop=\"name\">Stockholders\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Stockholders, also known as shareholders, are the owners of a corporation based on their holdings. They own an interest in the corporation rather than specific corporate property.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/stop-gap-endorsement\/\"><span itemprop=\"name\">Stop Gap Endorsement<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Stop Gap Endorsement provides liability coverage to employers in states with limited workers' compensation options.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/submission\/\"><span itemprop=\"name\">Submission<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A submission is the package of materials that will go to the underwriters as part of a request for a quote.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/subrogation\/\"><span itemprop=\"name\">Subrogation<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">When the insurer pays the insured for a loss, the insurer takes over the insured's right to collect damages from the other party responsible for the loss through a process called subrogation. The insurance company may subrogate against the party directly responsible for the loss.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/surplus-lines-a-k-a-excess-lines\/\"><span itemprop=\"name\">Surplus Lines (a.k.a. Excess Lines)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Surplus lines is the license class that enables an insurance agent and\/or agency to place large and\/or hard-to-place insurance risks with non-admitted insurance carriers.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/surplus-lines-tax-filing\/\"><span itemprop=\"name\">Surplus Lines Tax Filing\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Surplus Lines Tax Filing is a tax filing required from a business entity to report income earned, if any, within the state from surplus lines policies.  <a href=\"https:\/\/www.resourcepro.com\/blog\/dec-pages-surplus-lines-filings\/\">DEC pages &amp; surplus lines filings<\/a><\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-t\"><span class=\"glossary-letter\" id=\"glossary-t\">t<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/tasking\/\"><span itemprop=\"name\">Tasking<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">\u00a0Tasking is the process of manually entering a client's signed\/funded PCA request into the database so the license reps can complete the work.\u00a0 The lines are entered manually one at a time into various tables for the below mentioned services.\u00a0 The licensing reps get their work assignments from queries that pull from these various tables: New License, New Affiliation, New Appointment, New CQ, New Initial Annual Return, New Corporate Tax Filing, Address Changes, Director & Officer Updates, Bonds, etc.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/tax-clearance\/\"><span itemprop=\"name\">Tax Clearance\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Tax Clearance is a confirmation from the state that no further tax filings are due and that the agency is in good standing with the Department of Revenue is a tax clearance.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/technology-errors-and-omissions\/\"><span itemprop=\"name\">Technology Errors and Omissions<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Technology errors and omissions (tech E&O) insurance is specifically designed for businesses that provide technology products or services and protects from losses from mistakes or negligence related to those technology products or services.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/telematics\/\"><span itemprop=\"name\">Telematics<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Telematics refers to the technology that collects data about a vehicle and its operation. Data collected is then used for purposes like usage-based insurance (UBI). Telematics data collected may include distance driven, time of day, braking frequency, acceleration patterns, or instances of speeding.  <a href=\"https:\/\/www.resourcepro.com\/blog\/key-insurtech-terms-to-know\/\">Key insurtech terms to know<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/tenant-improvement-betterment\/\"><span itemprop=\"name\">Tenant Improvement & Betterment<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Tenant improvement & Betterment coverage is both the standard business owners and commercial property coverage designed for tenants who lease commercial space and make modifications to it. Forms define TI&B as fixtures, alterations, installations, or additions that made a permanent part of a building by and at the expense of the tenant, which may not legally be removed. Various courts have ruled that the additions must also be substantial (not merely putting in a few shelves) in order to qualify.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/termination-of-corporate-affiliation\/\"><span itemprop=\"name\">Termination of Corporate Affiliation\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Secretary of State (SOS) is the process of disassociating an individual agent's state license from the license of an agency in the same state is a termination of corporate affiliation.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/termination-rule\/\"><span itemprop=\"name\">Termination Rule\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Termination rule is used to calculate when an employee's group insurance plans terminate.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/termination\/\"><span itemprop=\"name\">Termination\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Termination is a process of ending benefits for an employee who no longer joins in group insurance plans for any reason.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/terrorism\/\"><span itemprop=\"name\">Terrorism Insurance<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Terrorism Insurance is a type of property and general liability coverage designed to protect losses due to acts of terrorism. The Terrorism Risk Insurance Act (TRIA) passed in 2002 created a public-private partnership with insurers and the government, ensuring availability of terrorism coverage.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/third-party-administrator-tpa\/\"><span itemprop=\"name\">Third Party Administrator (TPA)\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A third party administrator is an individual or entity licensed by the state to perform certain administrative functions, including claims administration and payment, marketing administrative functions, premium accounting, premium billing, coverage verification, underwriting authority or certificate issuance on behalf of insurance companies.  <a href=\"https:\/\/www.resourcepro.com\/blog\/common-pitfalls-in-third-party-risk-management\/\">Common pitfalls in third-party risk management<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/third-party-over-actions\/\"><span itemprop=\"name\">Third-Party Over Actions<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A third-party over action is a suit where an employer is found liable for an employee injury. In the case the employee sues the employer, Employers Liability(EL) coverage is important to apply to legal issues arising from employee claims that fall beyond the scope of Workers Compensation.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/towing-and-labor-coverage\/\"><span itemprop=\"name\">Towing and Labor Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Towing and Labor Coverage refers to the cost of calling towing and payments for the related servicce.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/trigger-cap-tc\/\"><span itemprop=\"name\">Trigger & Cap (T&C)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A specific accounting option available for clients that don't like to fund invoices each month.\u00a0 When their escrow account reaches a certain low \"trigger\" balance it prompts accounting to send an invoice for an amount that brings them back up to their \"cap\" balance. The trigger amounts and cap amounts differ by client.<\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-u\"><span class=\"glossary-letter\" id=\"glossary-u\">u<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/umbrella-liability-policy\/\"><span itemprop=\"name\">Umbrella Liability Policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Umbrella Liability Policy, similar to Excess Liability Policy, is an additional layer of coverage to provide protection against catastrophic losses. It generally is written over various primary liability policies, such as the business auto policy (BAP), commercial general liability (CGL) policy, watercraft and aircraft liability policies, and employers liability coverage and kicks in once the limits of the primary policy have been reached.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/umbrella-policy\/\"><span itemprop=\"name\">Umbrella Policy<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An umbrella policy is a liability policy that covers the insured for losses exceeding the  limits of the primary policies.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/underinsured-motorist\/\"><span itemprop=\"name\">Underinsured Motorist<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Underinsured Motorists (UIM) coverage is coverage for bodily insjury(BI) and property damage(PD) caused by a motorist who has liability insurance, but the limits of their coverage aren't enoughto compensate for all of the damage or injury sustained in the accident.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/underwriter\/\"><span itemprop=\"name\">Underwriter<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An Underwriter is a professional who decides to accept or reject applications for insurance. They also decide how much coverage their insurance company is willing to provide and at what price.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/underwriting-assistant-ua\/\"><span itemprop=\"name\">Underwriting Assistant (UA)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An Underwriting Assisstant (UA) is an insurance professional who provides support to underwriters in the process of evaluating and approving insurance applicationns. Responsibiltiies of an UA may include data collection, risk assessment, policy processing, research and more.  <a href=\"https:\/\/www.resourcepro.com\/carrier\/extend-your-team\/\">Extend your team<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/underwriting-authority\/\"><span itemprop=\"name\">Underwriting Authority<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Underwriting Authority refers to the limit on decisions an underwriter can make without receiving approval from someone at a higher level.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/underwriting-guide\/\"><span itemprop=\"name\">Underwriting Guide<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An Underwriting Guide is a book or computer database that details the underwriting practices of the insurance company and provides specific guidance about how underwriters should analyze all of the various types of applicants they might encounter.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/uninsured-motorist\/\"><span itemprop=\"name\">Uninsured Motorist<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Uninsured Motorist (UM) coverage is a type of auto insurance that protects financially in the event of an accident caused by a driver who doesn't have liability insurance.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/usage-based-insurance-ubi\/\"><span itemprop=\"name\">Usage-Based Insurance (UBI)<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Usage-based insurance (UBI) is a type of auto insurance that tailors premium to how a vehicle is driven using data about driving habits to calculate rate. Data collected may include: distance drive, time of day, brakinf frequency, acceleration patters or instances of speeding.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/utility-service-coverage\/\"><span itemprop=\"name\">Utility Service Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Utility service coverage provides financial protection from property damage from a utility service (water, electricity, gas, etc.) interruption. It includes two parts: Utility service \u0096 Direct Damage and Utility service- Time Element.  <\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-v\"><span class=\"glossary-letter\" id=\"glossary-v\">v<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/valuable-papers-records\/\"><span itemprop=\"name\">Valuable Papers & Records Coverage<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Valuable paper &amp; records coverage pays the cost to reconstruct damaged or destroyed valuable papers and records. \"Valuable papers and records\" typically include almost all forms of printed documents or records except money or securities; data processing programs, data, and media are usually excluded.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/valuation\/\"><span itemprop=\"name\">Valuation<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A provision in a property insurance policy stating the method that is used to place a value on damaged property covered by the policy.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/valuation-type\/\"><span itemprop=\"name\">Valuation Type<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">In insurance, valuation type is the method used to calculate the value of a covered loss. A few common valuation types include Actual Cash Value (ACV), Replacement Cost (RC), Agreed Value (AV), and Market Value.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/vision-plan\/\"><span itemprop=\"name\">Vision Plan\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">An insurance plan that covers an employee's vision care costs.<\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/voluntary-dissolution\/\"><span itemprop=\"name\">Voluntary Dissolution\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Voluntary dissolution is when shareholders, incorporators or initial directors decide to dissolve a corporation in their domicile state.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/voluntary-life\/\"><span itemprop=\"name\">Voluntary Life\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Employee pays premium for voluntary life plan. If has no cost to employer, and the benefit amount is higher than basic life plan.\u00a0  <\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-w\"><span class=\"glossary-letter\" id=\"glossary-w\">w<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/waiver-of-subrogation\/\"><span itemprop=\"name\">Waiver of Subrogation<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Subrogation is the process by which an insurer can, after it has paid a loss under the policy, recover the amount paid from any party (other than the insured) who caused the loss or is otherwise legally liable for the loss. A Waiver of Subrogation (WOS) means the right is waived; in other words, the insurer will not recover the amount paid under the above condition.  <a href=\"https:\/\/www.resourcepro.com\/blog\/avoiding-certificate-of-insurance-eo-part-1\/\">Avoiding certificates of insurance e&amp;o part 1<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/wholesale-broker\/\"><span itemprop=\"name\">Wholesale Broker<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A wholesale broker serves as a transactional organization between a broker and the insurance company.  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/withdrawal-of-corporate-qualification\/\"><span itemprop=\"name\">Withdrawal of Corporate Qualification\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Withdrawal of Corporate Qualification is the process of terminating a business entity's corporate qualification (certificate of authority to conduct business) in a non-resident state without prejudice to the entity  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/workers-compensation\/\"><span itemprop=\"name\">Workers' Compensation<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Workers' Compensation is a state-mandated program that requires business to provide medical and wage benefits to employees injured on the job.  <a href=\"https:\/\/www.resourcepro.com\/blog\/use-case-guiding-a-workers-comp-carrier-to-future-growth\/\">A roadmap to growth for workers comp carrier<\/a><\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/working-hours\/\"><span itemprop=\"name\">Working Hours\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Working Hours is the period of time that an employee spends at paid labor. Usually, the employee's working hours is calculated by week. For example, working hours is 40 hours per week.\u00a0  <\/span><\/span><\/li><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/worksite-benefits\/\"><span itemprop=\"name\">Worksite Benefits\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">Worksite Benefits (as known as supplemental insurance), are a cost-effective solution to help employees offset out-of-pocket medical expenses, mainly including:\u00a0Accident Insurance, Cancer Insurance, Critical Illness Insurance and Hospital Indemnity Insurance.  <\/span><\/span><\/li><\/ul><\/div><div class=\"glossary-block glossary-block-z\"><span class=\"glossary-letter\" id=\"glossary-z\">z<\/span><ul><li><span class=\"glossary-link-item\" itemscope itemtype=\"https:\/\/schema.org\/DefinedTerm\"><a itemprop=\"inDefinedTermSet\" href=\"https:\/\/www.resourcepro.com\/glossary\/zero-report-2\/\"><span itemprop=\"name\">Zero Report\u00a0<\/span><\/a> - <span itemprop=\"description\" class=\"glossary-list-term-content\">A Zero Report is a report to the state that confirms there was no business written for the month, quarter, year, etc.  <a href=\"https:\/\/www.resourcepro.com\/blog\/dont-let-zero-report-compliance-turn-into-an-uh-oh-moment\/\">Don't let zero report compliance turn into an 'uh-oh' moment<\/a><\/span><\/span><\/li><\/ul><\/div><\/div><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-35ad2dd e-con-full e-flex e-con e-parent\" data-id=\"35ad2dd\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e9624d6 elementor-widget elementor-widget-template\" data-id=\"e9624d6\" data-element_type=\"widget\" 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elementor-widget elementor-widget-heading\" data-id=\"e34c146\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><b>10,000+<\/b> experts<br>\nhere for you<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Insurance 101 We\u2019re serious about helping new leaders get up to speed. Use this resource to better understand insurance and technology terms. 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