Business Insurance

Insurable interest is a fundamental concept in insurance that refers to the legal and financial stake a person or entity has in the subject matter of an insurance policy. It is a critical requirement for obtaining insurance coverage and ensures that the insured party has a genuine interest in protecting against potential losses. Understanding insurable […]

Insurable risk refers to a type of risk that can be covered by insurance because it meets certain criteria, including being predictable, measurable, and financially feasible to insure. Understanding insurable risks is essential for learners in accounting and finance as it forms the foundation of insurance principles and helps individuals and businesses mitigate potential financial

An insurance broker is a professional intermediary who represents clients in finding and purchasing insurance policies that best suit their needs. They play a crucial role in helping individuals and businesses navigate the complexities of the insurance market, providing expert advice, and facilitating the acquisition of appropriate coverage. Understanding the functions and responsibilities of insurance

The Insurance Brokers Registration Council (IBRC) is a regulatory body responsible for overseeing the registration, licensing, and regulation of insurance brokers in a particular jurisdiction. It plays a vital role in maintaining transparency, professionalism, and ethical standards within the insurance brokerage industry. Understanding the functions and responsibilities of the IBRC is crucial for learners in

An insurance ombudsman serves as an independent mediator between insurance companies and policyholders to resolve disputes and complaints in a fair and impartial manner. They play a crucial role in ensuring consumer protection and maintaining trust in the insurance industry. Understanding the responsibilities and functions of insurance ombudsmen is essential for learners in accounting and

An insurance premium is the amount of money an individual or business pays to an insurance company in exchange for coverage against specified risks. It is a fundamental concept in the insurance industry and represents the cost of obtaining insurance protection. Understanding insurance premiums is essential for learners in accounting and finance, as it influences

An insurance tied agent is an individual who represents a specific insurance company and sells its insurance products exclusively. They play a crucial role in marketing and distributing insurance policies to customers on behalf of the insurance company they are tied to. Understanding the responsibilities and functions of insurance tied agents is essential for learners

Introduction Every business, whether a small startup or a large corporation, depends on key individuals whose absence could disrupt operations, reduce revenue, or even threaten survival. These individuals—often founders, top executives, or specialized employees—hold critical knowledge, relationships, or skills. Losing them unexpectedly can create financial instability. Key-person assurance (also called key-person insurance) mitigates this risk

When I first encountered a knock-for-knock agreement in the oil and gas industry, I found the concept both fascinating and counterintuitive. Unlike traditional liability frameworks, these agreements flip the script by making each party responsible for their own losses—regardless of fault. Over the years, I’ve seen how these contracts streamline operations in high-risk sectors like

When planning for the financial future, many couples and business partners consider joint life insurance as a way to secure their loved ones or protect shared financial interests. Among the various types of joint life insurance, the last-survivor policy stands out as a unique and often misunderstood option. In this guide, I break down how