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. DEC pages & surplus lines filings
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. Key insurtech terms to know
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. Common pitfalls in third-party risk management
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. Pitfalls of robotic process automation
S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. S-election and business entity taxes
An insurance claims adjuster advocates for and is paid by the policyholder to appraise and negotiate an insurance claim. Adjusters: they’re not all the same
Reinsurance is an agreement by one insurer (the primary insurer) with another insurer (the reinsurer) to share a risk. M&A keeps the non-admitted market growing Categorizing emerging exposures helps reinsurers
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. 7 ways agents and brokers can reduce e&o risk
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. How agencies can reduce e&o risk across the policy lifecycle
Premium is a periodic payment by the insured to the insurance company in exchange for insurance coverage. How insurance agents can positively influence pricing
