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Captive agent

A captive agent is an individual who exclusively represents a single insurance company and is bound by contract to only submit business to that company. They are not allowed to work with any other insurance company unless their captive company declines the business first. This arrangement often limits the options available to the client, as the captive agent is not able to provide quotes from other companies.

Proximate cause

Loss causation is a fundamental concept in finance, referring to the direct cause of a financial loss. It occurs when there is a clear and unbroken chain of events linking a...

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Salvage

When an insurer pays a claim, they may take over damaged property in order to minimize their loss. This is known as salvage. Insurers have salvage rights over property they ...

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Punitive damages

When a defendant is found to have acted in a grossly negligent manner, they may be assessed punitive damages as a way to set an example and discourage others from behaving s...

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Average adjusters

In the realm of marine insurance, there exists a title known as a "claims adjuster." This term refers to individuals who specialize in assessing and determining the value of...

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