Insurance is plagued with an exasperating jungle of confusing terminology. It is hoped that the brief list of insurance terms provided below will assist the reader to improve his understanding and communication on at least some insurance matters..
One who makes or presents a claim for a loss suffered
A person or firm who represents the insurer in negotiating, servicing or effecting insurance contracts
The amount of money the policyholder agrees to pay to the insurance company for their acceptance of his risk
The printed document, which by law, must be issued to the Insured stating the terms and conditions or the insurance contract.
The individual or firm insured.
The condition of being bound in law and justice to do something. The probable cost of meeting an obligation.
The expiration or termination of an insurance policy at is renewal date, sometimes owing to non-payment of the renewal premium.
A company authorized to transact and accept risks.
A provision under some class of insurance that specifies an amount to be deducted from any loss and above which the insurers pay.
A variation to the terms of the policy.
A clause in an insurance contract providing that losses will be paid in the proportion that the amount of the sum insured bears to the entire amount of property at risk at the time of loss. Sometimes referred to as the insurer’s safeguard against under-insurance. The insured is regarded as his own insurer for the difference between two amounts.
The process of determining the cause, extent of loss and amount of indemnity the insured should recover under his policy.
A document giving a written statement of temporary cover, usually pending the issuance of the policy document.
A demand for payment under an insurance contract. The estimated or actual amount of loss caused by an insured event.
Termination of the insurance cover prior to the normal expiry date of the policy.
A professional person or firm who solicits insurance and places orders for coverage with insurance companies designated by the Insured or with companies or their own choosing.
An accident or event that is the result of natural causes, without any human intervention, that could not have been prevented by reasonable foresight or care.
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