Category
Insurance terms
Insurance moves the cost of an unexpected loss from you to an insurer in return for a premium. These terms help you read a policy, compare cover and know what to expect when you make a claim. 584 Insurance terms are explained below, each with real-world examples.
- A M Best
- Abandonment and Salvage
- Abandonment Clause
- Absolute Pollution Exclusion
- Accelerated Benefits
- Accelerated Death Benefit
- Accident and Health Benefits
- Accident Year Experience
- Accidental Death Benefit
- Accidental Death Dismemberment Insurance
- Accredited Advisor in Insurance
- Accumulated Value
- Actual Total Loss
- Actuarial Age
- Actuarial Consultant
- Actuarial Life Table
- Actuarial Rate
- Actuarial Service
- Actuarial Value
- Acutarial Rate
- Add Living Expense Insurance
- Additional Living Expense (ALE) Insurance
- Adequacy of Coverage
- Adjustable Life Insurance
- Adjusted Premium
- Adjuster
- Administrative Services Only (ASO)
- Admitted Assets
- Admitted Company
- Admitted Insurance
- Advance Loss of Profit (ALOP) Insurance
- Advance Premium
- Advance Premium Fund
- Advertising Injury Coverage
- Aggregate Deductible
- Aggregate Excess Insurance
- Aggregate Extension Clause (AEC)
- Aggregate Limits Reinstatement
- Aggregate Stop-Loss Insurance
- Aggregate Stop-Loss Reinsurance
- Agreed Amount Clause
- Air Cargo Insurance
- Aircraft Insurance
- Alien Insurer
- All Risks
- All Risks (Insurance)
- Allied Healthcare Professional Liability Insurance
- Allied Lines
- Allin Coverage
- Allocated Loss Adjustment Expenses (ALAE)
- Alternative Risk Transfer (ART) Market
- American Agency System
- Amount at Risk
- Ancillary Benefits
- Animal Mortality Insurance
- Anniversary Rating Date (ARD)
- Annual Cap
- Annual Premium Equivalent
- Annual Premium Equivalent Basis
- Annual Renewable Term
- Annual Renewable Term (ART) Insurance
- Any Occupation
- Any-Occupation Policy
- Application of Retention
- Apportionment
- Architects and Engineers (A&E) Liability Coverage
- Asset Valuation Reserve (AVR)
- Assigned Risk
- Associate in Claims (AIC)
- Associate in Commercial Underwriting (AU)
- Associate in Insurance Accounting and Finance (AIAF)
- Associate in Personal Insurance (API)
- Associate in Reinsurance (ARe)
- Associate in Risk Management (ARM)
- Assumed Interest Rate
- Attained Age
- Automatic Premium Loan
- Average Severity
- Back-to-Back Deductible
- Backdated Liability Insurance
- Bad Faith Insurance
- Bailee's Customer Insurance
- Balance Protection
- Bancassurance
- Bank Insurance
- Bank-Owned Life Insurance
- Banker's Blanket Bond
- Bankers Professional Liability Insurance
- Bare Walls Coverage
- Basic Extended Reporting Period (BERP)
- Basic Reparations Benefits
- Basket Retention
- Batch Clause
- Beneficiary Clause
- Benefit Period
- Benefit-Expense Ratio
- Best's Capital Adequacy Relativity (BCAR)
- Betterment Insurance
- Bid Deduct
- Bilateral Extended Reporting Provision
- Black Box Insurance
- Blanket Additional Insured Endorsement
- Blanket Contractual Liability Insurance
- Blanket Insurance
- Block Policy
- Boiler and Machinery Insurance
- Bordereau
- Bornhuetter-Ferguson Technique
- Both-to-Blame Collision Clause
- Breeders Insurance Policy
- Bridge Insurance
- Broad Evidence Rule
- Broad Form Insurance
- Broad Form Property Damage Endorsement
- Broadcasters Liability Insurance
- Broker of Record
- Brokerage General Agent
- Buffer Layer
- Builders Risk Coverage Form
- Building and Personal Property Coverage Form
- Building Ordinance Coverage
- Bumbershoot Policy
- Burial Insurance
- Burning Cost Ratio
- Business Automobile Policy
- Business Crime Insurance
- Business Income
- Business Income Coverage Form
- Business Insurance
- Business Liability Insurance
- Business Net Retention
- Business Owners Policy
- Business Personal Property Coverage Form Bppcf
- Buyback Deductible
- Calendar Year Accounting Incurred Losses
- Canadian Council of Insurance Regulators
- Cancellation Provision Clause
- Cape Cod Method
- Capital Risk CAR
- Capitated Contract
- Capitation Payments
- Captive Agent
- Captive Insurance Company
- Captivefund
- Care Custody or Control (CCC)
- Cash Accumulation Method
- Cash Value Accumulation Test (CVAT)
- Cash Value Life Insurance
- Casualty Actuarial Society
- Casualty Insurance
- Catastrophe Accumulation
- Catastrophe Excess Reinsurance
- Catastrophe Hazard
- Catastrophe Reinsurance
- Ceded Reinsurance Leverage
- Cedent
- Certain and Continuous
- Cession
- Chain Ladder Method
- Chartered Life Underwriter (CLU)
- Chartered Property Casualty Underwriter (CPCU)
- Childrens Health Insurance Program (CHIP)
- CIC
- Civil Commotion
- Claims Adjuster
- Clash Reinsurance
- CLUE Report
- COBRA Continuation Coverage
- Coinsurance Formula
- Coinsurer
- Collision Damage Waiver
- Collision Insurance
- Combined Physical Damage Coverage
- Combined Single Limits
- Commercial Blanket Bond
- Commercial General Liability
- Commercial Health Insurance
- Commercial Insurance Lines
- Commercial Lines Insurance
- Commercial Output Policy (COP)
- Commercial Package Policy (CPP)
- Commercial Property Insurance
- Commissioners' Annuity Reserve Valuation Method (CARVM)
- Common Policy Declarations
- Commutation
- Commutation Agreement
- Company-Owned Life Insurance
- Comparative Negligence
- Compensatory Damages
- Complete Retention
- Completed Operations Insurance
- Composite Rate
- Comprehensive Glass Policy
- Comprehensive Insurance
- Comprehensive Personal Liability
- Compulsory Insurance
- Concealment
- Concurrent Causation
- Concurrent Insurance
- Conditional Binding Receipt
- Conditional Reserves
- Consequential Loss
- Consignment Insurance
- Construction Bond
- Constructive Total Loss
- Contingent Annuitant
- Contingent Commission
- Continuous Contract
- Contract Holder
- Contractors Professional Liability Insurance
- Contractors' All Risks (CAR) Insurance
- Contractual Liability Insurance
- Contributory Negligence
- Control Well Insurance
- Controlled Insurance Program (CIP)
- Conventional Subrogation
- Conversion Privilege
- Convertible Insurance
- Cooperation Clause
- Cooperative Insurance
- COPE (Insurance)
- Coreinsurance
- Corporate Ownership of Life Insurance
- Corridor Deductible
- Counseling Liability
- Covenant Not to Execute
- Cover Note
- Cover Note Insurance
- Coverage Trigger
- Credibility Theory
- Credit Default Insurance
- Credit Life Insurance
- Creditable Coverage
- Crisis Management Coverage
- Crop-Hail Insurance
- Cross Liability Coverage
- Cumulative Exposure
- Custodial Care
- Cut-Through Clause
- Cyber and Privacy Insurance
- DAC
- Dan Amos
- Debris Removal Insurance
- Decreasing Term Insurance
- Demolition Insurance
- Demutualization
- Difference in Conditions (DIC) Insurance
- Diinsurance
- Direct Premiums Written
- Direct Writer
- Directors and Officers Liability Insurance
- Disability-Income (DI) Insurance
- Doctrine of Utmost Good Faith
- Dreadeddiseaserider
- Employer's Liability Insurance
- Employment Insurance
- Endowment
- Equalization Reserve
- Equitable Subrogation
- Equity Indexed Universal Life Insurance
- Errors Omissions Insurance
- Excess Limits Premium
- Expected Loss Ratio Method
- Experience Rating Insurance
- Experience Refund
- Exposure Rating
- Extra-Contractual Obligations (ECO) Clause
- Family Income Rider
- FCIA
- Federal Insurance Office
- FIA
- File-and-Use Rating Laws
- Financial Guarantee
- Financial Quota Share
- First Dollar Coverage
- First Loss Policy
- First Notice Loss FNOL
- First Notice of Loss
- Floater Insurance
- Follow the Settlements
- Forced Place Insurance
- Franchise Cover
- Fraternal Organization
- Free Asset Ratio
- Free Look Period
- Free Particular Average (FPA)
- Frequency-Severity Method
- Fronting Policy
- Funding Agreement
- Funding Cover
- Gap Insurance
- Garage Liability Insurance
- General Account
- General Average
- Good Student Discount
- Government Actuary
- Grandfathered Health Plan
- Gross Leverage Insurance
- Gross Net Written Premium Income (GNWPI)
- Gross Profits Insurance
- Ground-Up Loss
- Group Carve-Out Plan
- Group Health Insurance Plan
- Group Term Life Insurance
- Group Universal Life Policy
- Guaranteed Cost Premium
- Guaranteed Death Benefit
- Guaranteed Issue Life Insurance
- Guaranteed Minimum Accumulation Benefit (GMAB)
- Guaranteed Minimum Income Benefit (GMIB)
- Guaranteed Renewable Policy
- Guideline Premium and Corridor Test (GPT)
- Hammer Clause
- Hazard Insurance
- Hazardous Activity
- HCPA
- HDHP
- Health Insurance Portability and Accountability Act (HIPAA)
- Health Maintenance Organization (HMO)
- HIPAA Waiver of Authorization
- Hourly Clause
- Human-Life Approach
- Hurricane Deductible
- ILS
- Impaired Insurer
- Inchmaree Clause
- Incidents of Ownership
- Incontestability Clause
- Indemnity Insurance
- Independent Agent
- Independent Insurance Adjuster
- Independent Insurance Agents Brokers America
- Industry Loss Warranty
- Injury-in-Fact Trigger
- Insurance Company Credit Rating
- Insurance Consortium
- Insurance Coverage
- Insurance Coverage Area
- Insurance Cutoff
- Insurance Defense
- Insurance Derivative
- Insurance Grace Period
- Insurance Guaranty Association
- Insurance Inflation Protection
- Insurance Loss Control
- Insurance Proceeds
- Insurance Regulatory Information System Iris
- Insurance Risk Class
- Insurance Score
- Insurance Underwriter
- Intercompany Products Suits Exclusion
- Interestcrediting Methods
- Interlocking Clause
- Internal Claim
- Investment Income Ratio
- Irrevocable Beneficiary
- Issue-Age Policy
- Jewelry Floater
- L Share Annuity Class
- Lapse Ratio
- Lead Reinsurer
- Level Death Benefit
- Levelpremiumlife
- Liberalization Clause
- Life Settlement
- Lifeoption
- Lloyds London
- Lloyds Organizations
- Long-Tail Liability
- Longshore and Harbor Workers' Compensation Act (LHWCA)
- Longterm Care Ombudsman
- Loss Adjustment Expense
- Loss and Loss-Adjustment Reserves Policyholders Surplus Ratio
- Loss Cost
- Loss Disallowance Rule
- Loss Management
- Loss Portfolio Transfer
- Loss Settlement Amount
- Losses and Loss-Adjustment Expense
- Losses Incurred
- Lost Policy Release
- Malpractice Insurance
- Manifestation Trigger
- Maximum Foreseeable Loss
- Medical Cost Ratio
- Medical Payments Coverage
- Medical Underwriting
- Medicare Advantage
- Medicare Part B Premiums
- Medicare Part Hospital Insurance
- Medicare Supplementary Medical Insurance
- Medicarepartd
- Medigap Insurance
- Member Month
- Microinsurance
- Minimum Essential Coverage
- Mirror Fund
- MLR
- Modified Endowment Contract
- Monoline
- Monoline Insurance
- Monopolistic State Fund
- Morbidity Rate
- Mortality and Expense Risk Charge
- Mortality Table
- Multiple Employer Welfare Arrangement (MEWA)
- Mutual Insurance Company
- Mutualcompany
- Mutualization of Risk
- NAIC
- NAIFA
- Nainsurancec
- Named Beneficiary
- Named Perils
- Net Liabilities Policyholders Surplus
- Net Premium
- Net Premiums Written Policyholder Surplus
- Netinvestmentincome
- Non Scheduled Personal Property
- Non-Assessable Policy
- Noncancellable Insurance Policy
- Nonforfeiture Clause
- Nonstandard Auto Insurance
- NPR
- Obligatory Reinsurance
- Omnibus Clause
- Open Cover
- Outofpocket Limit
- Own-Occupation Policy
- Paid-Up Additional Insurance
- Peertopeer P2P Insurance
- Period Certain
- Period of Indemnity
- Permanentlife
- Personal Injury Protection (PIP)
- Personal Insurance Lines
- Pet Insurance
- Point-of-Service (POS) Plan
- Policy or Sales Illustration
- Policyholder Surplus
- Political Risk Insurance
- Portfolio Reinsurance
- Portfoliorunoff
- Predisability Earnings
- Preexisting Condition
- Preexisting Condition Exclusion Period
- Preferred Auto Coverage
- Preferred Provider Organization (PPO)
- Premium Balance
- Premium Income
- Premium-to-Surplus Ratio
- Private Passenger Auto Insurance Policyholder Risk Profile
- Prize Indemnity Insurance
- Probable Maximum Loss (PML)
- Professional Liability Insurance
- Professional Risk Manager
- Prospective Reinsurance
- Protected Cell Company (PCC)
- Provincial Parental Insurance Plan
- Provisional Notice Cancellation Pnoc
- Purerisk
- Qualifying Event
- Quota Share Treaty
- Rate on Line
- RCN
- Reallowance
- Reciprocal Insurance Exchange
- Reimbursement Plan
- Reinstatement
- Reinstatement Clause
- Reinsurance Assisted Placement
- Reinsurance Ceded
- Reinsurance Recoverables
- Reinsurance Sidecar
- Renewableterm
- Rent Guarantee Insurance
- Reservation Rights Letter
- Resident Relative
- Residual Benefit
- Retrospectively Rated Insurance
- Reversionary Annuity
- Risk-Based Capital Requirement
- Runoff Insurance
- Sec1035Ex
- Second-to-Die Insurance
- Secondary Beneficiary
- Select Mortality Table
- Self Insure
- Separate Account
- Single Interest Insurance
- Solvency Capital Requirement
- Sp Claims Paying Ability Rating
- Split Limits
- Spot Reinsurance
- Standard Auto Insurance
- Stateguarantyfund
- Statutory Reserves
- Substandard Insurance
- Substantialgainfulactivity
- Surety
- Surplus Share Treaty
- Surrender Period
- Terminallyill
- Termlife
- Their Interests May Appear ATIMA
- Third Party Claims Administrator
- Third Party Insurance
- Total Insurable Value
- Total Permanent Disability (TPD)
- Traditionalwholelifepolicy
- Transferable Insurance Policy
- Transferofrisk
- Trust Owned Life Insurance
- Tuition Insurance
- Uberrimae Fidei (Utmost Good Faith)
- Ultimate Mortality Table
- Ultimate Net Loss
- Umbrella Insurance Policy
- Umbrella Personal Liability Policy
- Umpire Clause
- Unallocated Loss Adjustment Expenses Ulae
- Underinsured Motorist Coverage
- Underinsured Motorist Coverage Limits Trigger
- Underlying Retention
- Underwriting Cycle
- Underwriting Income
- Underwriting Risk
- Unearned Premium
- Unemployment Insurance
- Unfair Claims Practice
- Uniform Policy Provisions Health Insurance
- Uninsurable Property
- Uninsurable Risk
- Uninsured Motorist Coverage UM
- Unit Linked Insurance Plan
- United States Aircraft Inurance Group (USAIG)
- Universal Coverage
- Universallife
- Unsatisfied Judgment Fund
- Unscheduled Property Floater
- Up Front Mortgage Insurance Ufmi
- U.S. Centers Medicare and Medicaid Services CMS
- Use and Occupancy Uo
- Usual Customary and Reasonable Fees
- Valuable Papers Insurance
- Valuation Mortality Table
- Valued Marine Policy
- Valued Policy Law
- Vandalism and Malicious Mischief Insurance
- Vanishing Premium
- Variablelifeinsurancepolicy
- Variableuniversallife
- Veterans Administration
- Viatical Settlement
- Vision Care Insurance
- Voluntary Accidental Death and Dismemberment Insurance VADD
- Voluntary Life Insurance
- Voyage Policy
- Waiver of Coinsurance Clause
- Waiver of Premium
- Waiver of Premium for Disability
- Waiver of Premium for Payer Benefit
- War Exclusion Clause
- War Risk Insurance
- Warehouse to Warehouse Clause
- Water Damage Insurance
- Water Damage Legal Liability Insurance
- Water Exclusion Clause
- Watercraft Insurance
- Wear and Tear Exclusion
- Weather Insurance
- Whole Life Cost
- Wholelife
- Wholesale Insurance
- Windstorm Insurance
- Workers Compensation Coverage A
- Workers Compensation Coverage B
- World Insurance
- Worldwide Coverage
- Wrap Around Insurance Program
- Wrap Up Insurance
- Yacht Insurance
- Yearly Renewable Term (YRT)
- York Antwerp Rules
Looking for something specific? Search the full A-Z glossary or suggest a term if it is missing.