Here you will find the essential Insurance Vocabulary and the meaning of words such as Continuous insurance, Consequential loss, Cover, Insurer, Insurance broker, Liability coverage, Limits of insurance, Reinsurance and more.
Table of Contents
Essential Insurance Vocabulary and Words
- Actual Cash Value – the value of the property lost or damaged.
- Actuary – a specialist who calculates risks for insurance companies.
- Agent – a person who sells and services insurance policies.
- Claim – an application for payment by a policyholder or third party from an insurance company for losses covered by an insurance policy.
- Comprehensive of an insurance policy – all-inclusive; providing complete protection.
- Continuous insurance – policyholder has been insured by one or more insurance companies, without any lapse in coverage, for a specified period of time.
- Consequential loss – a loss that happens as a consequence of or as a result of another.
- Cover – the protection given by an insurance policy. One of the most common insurance vocabulary words.
- Insurable Interest – interest in property such that loss or destruction of the property could cause a financial loss.
- Insured – the person or parties who are insured or protected by an insurance policy.
- Insurer – The insurance company that provides the insurance coverage and services.
- Insurance broker – insurance salesperson that searches the marketplace in the interest of clients.
- Liability coverage – Covers anything to others for which you are held liable.
- Liable – responsible, legally obliged to pay for damage.
- Lien – A creditor’s plaint against an owner’s assets to secure an unpaid debt.
- Limits of insurance – The money an insurance company will pay for a covered loss.
- Loss – injury, damage that is the basis for a claim.
- Policy – a contract of insurance.
- Policyholder – the person to whom an insurance policy is issued.
- Premium – a payment, usually monthly for an insurance policy.
- Reinsurance – the insuring of risk by one insurance company with another. One of the most common insurance vocabulary words.
See also sales vocabulary and marketing vocabulary.