Restoration to the victim of a loss by payment, repair or replacement.
The ratio of the number of life insurance policies that lapsed within a given period to the number in force at the beginning of that period.
Amount of loss that the insured pays before the insurance kicks in.
Employers Liability Insurance
Coverage against common law liability of an employer for accidents to employees, as distinguished from liability imposed by a workers\\\\\\\\
A separate policy available to cover the value of goods beyond the coverage of a standard renters insurance policy including movable property such as jewelry or sports equipment.
Items or conditions that are not covered by the general insurance contract.
The length of time (usually 31 days) after a premium is due and unpaid during which the policy, including all riders, remains in force. If a premium is paid during the grace period, the premium is considered to have been paid on time.
Interest in property such that loss or destruction of the property could cause a financial loss.
Direct Premiums Written
The aggregate amount of recorded originated premiums, other than reinsurance, written during the year, whether collected or not, at the close of the year, plus retrospective audit premium collections, after deducting all return premiums.
Auto insurance coverage providing protection in the event of physical damage (other than collision) or theft of the insured car.
Business Net Retention
the percentage of a company
An agreement by an insurer to make periodic payments that continue during the survival of the annuitant(s) or for a specified period.
Liability or loss resulting from an accident.
Chartered Insurance Institute (London)
Refers to insurance for businesses, professionals and commercial establishments.
individual who sells and services insurance policies on behalf of the insurers
A specialist in the mathematics of insurance who calculates rates, reserves, dividends
In property insurance, requires the policyholder to carry insurance equal to a specified percentage of the value of property to receive full payment on a loss
Accidental Death Benefit
benefit in addition to the death benefit paid to the beneficiary, should death occur due to an accident
The ratio of incurred losses and loss-adjustment expenses to net premiums earned. This ratio measures the company
The estimated liability, as it would appear in an insurer\\\\
The amount of premium minus the agent\\\\
Contract terms, including costs that can never be changed
Perils specifically covered on insured property.
The dollar amount needed to replace damaged personal property or dwelling property without deducting for depreciation but limited by the maximum dollar amount shown on the declarations page of the policy.
Insurance for individuals and families, such as private-passenger auto and homeowners insurance.
That part of the premium applicable to the unexpired part of the policy period.
The unit of insurance transferred to a reinsurer by a ceding company.
A loss of sufficient size that it can be said no value is left. The complete destruction of the property. The term also is used to mean a loss requiring the maximum amount a policy will pay.
A set amount of time during which you have to keep the majority of your money in an annuity contract. Most surrender periods last from five to 10 years
Underwriting Expense Ratio
This represents the percentage of a company
Any provision in a policy designed to cut off an insurer
Waiver of Premium
provision in some insurance contracts which enables an insurance company to waive the collection of premiums while keeping the policy in force