Insurance Vocabulary

Here are twenty words and terms often used in insurance.

1 actuary n. a person who calculates risks for insurance companies
2 assessor n. a person who calculates the value of something [eg: a building, car etc]
3 claim n. an application for payment under an insurance policy - to make a claim v.
4 comprehensive n. [of an insurance policy] all-inclusive; providing complete protection
5 consequential loss n. a loss that happens as a consequence of or as a result of another
6 coverUK n. the protection given by an insurance policy [eg: public liability cover]
7 employer's liability n. liability or responsibility of a firm for damage caused to one of its employees
8 goods in transit n. property, merchandise or any goods in the process of being transported
9 insurance broker n. agent who arranges insurance; middleman between insurer & policyholder
10 liability n. 1 the state of being liable 2 anything for which a person is liable
11 liable adj. legally obliged to pay for damage, injury etc; responsible - liability n.
12 loss n. death, injury, damage etc that is the basis for a claim - to lose v.
13 loss adjuster n. a person who assesses the amount of compensation arising from a claim
14 policy n. a contract of insurance [eg: a product liability policy]
15 policyholder n. the person to whom an insurance policy is issued
16 premium n. a payment, usually monthly, yearly etc, for an insurance policy
17 product liability n. liability or responsibility of a firm for damage caused by one of its products
18 public liability n. responsibility of a firm for damage caused to a member of the public
19 reinsurance n. the insuring of a risk by one insurance company with another - to reinsure v.
20 risk n. 1 chance or possibility of injury, loss etc 2 person or thing causing risk