| actuary |
n. a person who calculates risks for insurance companies |
| Maggie loves maths so she's thinking of becoming an actuary. |
| assessor |
n. a person who calculates the value of something [eg: a building, car etc] |
| The assessor said our house is worth over $200,000. |
| claim |
n. an application for payment under an insurance policy - to make a claim v. |
| How long have we got to make a claim if the house burns down? |
| commission |
n. money earned each time you sell a product |
| Every time they sell a policy, insurance brokers get paid a commission. |
| comprehensive |
n. [of an insurance policy] all-inclusive; providing more complete protection |
| Comprehensive car insurance covers damage from things besides accidents, like floods, fire, vandalism, etc. |
| consequential loss |
n. a loss that happens as a consequence of or as a result of another loss |
| Are consequential losses like my loss of earnings while I'm in hospital also covered? |
| coverUK |
n. the protection given by an insurance policy [eg: public liability cover] |
| If you're going to the US, you'll need extra cover for hospital bills. |
| employer's liability |
n. liability or responsibility of a firm for damage caused to one of its employees |
| We've got workers' compensation insurance, so why do we need employer's liability insurance as well? |
| goods in transit |
n. property, merchandise or any goods in the process of being transported |
| Who usually pays for insuring goods in transit? |
| insurance broker |
n. agent who arranges insurance; middleman between insurer and policyholder |
| Good insurance brokers find the best deals for their clients, and bad ones find the highest commissions. |
| liability |
n. 1 the state of being liable 2 anything for which a person is liable |
| The company did all it could to avoid liability for the damage it caused. |
| liable |
adj. legally obliged to pay for damage, injury etc; responsible - liability n. |
| Her doctor was held liable for botching the operation, but his insurance covered him. |
| loss |
n. death, injury, damage etc that is the basis for a claim - to lose v. |
| Does the policy cover loss of property due to floods and other natural disasters? |
| loss adjuster |
n. a person who assesses the amount of compensation arising from a claim |
| I don't trust the insurer's loss adjuster, so I've got my own loss assessor checking everything. |
| policy |
n. a contract of insurance [eg: a product liability policy] |
| Read everything very carefully before signing any insurance policy. |
| policyholder |
n. the person to whom an insurance policy is issued |
| To maximize their profits, insurers will minimize payments to policyholders. |
| premium |
n. a payment, usually monthly, yearly etc, for an insurance policy |
| I didn't realize they'd increase my insurance premium every year. |
| product liability |
n. liability or responsibility of a firm for damage caused by one of its products |
| Some product liability rules protect gun manufacturers more than consumers or people hurt by their products. |
| public liability |
n. responsibility of a firm for damage caused to a member of the public |
| If a customer is injured in your shop, public liability insurance will cover you. |
| reinsurance |
n. the insuring of risk by one insurance company with another - to reinsure v. |
| Insurance companies protect themselves by purchasing reinsurance contracts. |
| risk |
n. 1 chance or possibility of injury, loss etc 2 person or thing causing risk |
| If you build a house in a forest, the risk of fire is higher than normal. |