| A | B |
|---|
| Actuary | Business professional who analyzes probabilities of risk and risk management including calculation of premiums, dividends and other applicable insurance industry standards. |
| Adjuster | A person who investigates claims and recommends settlement options based on estimates of damage and insurance policies held. |
| Annuity | A contract providing income for a specified period of time, or duration of life for a person or persons. |
| Beneficiary | An individual who may become eligible to receive payment due to will, life insurance policy, retirement plan, annuity, trust, or other contract. |
| Claim | A request made by the insured for insurer remittance of payment due to loss incurred and covered under the policy agreement. |
| Co-Pay | A cost sharing mechanism in group insurance plans where the insured pays part of incurred medical expenses and the insurer pays the remainder. |
| Declarations | Policy statements regarding the applicant and property covered such as demographic and occupational information, property specifications. |
| Deductible | Portion of the insured’s loss (in dollars) paid first by the policyholder before the benefit is paid. |
| Indemnity | A general legal principle related to insurance that holds that the individual recovering under an insurance policy should be restored to the approximate financial position he or she was in prior to the loss |
| Insurable Interest | A right or relationship in regard to the subject matter of the insured contract such that the insured can suffer a financial loss from damage, loss or destruction to it. |
| Insured | Party(ies) covered by an insurance policy |
| Insurer | Company that writes property and/or casualty insurance under the laws of any state. |
| Policy | A written contract ratifying the legality of an insurance agreement. |
| Premium | Money charged for the insurance coverage reflecting expectation of loss. |
| Underwriter | Person who identifies, examines and classifies the degree of risk represented by a proposed insured in order to determine whether or not coverage should be provided and, if so, at what rate. |
| Insusrance | Transferring risk from an individual to a company to reduce the uncertainty of a loss by risk pooling. |
| Agent | An individual who sells, services, or negotiates insurance policies either on behalf of a company. |
