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Insurance Vocabulary

TermDefinition
Risk The possibility that a loss will occur.
Risk pooling The sharing of common risk evenly among a large number of people. This lessens the cost to everyone.
Actuary An expert at assessing risks by analyzing statistics and data. They put together the statistics that insurance companies use to calculate risk.
Adjuster Someone who investigates a claim. They look at your car or your damages suffered.
Insurance Agent Someone who sells insurance policies for an insurance company or carrier.
Insurance Policy The document that contains all of the details about the specific policy. This includes terms, conditions, coverages, perils, exclusions, and so on. It does not include endorsements or a declarations page.
Declarations Page A snapshot of the important information regarding your insurance policy. It will have policyholder information, such as name, address, and policy number, as well as coverages, limits, premiums, deductibles, and dates of coverage.
Premium The amount of money you pay to an insurance company in exchange for coverage.
Deductible The amount of money that you, the insured, are required to pay before the insurance company takes over.
Claim Any request for payment within the bounds of an insurance policy. This is when you use your insurance after an accident or hospital visit or doctor’s visit.
Insurer This is the insurance company
Limits The maximum amount of protection the insurance company agrees to pay for a specific coverage in any given claim. This amount is agreed upon before the policy is issued, and can be found on your policy declaration page.
Created by: Taylorscards
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