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- Premiums. When you purchase an insurance policy, you'll be required to make regular payments, known as premiums. These payments are typically made monthly or annually and are the cost of maintaining your insurance coverage.
- Deductible. Think of a deductible as the money you have to shell out from your own pocket before your insurance kicks in to help cover your expenses. It's like the upfront cost you need to cover before your insurance really starts working for you.For example, if you have a $500 deductible and make a claim for $1,000, you'll need to pay $500, and your insurer will cover the remaining $500.
- Policyholder. The policyholder is the person who owns an insurance policy. This individual is responsible for paying premiums and making claims under the policy.
- Coverage Limit. Every insurance policy has a coverage limit, which is the maximum amount your insurer will pay out for a covered claim. It's crucial to understand your policy's limits to ensure you have adequate coverage.
This new edition of the glossary includes hundreds of new and revised terms. many of these items have been added because of the introduction of new policy forms and coverages, important legal developments, and the changing business environment.
Explore comprehensive definitions, etymologies, synonyms, antonyms, facts, quotes, government regulations, references, and quizzes related to insurance terms. Ideal for professionals, students, and enthusiasts.
CONDITIONS: All insurance policies have conditions. It is important that you review these and check that you can comply with them. Failure to do so could result in the insurer denying the claim if you breach a condition. Please inform your broker if you are unable to comply with conditions.
This glossary provides insurance terms definition and explanation commonly used in insurance business world. Our insurance terms glossary is divided alphabetically by insurance terms in a quick reference guide to assist understanding the language commonly used by insurance companies.
Insurance terms. Explore our glossary of insurance related terms used by the Lloyd’s Corporation and market participants. Please note that the definitions are intended for general guidance and they do not override or qualify any definition that appears in any Lloyd’s byelaw or regulation, in any contract or in any other document.
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Discover tools and resources to help you understand different types of insurance, claims processes, and practical tips to help support you through every stage of your life. Browse terms and definitions that are commonly used in the insurance industry.
