Search results
Combined ratio (COR) A measure of the profitability of an insurer’s day-to-day underwriting activity. It is the ratio of claim-related losses (net of reinsurance) and expenses to earned premiums (net of reinsurance). Expense ratio. Expense ratio is a measure of the level of expenses associated with underwriting activity.
- 704 S State Rd 135 Suite D #421, Greenwood, 46143, IN
- (317) 534-6800
- 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.
Mar 10, 2020 · Check this list of abbreviations for health and automobile insurance claims, policies, and providers. ... with how much insurance you have with these terms that are ...
- admin@yourdictionary.com
Insurance abbreviations refer to shortened form of words or phrases that are commonly used in insurance or reinsurance industry. As we all know, insurance is a critical component of modern life, providing financial protection against various risks. Insurance, a complex industry with its own set of jargon, is often riddled with abbreviations that can leave...
- Absolute Liability. Liability for damages even though fault or negligence cannot be proven. Certain situations create absolute liability for the manufacturer a product or the provider of a service.
- Accident. An event or occurrence which is unforeseen and unintended. Accidental is an important concept of risk for insurance. The more unlikely the accident or the occurrence, the less expensive it is to insure.
- Accident and Health Insurance. A type of coverage that pays benefits, when an accident occurrs or a medical problem arrises, sometimes including reimbursement for loss of income, in case of sickness, accidental injury, or accidental death.
- Accident Insurance. A form of health insurance against loss by accidental bodily injury.
This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. New terms will be added to the glossary over time. The definitions in this glossary are developed by the Research and Actuarial Department staff based on various insurance references. These definitions represent a common or general ...
People also ask
What are insurance abbreviations?
What is Naic's Consumer Insurance glossary?
What does rescission mean in insurance?
What is marine insurance?
policy liability: An obligation to recompense the policyholder under the terms of the insurance contract. proximate clause: The primary or principal reason for or cause of a particular loss. This is not necessarily the first or last cause in a chain of events. quantum: The actual amount the insurer pays as a settlement of a claim.
