Insurance Terms
Insurance
Transferring or protecting risk, usually with a payment
Risk Management
Managing risks
Insurer
Company that provides insurance
Insured
What the insurance covers or protect
Insurance Agent
A person who provides insurance advice and solutions
Policy Holder
Owner of the insurance
Assignment
Transfer of policy rights
Beneficiary
Person entitled to receive insurance benefits
Insurance Coverage
The amount or value of risks to be covered
Premium
The amount paid for the insurance
Insurance Policy
An insurance contract
Claims
Request for payments as per terms of insurance policy
Lump Sum
One-time payment
Single Premium
One-time payment
Regular Premium
Regular Payment
Cash Value
Value of insurance policy upon immediate termination
Reinsurance
Transferring risk of company that provides insurance
Reinsurer
Company that provides reinsurance
Co-insurance
Sharing risks or payments
Participating
Sharing future profits and decreased in profits for the savings insurance policy
Non-participating
Values of savings insurance policy is pre-determined and is not subject to profit of loss.
Underwriting
assessing and deciding process for risks of an insurance policy
Actuarial Science
Using mathematical and statistical methods to assess risk in insurance, finance and other industries and professions