Insurance Terminology

additional time after the premium due date allowing policyholder to make payment w/o penalty

An event whose occurrence can cause a loss

the amount of money payable to a policyholder upon discontinuation of a life insurance policy

the amount stated in a life insurance policy to be paid upon death

written verification of amounts of a loss provided to the insurer before a claim can be settled

specified amount of a loss that the policyholder pays before the insurer is obligated to pay

A table of premium rates based on ages and life expectancies.

portion of paid premium that the insurer has not yet earned because policy term has not ended

Insurance Company who provides insurance coverage for a policy holder

Sums of money to be paid for specific types of losses under the terms of an insurance policy

A policyholders request for reimbursement for a loss under the terms of an insurance policy

A condition that creates or increases the likelihood of some loss

Protection provided by the terms of an insurance policy

A person named on an insurance policy to receive the benefits from the policy

The person or company protected against loss (not always the owner of the policy

A specialist in insurance calculations and statistics

An unexpected reduction in value of the insured’s property caused by a covered peril

sales person who acts for the insurer in negotiating, servicing, or writing an insurance policy

the mathematics of chance, or statistical likelihood that something will happen

the contract form that has been adopted by insurers, approved by state insurance department