A Glossary of Insurance Terms for the Business Professional

Actuaries: mathematician employed by insurance industry

Captive insurance companies:insurance companies created by an entity, usually a corporation, to provide property-casualty coverage; a captive is a subsidiary of its corporate parent and typically serves only one client

Excess-lines insurance Peek Surplus-lines insurance

Independent insurance agents: agents selling insurance and servicing insurance policies as a swear underwriter representing more than one company; recognize Insurance agents

Insurance agencies: individual agents under approved management, usually overseen by a General Agent or branch manager, who sell insurance and service customers

Insurance agents: agents sell insurance and service insurance policies as a divulge underwriter representing only one company; also known colloquially as a producer; agents representing more than one company are known as independent agents;

Insurance brokers: brokers recount an insured party or a party seeking insurance coverage in soliciting, negotiating or procuring insurance contracts; brokers may render services incidental to these functions; by law, brokers also be as an insurance agent for the purposes of delivering the policy or collecting the premium

Insurance exchange: exchanges are centralized marketplaces for the brokering of or the underwriting of insurable risks; Lloyd’s of London is the most renowned insurance exchange

Insurance pools: in their novel incarnation, pools are organizations of insurers or reinsurers that underwrite particular types of risks, with premiums, losses and costs shared in agreed amounts among the insurers belonging to the pool; pools often are entities that write ample policy values, such as commercial aircraft coverage; municipal pools (a type of self-insurance) are a well-liked vehicle for municipal governments to earn insurance coverage for liability risks such as playgrounds or schools at a reasonable mark or to invent coverage or increase capacity in a market in which coverage is lacking

Marine Insurance: insurance coverage for goods in transit and the vehicles transporting goods on waterways, land and air; Lloyd’s of London is the most distinguished marine insurance market in the world

Multiple lines insurance: combination of insurance coverage from property and liability insurance policies

Names: individual members of Lloyd’s of London syndicates who provide the capital venerable to cloak underwritten risks; names old-fashioned to have unlimited liability

Producer: industry slang for insurance agent

Property and casualty insurance: generally defined as insurance coverage for all non-life and health risks; this market includes automobile insurance, business insurance (including business interruption insurance),earthquake insurance, homeowners insurance, malpractice insurance, and marine insurance

Redlining: illegal practice of refusing to underwrite insurance coverage on the basis of speed or ethnic composition (watch subject heading Discrimination in insurance)

Reinsurance: sharing of risk among insurance companies in which section of an insurance company’s risk is assumed by one or more companies in return for piece of the premium fee paid by the insured party; reinsurance allows an insurance company to provide higher levels of coverage to the insured or to remove on a higher risk class client; Bermuda is rapid supplanting London, England as the major domicile for reinsurers

Split-dollar insurance: a policy in which premiums, ownership rights, and death proceeds are split between an employer and an employee, or between a parent and a child; most often seen in the context of an employee fringe relieve.

Surplus-lines insurance: coverage for a risk or fraction of a risk for which there is no market available through the recent broker or agent in its jurisdiction; therefore, it is placed with non-admitted (non-licensed) insurance company on an unregulated basis, in accordance with the surplus or excess lines provisions of the plot insurance laws; also known as Excess-lines insurance

Syndicates:are the companiesthat do up Lloyd’s of London that actually underwrite insurable risks; syndicates are made up of and are capitalized by Names

Third-party administrator: a party that performs clerical and managerial functions related to an employee aid insurance understanding of an individual or committee that is not an fresh party to the attend plan

Workers’ compensation: a contract under which an insurance company agrees to pay all compensation and benefits to an insured employer under the workers’ comp laws of the set listed in the policy (typically, the set in which the insured employer is domiciled); commercial workers’ comp policies also can conceal situations under popular law liability not covered by space workers’ comp laws; a combination of workers’ compensation and employee health coverage is known as 24-hour coverage

Actuaries: mathematician employed by insurance industry

Captive insurance companies:insurance companies created by an entity, usually a corporation, to provide property-casualty coverage; a captive is a subsidiary of its corporate parent and typically serves only one client

Excess-lines insurance Study Surplus-lines insurance

Independent insurance agents: agents selling insurance and servicing insurance policies as a deny underwriter representing more than one company; gape Insurance agents

Insurance agencies: individual agents under approved management, usually overseen by a General Agent or branch manager, who sell insurance and service customers

Insurance agents: agents sell insurance and service insurance policies as a exclaim underwriter representing only one company; also known colloquially as a producer; agents representing more than one company are known as independent agents;

Insurance brokers: brokers picture an insured party or a party seeking insurance coverage in soliciting, negotiating or procuring insurance contracts; brokers may render services incidental to these functions; by law, brokers also be as an insurance agent for the purposes of delivering the policy or collecting the premium

Insurance exchange: exchanges are centralized marketplaces for the brokering of or the underwriting of insurable risks; Lloyd’s of London is the most distinguished insurance exchange

Insurance pools: in their novel incarnation, pools are organizations of insurers or reinsurers that underwrite particular types of risks, with premiums, losses and costs shared in agreed amounts among the insurers belonging to the pool; pools often are entities that write gargantuan policy values, such as commercial aircraft coverage; municipal pools (a type of self-insurance) are a approved vehicle for municipal governments to procure insurance coverage for liability risks such as playgrounds or schools at a reasonable designate or to acquire coverage or increase capacity in a market in which coverage is lacking

Marine Insurance: insurance coverage for goods in transit and the vehicles transporting goods on waterways, land and air; Lloyd’s of London is the most renowned marine insurance market in the world

Multiple lines insurance: combination of insurance coverage from property and liability insurance policies

Names: individual members of Lloyd’s of London syndicates who provide the capital archaic to shroud underwritten risks; names feeble to have unlimited liability

Producer: industry slang for insurance agent

Property and casualty insurance: generally defined as insurance coverage for all non-life and health risks; this market includes automobile insurance, business insurance (including business interruption insurance),earthquake insurance, homeowners insurance, malpractice insurance, and marine insurance

Redlining: illegal practice of refusing to underwrite insurance coverage on the basis of hasten or ethnic composition (scrutinize subject heading Discrimination in insurance)

Reinsurance: sharing of risk among insurance companies in which allotment of an insurance company’s risk is assumed by one or more companies in return for share of the premium fee paid by the insured party; reinsurance allows an insurance company to provide higher levels of coverage to the insured or to catch on a higher risk class client; Bermuda is posthaste supplanting London, England as the major domicile for reinsurers

Split-dollar insurance: a policy in which premiums, ownership rights, and death proceeds are split between an employer and an employee, or between a parent and a child; most often seen in the context of an employee fringe befriend.

Surplus-lines insurance: coverage for a risk or fraction of a risk for which there is no market available through the recent broker or agent in its jurisdiction; therefore, it is placed with non-admitted (non-licensed) insurance company on an unregulated basis, in accordance with the surplus or excess lines provisions of the region insurance laws; also known as Excess-lines insurance

Syndicates:are the companiesthat effect up Lloyd’s of London that actually underwrite insurable risks; syndicates are made up of and are capitalized by Names

Third-party administrator: a party that performs clerical and managerial functions related to an employee attend insurance thought of an individual or committee that is not an modern party to the help plan

Workers’ compensation: a contract under which an insurance company agrees to pay all compensation and benefits to an insured employer under the workers’ comp laws of the place listed in the policy (typically, the area in which the insured employer is domiciled); commercial workers’ comp policies also can hide situations under current law liability not covered by residence workers’ comp laws; a combination of workers’ compensation and employee health coverage is known as 24-hour coverage

Tagged with: business general liability insurance • business liability insurance • General Liability Insurance

Filed under: Liability Insurance

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