Insurance Terms Please use the links below to jump to the terms that begin with your selection.
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A
- Actual cash value
- The present-day value of property measured in cash, arrived at by taking the replacement cost and deducting for depreciation brought about by physical wear and tear and obsolescence.
- Actuary
- A person concerned with the application of probability and statistical theories to the practical problems of insurance and related fields. Actuarial responsibilities extend to the calculation of premiums, evaluation of various reserves, forecasting of financial results on both a long-range and a short-range basis.
- Additional insured
- A person, other than the one in whose name an insurance policy is written, who is protected against loss by terms of the policy.
B
- Benefits
- The sum of money provided in an insurance policy to be paid for certain types of loss under the terms of an insurance policy.
- Binder
- A temporary insurance contract pending the execution of the policy contract. It should contain a definite time limit, should be in writing, and clearly designate the company in which the risk is bound, the amount and the perils insured against, as well as the type of insurance.
C
- Carrier
- The insurance company that provides or “carries” the insurance
- Casualty insurance
- The coverage of loss or liability arising from an accident or mishap excluding certain types of loss which by law or custom are considered as falling exclusively within the scope of other types of insurance such as fire or marine. It includes, but is not limited to, employees’ liability insurance, workers compensation insurance, public liability insurance, automobile liability insurance, plate glass insurance, burglary and theft insurance; also personal liability insurance, forgery, power plant and aviation insurance.
D
- Declarations
- That part of an insurance contract which contains information regarding the insurance risk on the basis of which the policy is issued. A statement by the applicant for insurance, usually relative to underwriting information.
E
- Earned premium
- That part of an insurance premium which pays for the protection the insurance company has already given on a policy.
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