Acceptance - agreement to an offer, in contract law, thus forming a contract. For insurance contracts, the insurer usually acknowledges willingness to underwrite a risk by issuing a policy in exchange for a premium from an applicant.
Аctuary - mathematician employed by an insurance company to calculate premiums, reserves, dividends, and insurance, pension, and annuity rates, using risk factors obtained from experience tables. These tables are based on both the company's history of insurance claims and other industry and general statistical data.
Addendum – (plural: ADDENDA) something added, as an attachment to a contract. Same as rider.
Beneficiary – the person who receives or is to receive the benefits resulting from certain acts. Person named to receive income from a insurance policy.
Benefit - monetary sum paid or payable to a recipient for which the insurance company has received the premiums; - payment made by an insurance company to an individual due to the occurrence of an event, such as death or sickness.
Broker - person who finds the best insurance deal for a client and then sells the policy to the client.
Brokerage fee - commission paid to a broker for selling an insurance company's products. This fee may or may not include an expense allowance depending on the amount of business the broker places with the company.
Cover note - statement made by agent or broker in written form attesting to the insured that the insurance policy is in effect. This statement is prepared by the agent or broker, unlike the binder, which is prepared by the insurance company (insurer).
Claims or loss control - technique of loss control and reduction of losses in insurance. Supporters of this method believe that the safety attitudes of individuals determine the safety precautions they take. The human approach seeks to convince people to want to be safe in order to reduce loss frequency and severity. For example, campaigns encouraging the use of seat belts help promote a safety-conscious society.
Deductable - amount of money that the policyholders must pay out of their pockets before reimbursements from the insurance company begin. The deductible is usually set as a fixed dollar amount, though in some cases it can also be a percentage of the premium paid or some other formula. Some group health insurance plans set the deductible at a set percentage of the employee's salary, for example. In general, the higher a deductible a policyholder will accept, the lower insurance premiums will be. The insurance company is willing to lower its premiums because the company is no longer liable for small claims.