An unexpected and unintentional event that results in injury, damage, or loss, which may be covered under an insurance policy.

An event beyond human control, such as a natural disaster, for which no one can be held responsible.

The value of an insured item at the time of the loss, calculated by subtracting depreciation from its original cost.

A person or entity added to an insurance policy who is also covered under the terms of the policy.

A professional assigned by an insurance company to investigate and settle claims, ensuring fair compensation based on policy terms.

A person who sells and services insurance policies on behalf of an insurance company.

A formal request submitted by a policyholder to an insurance company for compensation or coverage.

A fair distribution of liability between two or more insurers who are individually responsible for a loss event must share in the reimbursement of that loss.

The amount the policyholder must pay out of pocket before the insurance company starts covering expenses.

A written amendment to an insurance policy that modifies the coverage or terms.

The amount of a claim that the policyholder is responsible for paying before the insurance coverage takes effect.

Intentional deception or misrepresentation made by a person with the aim of persuading an insurer to part with something of value.

The principle of restoring the policyholder to the same financial position they were in before the loss occurred.

A financial stake in insuring the life or property of another person.

Person or company that holds an insurance policy or contract with an insurance company.

Peril that is specifically stated in an insurance policy as being covered or included.

The company providing the insurance coverage in exchange for premium payments.

A professional who assesses the value of a claim and determines the amount payable by the insurer.

A reward given to policyholders who do not make any claims during a policy year.

The person who owns the insurance policy and is entitled to receive the benefits.

The amount paid by the policyholder to the insurance company in exchange for coverage.

The process of restoring a lapsed insurance policy to its original active status.

The evaluation of potential risks and likelihood of claims that an insurance company uses to determine coverage and premiums.

The legal process by which an insurer claims the right to recover costs from a third party responsible for the loss.

Limit of an insurance company’s liability under a particular insurance policy.

The process by which an insurance company evaluates and determines the risk of insuring a person or entity.

The principle that both the insurer and the insured must act honestly and not withhold any relevant information.

An insurance policy that is considered null and void from the beginning due to misrepresentation or non-disclosure of material facts.