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A principle that ensures that the policyholder is compensated for a loss, with the intent to restore them to the financial position they were in prior to the incident, not to allow them to make a profit.

An addendum to an insurance policy that modifies the terms and conditions, often providing additional coverage for specific items or conditions.

The primary cause of the loss, which sets off a foreseeable sequence of events leading to an insurance claim, without being an interrupted by another cause.

The maximum amount that an insurer will pay under a policy for a covered loss.

Provisions in an insurance policy that outline the risks that are not covered, essentially limiting the insurer's liability for particular kinds of risks or events.

A principle that allows multiple insurers to share the cost of a claim when more than one policy covers the same insured risk.

A legal doctrine stipulating that all parties in an insurance contract must act with honesty and disclose all relevant facts, thus preventing misrepresentation or fraud.

The scope of protection provided by an insurance policy, including what is covered in the case of a loss and its limits.

The process insurers use to assess the risks of insuring a person or asset and determine the appropriate premium and terms of coverage.

The amount of loss that the insured is required to pay before the benefits from the insurance policy can be accessed.

A financial professional who analyzes risks and estimates how events will affect insurance policies using mathematics, statistics, and financial theory.

The recurring amount paid by the insured to the insurer for coverage under a policy, which can be based on various risk factors.

A document that amends an insurance contract by adding, deleting, or modifying its terms or coverage.

The risk that a party insured against a certain event might in fact be motivated to make the event happen because they have insurance cover.

A legal requirement for obtaining an insurance policy, insurable interest exists when the policyholder stands to suffer a financial loss or certain kinds of loss from the damage to the insured property or person.

The legal right for an insurer to pursue a third party that caused an insurance loss to the insured, in order to recover the amount of the claim paid to the insured.

A term used to describe dishonest or unfair practices by an insurer, such as unwarranted denial of a claim or failure to investigate a claim properly.

The obligation that insurers and agents have to act in the best interest of their policyholders, placing the policyholders' interests above their own.

An individual employed or contracted by the insurer to evaluate the extent of the insurer's liability in a claim situation.

A contract between two or more insurers whereby the reinsurer agrees to cover all or part of the risks that the original insurer has assumed.

The practice of spreading out financial risks among a large number of contributors to the insurance program to make losses more manageable.

The initial amount that the insured is responsible to pay out-of-pocket before the insurer starts to reimburse for a covered loss; similar to a deductible but applied differently depending on policy terms.

A formal request by the insured to the insurance company for payment of a loss under the terms of the insurance policy.