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A document attached to an insurance policy that amends the policy in some way.

A temporary insurance contract that provides proof of coverage until a permanent policy is issued.

The amount that a policyholder must pay out of pocket before the insurance company pays a claim.

A formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event.

The legal right held by insurers to pursue a third party that caused an insurance loss to the insured.

An arrangement by which an insurance company transfers a portion of potential losses to another insurance company to reduce its risk exposure.

A form of alternative dispute resolution where an arbitrator hears and decides on a dispute between two parties, outside of court.

A sharing of risk between the insurer and the insured which depends on the division of coverage for a particular loss.

Specific conditions or circumstances for which the insurance policy will not provide coverage.

A liability insurance policy that protects the assets and future income of the policyholder above and beyond the standard limits set on their primary policies.

An organization that processes insurance claims or certain aspects of employee benefit plans for a separate entity.

A stake in the value of an entity or event for which an insurance policy is purchased to mitigate risk of loss.

A business professional who deals with the measurement and management of risk and uncertainty.

The identification, assessment, and prioritization of risks followed by coordinated efforts to minimize, control, and monitor the impact of unfortunate events.

The amount of money an individual or business must pay for an insurance policy.

The process by which insurers assess the risk of insuring a home, individual, or business and establish the premium that should be charged.

An optional add-on to a policy that provides additional benefits to the insured at an additional cost.

An individual or entity who owns an insurance policy.

The maximum amount an insurance company will pay for a particular loss, or for loss during a period of time.

The state of being responsible for something, especially by law, including the responsibility to repair damage or compensate losses.

A principle of insurance which provides that an insured should not profit from a loss but should be restored to the approximate financial position that existed before the loss occurred.

The obligation that an insurance agent or broker has to act in the best interests of the insurance policyholder.

A legal principle which refers to the duty of both parties to an insurance contract to act honestly and not mislead or withhold critical information from one another.

Any fact that would influence the insurance company’s decision to provide coverage or the terms of that coverage.