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Underwriting is the process by which an insurer evaluates the risk of insuring a home, car, or individual, and determines the premium that should be charged for insurance coverage.

Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries.

An actuary is a business professional who deals with the financial impact of risk and uncertainty, often working in the insurance industry.

Insurable interest is a requirement that the person applying for or holding the insurance policy must be subject to financial loss if the insured event occurs.

Reinsurance is the practice whereby insurers transfer portions of their risk portfolios to other parties to reduce the likelihood of paying a large obligation resulting from an insurance claim.

A claims adjuster investigates insurance claims to determine the extent of the insuring company's liability.

Loss ratio is the ratio of losses to gains, typically used in the insurance industry to describe the ratio of claims to premiums received.

An annuity is a financial product that pays out a fixed stream of payments to an individual, primarily used as an income stream for retirees.

A rider is an insurance policy provision that adds benefits or amends the terms of the policy.

An exclusion is a policy provision that eliminates coverage for certain risks, people, property classes, or locations.

A premium is the amount of money that an individual or business must pay for an insurance policy.

A beneficiary is the person or entity entitled to receive the claim amount and other benefits upon the death of the insured or at the maturity of the policy.

Premium loading is the amount an insurer adds to the base premium to cover contingencies, administration, and profit.

A policyholder is an individual or an entity who owns an insurance policy and is entitled to coverage under the policy terms.

An endorsement in insurance is an amendment or addition to an existing insurance policy that changes the terms or scope of the original policy.

The deductible is the amount that an insured must pay out-of-pocket before the insurance company pays a claim.

A mortality table is a statistical chart used by insurers to give a view of the expected annual mortality rates, helping them to determine life insurance policies.

Actuarial value is a measure of the percentage of expected costs that a health insurance plan will cover for a standard population.

Solvency is the ability of a company, particularly a financial institution like an insurance company, to meet its long-term fixed expenses and to accomplish long-term expansion and growth.