Insurance Glossary

An “Act of God” is a term used in insurance to describe a natural event that is beyond human control and could not have been prevented by reasonable care or foresight.

A business professional who analyzes the financial consequences of risk.

An admitted company, also known as an authorized or licensed insurer, is an insurance company that has received a license to operate within a particular state or jurisdiction.

In the insurance industry, an agent is a licensed professional who acts as an intermediary between insurance companies and consumers.

An agent bill is an invoice or statement that an insurance company sends to an insurance agent, outlining the premiums due for policies sold or serviced by that agent.

Bancassurance is a business model in which insurance products are sold through a bank’s distribution channels.

A base rate, in the context of insurance, is the starting point for calculating insurance premiums.

A basic policy form, also known as a standard policy form, is a template or a standardized insurance contract that provides a baseline of coverage for a particular type of insurance.

In the context of insurance, billing specifically refers to the process of invoicing and collecting insurance premiums from policyholders.

In the insurance industry, cancellation refers to the termination of an insurance policy before its expiration date.

In the insurance context, a catastrophe refers to a large-scale disaster or event that causes widespread property damage, significant financial losses, and often, loss of life.

In insurance, a claim is a formal request made by a policyholder to their insurance company for coverage or compensation for a loss or event that is covered under their insurance policy.