Insurance Glossary

Claim investigation is the process of gathering information and evidence to determine the validity of a claim, the extent of the insurer’s liability, and the appropriate amount of compensation to be paid.

An estimate of the amount of money an insurance company will need to pay for a claim that has been reported but not yet settled.

In insurance, a claimant is a person or entity who files a claim with an insurance company for compensation for a covered loss or event.

Coinsurance has got different perspectives based on the type of insurance, even though this term is commonly used in health insurance in USA.

In insurance policies, conditions refer to the section that outlines the rights and responsibilities of both the policyholder (insured) and the insurance company (insurer).

The total cost incurred by an insurance company to provide and maintain insurance coverage, including claims payments, operating expenses, and the cost of capital.

A direct writer is an insurance company that sells its policies directly to customers, without the use of independent agents or brokers.

The effective date, also known as the inception date, is when an insurance policy becomes active and coverage begins.

An insurance exclusion is a provision in an insurance policy that specifically states certain risks, events, or circumstances that are not covered by the policy.

In insurance, exposure refers to the possibility of loss or damage to something or someone that is covered by an insurance policy.

A foreign insurer is an insurance company that is incorporated or formed in another state or country, but is authorized to do business in the state where it’s selling insurance.

In insurance, a hazard is a condition or situation that increases the likelihood of a loss occurring or makes the loss more severe if it does occur.