Glossary/Encyclopedia of insurance terms. In addition to the brief description of insurance terms, we have also provided detailed explanation of each term. By selecting ‘More Details’ in each term, you can view the detailed explanation of the term with examples.
A Retrospective Rating Policy (commonly called a “Retro Policy”) in Workers’ Compensation (WC) insurance is a premium arrangement where the final premium is adjusted after the policy period based on the actual loss experience of the insured during that period.
A policy is rewritten the system when there is a material error in the policy.
A rider, also known as an endorsement or addendum, is a modification or addition to an existing insurance policy that alters the terms of the original policy.
Rideshare insurance refers to specialized auto insurance coverage designed for vehicles used for Transportation Network Companies (TNCs) such as Uber, Lyft, Ola, Grab, Didi, and Bolt. These vehicles frequently shift between personal use and commercial use, creating gaps in traditional auto policies.
In insurance, risk refers to the uncertainty or possibility of loss or damage.
A risk inspection is a thorough examination of a property or business to identify potential hazards and assess the risk of loss or damage.
A Safe-Driver Discount Program refers to voluntary telematics-based auto insurance programs used widely across the United States. These programs reward policyholders with premium discounts based on their actual driving behavior, rather than relying solely on traditional rating factors such as age, location, vehicle type, or claims history.
The Safety Net on Sum Insured is a unique feature commonly found in Australian home and contents insurance policies, designed to protect policyholders from underinsurance.
In insurance, salvage refers to the remaining value of damaged or destroyed property after a loss.
Seaman insurance, also known as marine crew insurance or seafarer insurance, is a specialized type of insurance that provides coverage for injuries, illnesses, and other risks faced by seafarers or crew members working on ships or other vessels.
A secondary injury refers to a new injury, medical condition, or complication that develops as a direct consequence of a primary work-related injury. It is recognized as part of the U.S. Workers’ Compensation (WC) system and is compensable when it can be medically linked to the original workplace injury. Secondary injuries may result from overuse of unaffected body parts, altered movement patterns, surgical complications, or the natural progression of the primary injury.
Self-insurance is a risk management method where an individual or business chooses to set aside funds to cover potential losses instead of purchasing a traditional insurance policy.
