Policyholder
A policyholder, also known as the insured or the policy owner, is the person or entity that owns an insurance policy and is responsible for paying the premiums to maintain coverage.
Insurance Glossary
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.
Policyholder Bill
A policyholder bill, also known as an insurance bill or premium notice, is a document sent by an insurance company to a policyholder that outlines the amount of premium due for their insurance policy.
Premium
A premium is the amount of money an individual or business pays to an insurance company to purchase and maintain insurance coverage.
Producer
An insurance producer is a professional who sells insurance policies to individuals and businesses.
Proximate Cause
The primary or most direct cause of a loss, without which the loss would not have occurred.
Pure Risk
A risk that presents the chance of loss but no opportunity for gain.
Quote
In insurance, a quote is an estimate of the premium that an insurance company will charge for a specific insurance policy.
Rate Making
Rate making is the process used by insurance companies to determine the price of insurance premiums for different types of risks.
Reciprocal Insurance Exchange
A reciprocal insurance exchange is an unincorporated association of individuals or organizations (called subscribers) who agree to insure each other.
Reinstatement
The process of reactivating a lapsed insurance policy.
Reinsurance
Reinsurance is a type of insurance that insurance companies purchase to protect themselves from catastrophic losses or unexpectedly high numbers of claims.
Reinsurance Broker
A reinsurance broker acts as an intermediary between insurance companies (the ceding companies) and reinsurance companies (the reinsurers).