Insurance Underwriting Terms And Definitions
Towergate insurance is a trading name of uris group limited and towergate underwriting group limited members of the ardonagh group.
Insurance underwriting terms and definitions. Insurer the insurance company that provides insurance coverage and services. These definitions do not alter or modify the terms of any insurance contract. This page provides an index of insurance terms and definitions that are commonly used in the insurance business. Some words and phrases may be defined differently by other individuals or organizations.
New terms will be added to the glossary over time. Crop hail insurance protection against damage to growing crops from hail fire or lightning provided by the private market. Crime insurance term referring to property coverages for the perils of burglary theft and robbery. Insurance terms definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts policies or declaration pages which are controlling.
Other terms conditions and exclusions apply. Under that policy the insurer must compensate the policyholder in accordance with the policy s terms and conditions if the asset is damaged or destroyed and the policyholder makes a claim. Our insurance terms glossary is divided alphabetically by insurance terms in a quick reference guide to assist understanding the language commonly used by insurance companies. Such terms and availability may vary by state and exclusions may apply.
Joint underwriting association jua a loss sharing mechanism combining several insurance companies to provide extra capacity due to type or size of exposure. Underwriting the process of determining whether to accept a risk and if so what amount of insurance the company will write on the acceptable risk and at what rate. These definitions represent a common or general insurance and or legal use of the term. The person s protected in case of a loss or claim.
Policy documents contain a number of insurance terms because they typically define the limitations of risk and liability on the insured and any exclusions of coverage. Please read your official policy for full details about coverages. If there is any conflict between these definitions and the provisions of the applicable insurance policy the terms of the policy control. Underwriters are companies individuals or insurance companies that carry on this critical activity for their own account or for that of others.
The definitions are based on various insurance references. Insurance contract the document that is the agreement between your insurance company and you the policyholder detailing the terms and conditions of your insurance coverage. Insurance scores may be used in underwriting and rating insurance policies.
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