Insurance Underwriting Terms And Definitions
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 underwriting terms and definitions. Other terms conditions and exclusions apply. Insurance scores may be used in underwriting and rating insurance policies. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Joint underwriting association jua a loss sharing mechanism combining several insurance companies to provide extra capacity due to type or size of exposure.
Such terms and availability may vary by state and exclusions may apply. Crime insurance term referring to property coverages for the perils of burglary theft and robbery. Underwriters are companies individuals or insurance companies that carry on this critical activity for their own account or for that of others. New terms will be added to the glossary over time.
Some words and phrases may be defined differently by other individuals or organizations. 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. 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. An asset in insurance terms is something with monetary value that is covered by an insurance policy such as a car or a property.
The person s protected in case of a loss or claim. These definitions represent a common or general insurance and or legal use of the term. 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. These definitions do not alter or modify the terms of any insurance contract.
The definitions are based on various insurance references. This page provides an index of insurance terms and definitions that are commonly used in the insurance business. Crop hail insurance protection against damage to growing crops from hail fire or lightning provided by the private market. 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.
Please read your official policy for full details about coverages. Uris group limited and towergate underwriting group limited are both registered in england and wales under company numbers. Towergate insurance is a trading name of uris group limited and towergate underwriting group limited members of the ardonagh group.
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