Insurance Industry Key Terms
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.
Insurance industry key terms. Here are some key insurance definitions and terms you might come across as you consider insuring yourself or your stuff. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Many a times it is also referred to as policy term or policy duration. In 1993 chandler became president and.
Insurance insurance is a contract in which an insurance company promises to compensate an insured agent a person or a group of people selling insurance on behalf of an insurance company. Selling insurance is also expensive. As defeating as that may feel at first it makes total sense insurance is an incredibly competitive industry and securing a single customer is a pretty big deal. Every industry has its own unique language and insurance is no exception.
We provide in depth explanations of key terms and concepts and also discuss best practices. The current coo of univers workplace benefits and a former president ceo and chairman of disability insurance provider unum provident. 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. In the united states the world s biggest insurance market the property and casualty p c sector is building upon a strong 2018 in which the industry saw net income soar 66 percent to us 60 billion thanks to a 10 8 percent boost in net premiums written and nearly breaking even on underwriting after losing us 23 3 billion the year before.
The average google ads formerly known as google adwords cost per click cpc for insurance related keywords is a mind numbing 55. Key persons insurance a policy purchased by. The policy tenure can be any period ranging from 1 year to 100 years or whole life depending on thetypes of life insurance planand its terms and conditions. Insurer is the company which accepts risks after receiving premiums and pays claims insured the term insured refers to the person who has taken insurance against various risks and who pays a premium.
Ilsa brings together original articles covering a multitude of topics of interest to professionals in the insurance industry. Dividends and other applicable insurance industry standards.
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