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Insurance Vocabulary

term meaning
actuary n. a person who calculates risks for insurance companies
Maggie loves maths so she's thinking of becoming an actuary.
assessor n. a person who calculates the value of something [eg: a building, car etc]
The assessor said our house is worth over $200,000.
claim n. an application for payment under an insurance policy - to make a claim v.
How long have we got to make a claim if the house burns down?
commission n. money earned each time you sell a product
Every time they sell a policy, insurance brokers get paid a commission.
comprehensive n. [of an insurance policy] all-inclusive; providing more complete protection
Comprehensive car insurance covers damage from things besides accidents, like floods, fire, vandalism, etc.
consequential loss n. a loss that happens as a consequence of or as a result of another loss
Are consequential losses like my loss of earnings while I'm in hospital also covered?
coverUK n. the protection given by an insurance policy [eg: public liability cover]
If you're going to the US, you'll need extra cover for hospital bills.
employer's liability n. liability or responsibility of a firm for damage caused to one of its employees
We've got workers' compensation insurance, so why do we need employer's liability insurance as well?
goods in transit n. property, merchandise or any goods in the process of being transported
Who usually pays for insuring goods in transit?
insurance broker n. agent who arranges insurance; middleman between insurer and policyholder
Good insurance brokers find the best deals for their clients, and bad ones find the highest commissions.
liability n. 1 the state of being liable 2 anything for which a person is liable
The company did all it could to avoid liability for the damage it caused.
liable adj. legally obliged to pay for damage, injury etc; responsible - liability n.
Her doctor was held liable for botching the operation, but his insurance covered him.
loss n. death, injury, damage etc that is the basis for a claim - to lose v.
Does the policy cover loss of property due to floods and other natural disasters?
loss adjuster n. a person who assesses the amount of compensation arising from a claim
I don't trust the insurer's loss adjuster, so I've got my own loss assessor checking everything.
policy n. a contract of insurance [eg: a product liability policy]
Read everything very carefully before signing any insurance policy.
policyholder n. the person to whom an insurance policy is issued
To maximize their profits, insurers will minimize payments to policyholders.
premium n. a payment, usually monthly, yearly etc, for an insurance policy
I didn't realize they'd increase my insurance premium every year.
product liability n. liability or responsibility of a firm for damage caused by one of its products
Some product liability rules protect gun manufacturers more than consumers or people hurt by their products.
public liability n. responsibility of a firm for damage caused to a member of the public
If a customer is injured in your shop, public liability insurance will cover you.
reinsurance n. the insuring of risk by one insurance company with another - to reinsure v.
Insurance companies protect themselves by purchasing reinsurance contracts.
risk n. 1 chance or possibility of injury, loss etc 2 person or thing causing risk
If you build a house in a forest, the risk of fire is higher than normal.