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Insurance

TermDefinition
Insurance Insurance offers financial protection against possible loss and tries to put the insured person back in the same financial position that they were in before the loss occurred.
Insurance policy An insurance policy sets out the details of the types of losses covered and the amount of compensation to be paid.
Insurance premium A premium is the amount paid by the insured person to an insurer in return for providing insurance cover for a particular risk.
Compensation financial payment made to an insured person if they suffer an insured loss.
No-claims bonus a discount on an insurance premium as a reward for not making any claims on the policy.
Loading an extra amount added to the basic premium to cover increased risk, e.g. penalty points.
Insurance broker search the market to find the best company, policy and price for their client
Agent sells policies on behalf of only one insurance company
Actuary decides the premium that should be charged to a client based on the risk of them making a claim
Loss adjuster investigates any claims made and recommend the amount of compensation to be paid
Created by: Raul Hoxha
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