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bankersinsurance.com
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Definitions (24)
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premium
a payment made by the insured to the insurance company in exchange for an insurance policy.
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capacity
the amount of business an insurer is able to responsibly write and remain solvent.
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captive insurance agency
an agency that is formed as a subsidiary of its parent company for the purpose of writing all of the insurance with the parent company.
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claim
a request from an individual, organization or business seeking to recover from the insurance company for a loss that may be covered by an existing insurance policy.
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claimant
any person, organization or business that submits a claim.
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contract
a legally enforceable agreement between parties.
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covered loss
an event for which insurance pays.
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deductible
the portion of a covered loss that is not paid by the insurer (company). Deductibles may be expressed in the form of a specific dollar amount or a percentage.
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depreciation
the allowance for wear and tear on an item that decreases in value over time. Can also refer to obsolescence regarding technological or economic value.
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excess & surplus insurer
a non-admitted or “unlicensed insurer” for the state in which they are writing E&S business.
Meaning awaits approval from a moderator |
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