An event that happens by chance and is not expected in the normal course of events, which results in harm to people, damage to property or equipment, or a loss of process or productivity.

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The fair market value of property taking into account factors that might augment or reduce the value of the property in question.

A certified professional who specializes in mathematics of insurance and evaluates statistical information to determine rates and risks.

A person other than the named insured who is protected by the terms of the policy. Most automobile policies, for example, insure a specific individual as an insured, but also insure anyone driving with that insured’s consent. The additional insured may be “named” or “unnamed.”

An adjuster reviews and settles claims on behalf of the insurance company. The adjuster could be an employee of the insurance company or an independent contractor hired by the company.

An individual authorized by an insurance company to create, modify, and terminate contracts of insurance or to arrange to do so or to advise on contracts of insurance.

A request for insurance. This may be done verbally, in writing or by using a printed form.

The status of a policy on which the premiums are overdue and unpaid but are still considered collectible.