Insurance Vocabulary

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Adjuster

Back

A person who investigates and settles insurance claims.

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Liability

Back

Responsibility to another person for one’s own negligence.

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Premium

Back

The amount paid by a policyholder to an insurance company to obtain or maintain an insurance policy.

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Renter's Insurance

Back

Provides coverage for a policyholder’s belongings, liabilities, and possibly living expenses in the event of a loss.

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Deductible

Back

The amount the insured must pay for a loss before any payment is due from the company.

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Policyholder

Back

The person or party who owns an individual insurance policy.

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Coverage

Back

The amount of protection given by an insurance policy.

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Claim

Back

A request made by the policyholder to the insurance company for payment of a loss.

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Underwriting

Back

The process by which an insurer evaluates the risk of insuring a client.

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Exclusion

Back

A provision in an insurance policy that eliminates coverage for certain risks.