INSURANCE

COMMON INSURANCE TERMINOLOGIES

  1. Concealment: This is the willful act of holding back information that may be pertinent to the issuance of an insurance policy even though the insured was not asked about that particular subject.
  2. Disclosure: Insurer needs information from the proposer to decide whether to accept an offer or to decide the price and other terms of the insurance contract.
  3. Days of Grace: This is the period during which cover is granted by the insurer without payment of premium by the insured. It is the number of days allowed under an insurance policy after the expiry date given to the insured to make renewal of the policy.
  4. Ex-Grate payment: This is a form of payment made to the insured but not that the insured is legally entitled to it as a claim under insurance policy, but it was given to him out of kindness.
  5. Extra premium: A premium charge added to the premium for a class rate because ofextra hazardous exposures.
  6. Endorsement: An endorsement is a written document attached to an insurance policy that modifies the policy by changing the coverage afforded under the policy.
  7. Under-insurance: Inadequate insurance coverage by the insured. In the event of a claim, under-insurance may result to the insured contributing to part of the claim.
  8. Return of Premium: A portion of the premium returned to a policy owner as a result of cancellation, rate adjustment, or a calculation that an advance premium was in excess of the actual premium.
  9. Adjuster: An individual employed by an insurer to evaluate losses and settle policyholder claims. Also see “Public insurance adjuster”.
  10. Beneficiary: The person, people, or entity designated to receive the death benefits from a life insurance policy or annuity contract.
  11. Cancellation: Termination of an insurance policy by a company or insured before the renewal date.
  12. Claimant: A person who makes an insurance claim.
  13. Deductible: The amount the insured must pay in a loss before any payment is due from the company.
  14. Reinstatement: The process by which a life insurance company puts a policy back in force after it lapsed because of non-payment of renewal premiums.
  15. Binder: A temporary insurance contract that provides proof of coverage until a permanent policy is issued.
  16. Earned premium: The portion of a policy premium that has been used to actually buy coverage, or that the insurance company has “earned.” For instance, if a policyholder has a six-month policy that was paid for in advance, two months into the policy, there would be two months of earned premium. The remaining four months of premium is “unearned premium.”
  17. Subject Matter of Insurance: This refers to a physical object. It could be a property or an event that may result in a loss of a legal right or creation of a legal liability. Examples of subject matter are: Fire policy: building, stock or machinery.
  18. Subject Matter of Contract: Since the essence of a contract of insurance is to secure the payment of money or render some other benefits in the occurrence of the insured event, the subject matter of contract of insurance is therefore primarily money.
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