Insurance Terms | Dictionary Of

: The right of an insurer to pursue a third party that caused an insurance loss to the insured. Essential Policy Components

: Coverage primarily concerned with legal liability for injuries to others or damage to their property.

: A document providing formal evidence of insurance coverage, often required for business contracts. Dictionary of Insurance Terms

: A requirement that the person buying insurance must suffer a financial loss if the insured event occurs.

: The total amount of capital an insurance company has available to underwrite general coverage or specific risks. : The right of an insurer to pursue

: A receipt for a premium payment that makes the policy effective from that date, provided the application is later approved.

: The legal principle that insurance should restore the insured to the same financial position they were in prior to a loss, without providing a profit. : A requirement that the person buying insurance

: A formal document that changes or adds provisions to the original insurance policy. Industry Specific Terminology Key terms used in underwriting and claims processing: