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Insurance Terms

WELLNESS 360 - INTELLECTUAL WELLNESS
Across
Money charged for the insurance coverage reflecting expectation of loss.
Malicious software, such as a virus, that is transmitted from one computer to another to exploit system vulnerabilities in the targeted computer.
A demand by a person or business seeking to recover from an insurer for a loss that may be covered by an insurance policy.
Abbreviation for loss adjustment expenses that cannot be specifically tied to a claim.
Period of time for which policy is in effect.
Net income that results when revenues exceed expenses
The amount of business an insurer is able to write, usually based on a comparison of the insurer's written premiums to its policyholders' surplus.
The reduction in value caused by the physical wear and tear or technological or economical obsolescence of property.
A portion of the premium retained to pay future claims.
A provision in an insurance rate for losses that could not be anticipated in the loss data.
Types of property both tangible and intangible, owned by an entity.
Insurance term referring to retained earnings.
A percentage of the premium that the insurer pays to the agency or producer for new policies sold or existing policies renewed.
Physical damage to property or bodily injury.
Abbreviation for insurance that provides coverage for benefits an employer is obligated to pay under workers compensation laws.
Portion of the insured loss paid by the policy holder.
A risk financing technique by which losses are retained by generating funds within the organization to pay for losses
Written instruments representing either money or other property, such as stocks and bonds.
A condition that increases the frequency or severity of a loss.
Abbreviation for a package policy that combines most of the property and liability coverages needed by small and medium-size businesses
The cause of a loss
Situation where an insurer, on behalf of the insured, has a legal right to bring a liabilitiy suit against a third party who caused losses to the insured. Insurer maintains the right to seek reimbursement for losses incurred by the insurer at the fault of a third party.
Down
An individual who sells, services, or negotiates insurance policies either on behalf of a company or independently.
Person who identifies, examines and classifies the degree of risk represented by a proposed insured in order to determine whether or not coverage should be provided and, if so, at what rate.
A binding dispute resolution tactic whereby a conciliator with no interest in the outcome intercedes.
Uncertainty concerning the possibility of loss by a peril for which insurance is pursued.
Financial obligations or debts, owed by a company to another entity, usually the policy holder in the case of an insurer.
Abbreviation for losses that have occurred but have not yet been reported to the insurer.
A reinsurance agreement between the ceding company and reinsurer.
The process of selecting insureds, pricing, coverage, determining insurance policy terms and conditions.
Any personal property affixed to real property in such a way as to become part of the real property.
An individual who sells, services, or negotiates insurance policies either on behalf of a company or independently.
The process insurers use to calculate insurance rates, which are a premium component.
An estimate of value
A transaction between a primary insurer and another licensed (re)insurer where the reinsurer agrees to cover all or part of the losses and/or loss adjustment expenses of the primary insurer.
A person who investigates claims and recommends settlement options based on estimates of damage and insurance policies held.
The _______ ratio which measures losses and loss adjustment expenses against earned premiums and reflects the percentage of premiums being consumed by losses.
Failure to exercise reasonable consideration resulting in loss or damage to oneself or others.
Abbreviation for an estimate of the claims settlement associated with a particular claim or claims
Company assuming reinsurance risk
The ________ ratio indicates profitability.
Value recoverable after a loss.
A party that makes a claim.
Abbreviation for the expense that an insurer incurs to investigate, defend, and settle claims according to the terms specified in the insurance policy.
Abbreviation for a policy that covers two or more lines of business by combining ISO's commercial lines coverage parts.
the price per exposure unit for insurance coverage