Insurance Terminology Flashcards

The insurance company that undertakes to provide the insurance cover.

The individual or organization that takes out the insurance cover.

A written contract where the insurer agrees to protect the insured against a specified risk.

The regular payment made by the insured to the insurer for coverage.

Events like fire or theft against which insurance cover is taken.

A risk that results in loss if it occurs and no gain if it doesn’t (e.g., accident).

A risk that can result in either a loss or a gain (e.g., stock exchange).

Risks that can be insured — their occurrence is predictable and measurable.

Risks that insurers avoid because they are unpredictable or too large to cover (e.g., war).

Professionals who calculate risks and premiums for insurance companies.