🧮Actuarial Science

The discipline applying mathematics to assess risk in insurance.

📋Actuarial Table

A table used to calculate probabilities of life events.

📊Actuary

A specialist who calculates insurance risks and premiums.

📉Adverse Selection

When high-risk individuals are more likely to buy insurance.

🧑‍💼Agent

A representative who sells insurance on behalf of an insurer.

📊Aggregate Limit

The maximum an insurer pays during an entire policy period.

💰Annuity

A financial product paying a stream of income over time.

📋Assigned Risk Plan

A program distributing high-risk insureds among insurers.

🔍Audit Premium

An additional premium determined after an exposure audit.

🚗Auto Insurance

Coverage that protects against losses involving vehicles.

✈️Aviation Insurance

Coverage for aircraft and related liability risks.

🏦Bancassurance

The sale of insurance products through banks.

🎁Beneficiary

The person designated to receive policy benefits.

📋Bordereau

A detailed statement of ceded risks sent to a reinsurer.

🤝Broker

An intermediary who arranges insurance for clients.

🏢Business Insurance

Coverage that protects companies from operational risks.

🏭Business Interruption Insurance

Coverage for lost income due to a covered disruption.

❌Cancellation

The termination of a policy before its expiration date.

🏢Captive Insurance

A subsidiary created to insure the risks of its parent company.

🧑‍💼Captive Manager

A firm that manages the operations of a captive insurer.

💧Cash Flow Underwriting

Writing policies to generate investable premium cash flow.

💥Casualty Insurance

Coverage for accidents, injuries, and damage to property.

📜Catastrophe Bond

A bond that transfers catastrophe risk to investors.

💥Catastrophe Excess of Loss

Reinsurance covering losses from a single catastrophic event.

🌪️Catastrophe Modeling

Using computer models to estimate losses from natural disasters.

📤Ceding Company

The insurer that transfers risk to a reinsurer.

📥Cession

The portion of risk transferred from an insurer to a reinsurer.

📝Claim

A formal request for payment based on the terms of a policy.

🔍Claims Adjuster

A professional who investigates and settles insurance claims.

🔄Claims Process

The steps taken from filing a claim to settlement.