📊Loss Run

A report detailing an insured's claims history over a period.

🚢Marine Insurance

Coverage for ships, cargo, and transport-related risks.

🏅Merit Rating

Adjusting premiums based on individual loss experience.

🌱Microinsurance

Insurance for low-income individuals with small premiums.

⬇️Minimum Premium

The lowest premium an insured must pay regardless of exposure.

🎲Moral Hazard

When insured parties take more risks because they are covered.

🌊National Flood Insurance Program

A US government program providing flood insurance.

➖Net Premium

The premium after deducting commissions and expenses.

🎉No-Claim Bonus

A discount for policyholders who have not filed claims.

⚙️Operating Ratio

A measure of overall insurer efficiency including investment income.

💸Paid Loss

Claims that an insurer has already settled and disbursed.

💰Payout

The amount an insurer pays on a claim.

1️⃣Per Occurrence Limit

The maximum paid for a single incident or claim.

🐕Pet Insurance

Coverage for veterinary care and pet-related expenses.

📜Policy

A written contract between an insurer and a policyholder.

📅Policy Term

The period during which an insurance policy is in effect.

👤Policyholder

The person or entity that owns an insurance policy.

💰Policyholder Surplus

The excess of an insurer's assets over its liabilities.

🏛️Political Risk Insurance

Coverage for losses from political events like expropriation.

🧺Pooling Arrangement

An agreement where insurers share risks and premiums.

💵Premium

The amount paid periodically for an insurance policy.

💼Professional Liability

Coverage for claims of negligence in professional services.

💰Profit Commission

A reinsurance payment based on the profitability of ceded business.

🏠Property Insurance

Coverage that protects physical assets from damage or theft.

🔮Prospective Rating

A premium calculation based on expected future losses.

💧Pure Premium

The portion of premium covering expected losses only.

➗Quota Share

A reinsurance arrangement where the reinsurer takes a fixed percentage.

🏷️Rate

The price per unit of insurance coverage.

📊Rating

The process of determining the premium for a policy.

💸Reimbursement

Repayment to the insured for covered expenses.