A specialist in the mathematics of insurance who calculates rates, reserves, dividends and other statistics.

individual who sells and services insurance policies

Coverage if an insured is legally liable for bodily injury or property damage caused by an automobile.

A demand made by the insured, or the insured's beneficiary, for payment of the benefits as provided by the policy.

requires the policyholder to carry insurance equal to a specified percentage of the value of property to receive full payment on a loss

Covers physical damage to the insured's automobile (other than that covered under comprehensive insurance) resulting from contact with another inanimate object.

Auto insurance coverage providing protection in the event of physical damage (other than collision) or theft of the insured car. For example, fire damage or a cracked windshield would be covered under the comprehensive section.

The scope of protection provided under an insurance policy. In property insurance, coverage lists perils insured against, properties covered, locations covered, individuals insured, and the limits of indemnification. In life insurance, living and death benefits are listed.

A predetermined, flat fee an individual pays for health-care services, in addition to what insurance covers. For example, some HMOs require a $10 copayment for each office visit, regardless of the type or level of services provided during the visit. Copayments are not usually specified by percentages.

Amount of loss that the insured pays before the insurance kicks in.

Items or conditions that are not covered by the general insurance contract.

A circumstance that increases the likelihood or probable severity of a loss. For example, the storing of explosives in a home basement is a hazard that increases the probability of an explosion.

Restoration to the victim of a loss by payment, repair or replacement.

Insurance that pays and renders service on behalf of an insured for loss arising out of his responsibility, due to negligence, to others imposed by law or assumed by contract.

The cause of a possible loss.

The written contract effecting insurance, or the certificate thereof, by whatever name called, and including all clause, riders, endorsements, and papers attached thereto and made a part thereof.

The price of insurance protection for a specified risk for a specified period of time.

Management of the pure risks to which a company might be subject. It involves analyzing all exposures to the possibility of loss and determining how to handle these exposures through practices such as avoiding the risk, retaining the risk, reducing the risk, or transferring the risk, usually by insurance.

Life insurance that provides protection for a specified period of time. Common policy periods are one year, five years, 10 years or until the insured reaches age 65 or 70. The policy doesn't build up any of the nonforfeiture values associated with whole life policies.

The individual trained in evaluating risks and determining rates and coverages for them. Also, an insurer.