English vocabulary on Insurance

English vocabulary on Insurance | English vocabulary on Insurance

  • Insurance an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.
  • Insurance Quote an insurance quote is an estimate from an insurance company of how much a new insurance policy will cost. 
  • Insurance Companies Insurance Company means an association, corporation, or fraternal or mutual benefit organization, whether or not for profit, engaged in the business of providing life endowments, annuities, or insurance, including accident, burial, casualty, credit life, contract performance, dental, disability, fidelity, fire, health
  • Insurance Broker a person or company registered as an adviser on matters of insurance and as an arranger of insurance cover with an insurer on behalf of a client.
  • Insurance House Homeowners insurance is a form of property insurance that covers losses and damages to an individual’s residence, along with furnishings and other assets in the home.
  • Insurance Contracts Act A contract of insurance is a contract based on the utmost good faith and there is implied in such a contract a provision requiring each party to it to act 

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  • Insurance News delivers the latest insurance
  • Insurance Ombudsmen are appointed by the Governing Body and are empowered to entertain complaints on the following aspects in respect of personal line insurances: Any partial or total repudiation of claims by an insurer.insurance ombudsman
  • Insurance Policy a document detailing the terms and conditions of a contract of insurance.
  • types of insurance coverage
  • Actuary n. a person who calculates risks for insurance companies
  • assessor n. a person who calculates the value of something [eg: a building, car etc]
  • Insurance Claim    n. an application for payment under an insurance policy
  • Insurance Commission n. money earned each time you sell a product
  • Comprehensive Insurance n. [of an insurance policy] all-inclusive; providing more complete protection
  • Comprehensive Car insurance covers damage from things besides accidents, like floods, fire, vandalism, etc.
  • Consequential Loss         n. a loss that happens as a consequence of or as a result of another loss
  • Are consequential losses like my loss of earnings while I’m in hospital also covered?

  • Coveruk n. the protection given by an insurance policy [eg: public liability cover]
  • Employer’s Liability n. liability or responsibility of a firm for damage caused to one of its employees
  • Goods In Transit   n. property, merchandise or any goods in the process of being transported
  • Insurance Broker n. agent who arranges insurance; middleman between insurer and policyholder
  • Liability n. 1 the state of being liable 2 anything for which a person is liable
  • Liable adj. legally obliged to pay for damage, injury etc; responsible – liability n.
  • Loss n. death, injury, damage etc that is the basis for a claim – to lose v.
  • Loss Adjuster        n. a person who assesses the amount of compensation arising from a claim
  • Policy n. a contract of insurance [eg: a product liability policy]

  • Policyholder n. the person to whom an insurance policy is issued
  • Premium     n. a payment, usually monthly, yearly etc, for an insurance policy
  • Product Liability   n. liability or responsibility of a firm for damage caused by one of its products
  • Public Liability      n. responsibility of a firm for damage caused to a member of the public
  • Reinsurance n. the insuring of risk by one insurance company with another – to reinsure v.
  • Risk   n. 1 chance or possibility of injury, loss etc 2 person or thing causing risk

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