Insurance Sector / Terminology

insurance By Amrita Tiwari

 10 Common Insurance Terms

[1] 

• Adjuster. A claims or insurance adjuster is employed by or acts on behalf of an insurance company to examine, evaluate and settle insurance claims. ...
• [2]
• Certificate of Insurance (COI) ...
• Certificate of Insurance refers to the document that contains all the crucial details regarding an insurance policy in a comprehensive and standardized format. This is used as a proof of policy's current status, coverage details, risk exposure and protection against third-party liability.
• [3] 
• Claim;.
• 1 : a demand for something owed or believed to be owed an insurance claim. 2 : a right to something He has a claim to the family fortune. 3 : something (as an area of land) claimed as someone's own a prospector's claim.
• [4] 
• Declaration Page.
• What Is an Insurance Declarations Page? Your insurance declaration page, also known as the dec page, summarizes the information essential to your insurance coverage. It includes your name and address, descriptions of the insured property and your premium.
• Your declarations page will include the year, make, model and vehicle identification number (VIN) for each vehicle included on your policy. It will also itemize coverages for each vehicle since it's possible you might not need to carry the exact coverages and limits for each vehicle on the policy.
• [5] 
• Deductible.
• In an insurance policy, the deductible is the amount paid out of pocket by the policy holder before an insurance provider will pay any expenses. In general usage, the term deductible may be used to describe one of several types of clauses that are used by insurance companies as a threshold for policy payments. 
• [6] 
• Liability Coverage
• The term liability insurance refers to an insurance product that provides an insured party with protection against claims resulting from injuries and damage to other people or property. Liability insurance policies cover any legal costs and payouts an insured party is responsible for if they are found legally liable.
  [7] 
• Peril
• somewhat formal. —used to say that if one does something there could be bad consequences Restaurants that ignore the smoking ban do so at their peril.
• synonyms for peril;-

  • hazard.
  • insecurity.
  • [8] 
  • Premium.
  • (Entry 1 of 2) 1a : a reward or recompense for a particular act. b : a sum over and above a regular price paid chiefly as an inducement or incentive. c : a sum in advance of or in addition to the nominal value of something bonds callable at a premium of six percent.
    .
  • [9] 

     Risk

  • Risk is defined in financial terms as the chance that an outcome or investment's actual gains will differ from an expected outcome or return. Risk includes the possibility of losing some or all of an original investment.1
  • [10] 

     SR-22/ FR-44

  • The takeaway. SR-22 and FR-44 refer to certificates of financial responsibility. Drivers who are convicted of a DUI or DWI are required to have an SR-22 or FR-44 to prove they carry a certain amount of car insurance. FR-44 is generally only requested for drivers in Florida and Virginia.
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