| No. | Item | Definition |
|---|---|---|
| 1. | actual cash value | replacement cost minus depreciation |
| 2. | actuary | expert calculating insurance risk |
| 3. | additional insured | extra person given coverage |
| 4. | adjuster | person who evaluates claims |
| 5. | agent | licensed seller of insurance |
| 6. | annuity | contract paying future income |
| 7. | application | form requesting insurance |
| 8. | appraisal | valuation of property or loss |
| 9. | beneficiary | person receiving policy benefits |
| 10. | benefit | amount or service paid |
| 11. | binder | temporary proof of coverage |
| 12. | bodily injury | physical harm to person |
| 13. | broker | independent insurance intermediary |
| 14. | business interruption | income loss from shutdown |
| 15. | cancellation | ending a policy early |
| 16. | cash value | savings value in policy |
| 17. | claim | request for policy payment |
| 18. | claimant | person making a claim |
| 19. | commission | agent’s sales payment |
| 20. | conditions | policy rules and duties |
| 21. | coverage | protection provided by insurance |
| 22. | damages | money claimed for harm |
| 23. | death benefit | money paid after death |
| 24. | declarations page | page showing key policy details |
| 25. | deductible | amount paid before insurer pays |
| 26. | dependent | family member covered under policy |
| 27. | depreciation | loss of value over time |
| 28. | disclosure | sharing required information |
| 29. | discount | reduced premium amount |
| 30. | endorsement | policy change or addition |
| 31. | EOB | benefit summary after claim |
| 32. | exclusion | loss not covered |
| 33. | experience | past loss history |
| 34. | exposure | measure of possible loss |
| 35. | face value | stated amount of coverage |
| 36. | fiduciary | holding money in trust |
| 37. | floater | portable property coverage |
| 38. | fraud | intentional insurance deception |
| 39. | grace period | extra time to pay |
| 40. | hazard | condition increasing loss chance |
| 41. | indemnity | compensation for covered loss |
| 42. | inland marine | coverage for movable property |
| 43. | insurable interest | financial stake in insured item |
| 44. | insured | person or property covered |
| 45. | insurer | company providing insurance |
| 46. | insuring agreement | section stating covered promises |
| 47. | lapse | coverage ending from nonpayment |
| 48. | liability | legal responsibility for damages |
| 49. | licensing | official permission to sell |
| 50. | limit | maximum payable amount |
| 51. | long-term care | coverage for extended care |
| 52. | loss | damage or financial harm |
| 53. | material fact | important underwriting information |
| 54. | medical payments | auto medical expense coverage |
| 55. | Medicare supplement | policy filling Medicare gaps |
| 56. | misrepresentation | false statement affecting coverage |
| 57. | moral hazard | carelessness due to insurance |
| 58. | named insured | person specifically listed |
| 59. | negligence | failure to use care |
| 60. | network | approved providers group |
| 61. | nonrenewal | decision not to renew |
| 62. | notice | formal information given |
| 63. | out-of-pocket | paid directly by insured |
| 64. | peril | cause of loss |
| 65. | policy | insurance contract document |
| 66. | policyholder | owner of the policy |
| 67. | preexisting condition | health issue existing earlier |
| 68. | premium | amount paid for coverage |
| 69. | producer | licensed insurance salesperson |
| 70. | proof of loss | claim statement with details |
| 71. | provider | doctor or facility giving care |
| 72. | quote | estimated insurance price |
| 73. | rating | pricing based on risk |
| 74. | referral | approval to see specialist |
| 75. | reimbursement | repayment for covered expense |
| 76. | reinstatement | restoring lapsed coverage |
| 77. | renewal | continuation of a policy |
| 78. | replacement cost | cost to replace today |
| 79. | risk | chance of loss |
| 80. | schedule | list of covered items |
| 81. | settlement | agreed claim payment |
| 82. | solicitation | asking for insurance business |
| 83. | subrogation | insurer seeks repayment from liable party |
| 84. | surcharge | extra charge for higher risk |
| 85. | surplus lines | specialty nonadmitted insurance market |
| 86. | telematics | driving data used for rating |
| 87. | term life | life insurance for set years |
| 88. | travel insurance | coverage for trip losses |
| 89. | treaty | ongoing reinsurance agreement |
| 90. | umbrella | extra liability coverage |
| 91. | underinsured motorist | coverage for low-limit driver harm |
| 92. | underwriter | person assessing insurance risk |
| 93. | underwriting | evaluating risk for insurance |
| 94. | uninsured motorist | coverage for uninsured driver harm |
| 95. | universal life | flexible permanent life insurance |
| 96. | vacancy | property being unoccupied |
| 97. | waiting period | time before benefits begin |
| 98. | waiver | voluntary surrender of right |
| 99. | whole life | permanent life insurance policy |
| 100. | workers’ compensation | job injury insurance coverage |
