Definition and meaning of Business interruption exposure :

Business interruption exposure: see Business income exposure

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Business interruption exposure , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - B

Definition and meaning of Insurable Risk :

Insurable Risk: The conditions that make a risk insurable are (a) the peril insured against must produce a definite loss not under the control of the insured, (b) there must be a large number of homogeneous exposures subject to the same perils, (c) the loss must be calculable and the cost of insuring it must be economically feasible, (d) the peril must be unlikely to affect all insureds simultaneously, and (e) the loss produced by a risk must be definite and have a potential to be financially serious.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Insurable Risk , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Insurance Exchange :

Insurance Exchange: Term used to describe a facility that exists in a few states to provide a market for reinsurance and for the insurance of large and unusual domistic and foreign risks that are difficult ot insure in the normal markets. Examples are the New York Insurance Exchange, the Insurance Exchange of the Americas, and the Illinois Inurance Exchange.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Insurance Exchange , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Agent :

Agent: An insurance company representative licensed by the state who solicits, negotiates or effects contracts of insurance, and provides service to the policyholder for the insurer.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Agent , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - A

Definition and meaning of Application :

Application: A signed statement of facts made by a person applying for life insurance and then used by the insurance company to decide whether or not to issue a policy. The application becomes part of the insurance contract when the policy is issued.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Application , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - A

Definition and meaning of Disability Insured :

Disability Insured: Status of an individual who is insured for disability benefits under the Old-Age, Survivors, and Disability Insurance (OASDI) program. The covered person must be fully insured and have at least twenty quarters of coverage out of the last forty, ending with the quarter in which the disability occurs. Fewer quarters are required for persons under age thirty.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Disability Insured , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - D

Definition and meaning of Direct business :

Insurance placed with an insurer direct and not through an intermediary.

(Source Lloyd's )

Also see these pages: Direct business , Insurance, Insurance Sitemap, Insurance Dictionary - D

Definition and meaning of Salvage :

Salvage: Recovery made by an insurance company by the sale of property which has been taken over from the insured as a part of loss settlement.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Salvage , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - S

Definition and meaning of Surplus :

Surplus: The amount by which the value of an insurer's assets exceeds its liabilities, i.e., the net worth of an insurance company.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Surplus , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - S

Definition and meaning of Actuary :

Actuary: A person professionally trained in the technical aspects of pensions, insurance and related fields. The actuary estimates how much money must be contributed to an insurance or pension fund in order to provide future

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Actuary , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - A

Definition and meaning of Amendment :

Amendment: A formal document changing the provisions of an insurance policy signed jointly by the insurance company officer and the policy holder or his authorized representative.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Amendment , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - A

Definition and meaning of Subrogation :

Subrogation: Process by which one insurance company seeks reimbursement from another company or person for a claim it has already paid.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Subrogation , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - S

Definition and meaning of Twisting :

Twisting: The practice of inducing by misrepresentation, or inaccurate or incomplete comparison, a policyholder in one company to lapse, forfeit or surrender his insurance for the purpose of taking out a policy in another company.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Twisting , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - T

Definition and meaning of Antiselection :

Antiselection: The tendency of persons who present a poorer-than-average risk to apply for, or continue, insurance to a greater extent than do persons with average or better-than-average expectations of loss.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Antiselection , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - A

Definition and meaning of Assets :

Assets: All funds, property, goods, securities, rights of action, or resources of any kind owned by an insurance company. Statutory accounting, however, excludes non-admitted assets, such as deferred or overdue premiums, that would be considered assets under generally accepted accounting principles (GAAP).

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Assets , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - A