Insurance Terminology and Glossary

An aggregate limit is a fundamental concept in insurance policies, defining the maximum amount an insurer will pay over a […]

Coverage endorsements are vital components within insurance policies, allowing policyholders to customize their coverage to better suit individual needs. Understanding

Understanding insurance policy terms is essential for making informed decisions and avoiding unexpected pitfalls. Navigating complex jargon can feel daunting,

A coverage gap in insurance refers to the absence or insufficiency of protection in certain areas, leaving policyholders vulnerable to

Loss adjustment expenses are a fundamental component of the insurance claims process, representing the costs associated with determining the amount

Understanding policyholder rights is essential for anyone navigating the complex world of insurance. These rights serve as safeguards, ensuring fair

Insurable interest is a fundamental principle that underpins the validity and legitimacy of insurance contracts. Without it, insurance policies could

A risk pool is a fundamental concept within the insurance industry, enabling insurers to distribute risk across a collective group

An “Act of God” is a term frequently encountered in insurance terminology, encompassing natural events beyond human control that can

In insurance, understanding the concept of hazard is essential for accurate risk assessment and effective policy design. Hazards significantly influence