Dictionary Of Insurance Terms -

: The total amount of capital an insurance company has available to underwrite general coverage or specific risks.

: A formal document that changes or adds provisions to the original insurance policy. Industry Specific Terminology Key terms used in underwriting and claims processing:

: The legal principle that insurance should restore the insured to the same financial position they were in prior to a loss, without providing a profit. Dictionary of Insurance Terms

: A requirement that the person buying insurance must suffer a financial loss if the insured event occurs.

: A document providing formal evidence of insurance coverage, often required for business contracts. : The total amount of capital an insurance

: The front page of a policy containing specific details like the name of the insured, address, policy period, and coverage limits.

: A measure of profitability for an insurer, calculated by dividing the sum of incurred losses and expenses by earned premiums. : A requirement that the person buying insurance

Foundational concepts that govern the legal and ethical framework of insurance contracts: