An insurer that directly assumes liabilities by issuing an insurance policy to the insured.

Insurance providing financial protection against the loss of, or damage to, real and personal property caused by such perils as fire, theft, windstorm, hail, explosion, riot, aircraft, motor vehicles, vandalism, malicious mischief, riot and civil commotion, and smoke.

Ability of an insurance product to provide compensation for losses incurred. Protection can be full or partial.

The process of estimating the expected costs involved in providing insurance coverage in order to set appropriate premium rates.

Often related to health insurance, reimbursement is the payment by an insurer of the expenses actually incurred and paid by the insured as a result of an accident or sickness, but not to exceed any amount specified in the policy, and covering only those expenses noted in the policy. Reimbursement is usually based on receipts.

A form of insurance that insurance companies buy for their own protection. One or more insurance companies assumes all or part of a risk undertaken by another insurance company.

Average number of days from the occurrence of the insured event to the submission of the completed claim covering that event.

An amount representing liabilities kept by an insurer to provide for future commitments under policies outstanding.

An amendment to an insurance policy that modifies the policy by expanding or restricting its benefits or excluding certain conditions from coverage.

The chance of loss. Also used to refer to the insured or to property covered by a policy.