Introduction to Insurance Law
Expert-defined terms from the Professional Certificate in Insurance Law and Maritime course at London School of Business and Administration. Free to read, free to share, paired with a globally recognised certification pathway.
Absolute Assignment refers to the transfer of all rights and interests in a poli… #
Related terms include Assignment and Transfer of Ownership. Absolute assignment is commonly used to transfer ownership of a policy to a third party, such as a bank or financial institution, as collateral for a loan.
Accidental Death Benefit is a supplemental benefit that provides a lump s… #
Related terms include Accidental Death and Dismemberment Insurance and Supplemental Benefits. Accidental death benefit is often added to a life insurance policy to provide additional protection for the insured's beneficiaries in the event of an accidental death.
Act of God refers to an event that is beyond human control, such as a natural… #
Related terms include Force Majeure and Natural Disaster. Act of God is a common exclusion in insurance policies, as it is considered an unforeseen and unavoidable event.
Actuarial Science is the study of statistics and mathematics to as… #
Related terms include Actuary and Risk Assessment. Actuarial science is a critical component of the insurance industry, as it helps insurers to determine the likelihood of a loss and calculate premiums accordingly.
Adjuster is an individual who investigates and settles claims on behalf o… #
Related terms include Claims Adjuster and Insurance Adjuster. Adjusters play a crucial role in the insurance industry, as they help to determine the validity of a claim and negotiate a settlement with the policyholder.
Admitted Insurer is an insurer that is licensed to operate in a particula… #
Related terms include Licensed Insurer and Authorized Insurer. Admitted insurers are subject to the regulations and laws of the state or country in which they operate.
Agent is an individual who represents an insurer and sells insurance p… #
Related terms include Insurance Agent and Broker. Agents play a crucial role in the insurance industry, as they help to match policyholders with the right insurance products.
Aggregate Limit is the maximum amount of coverage provided by an insur… #
Related terms include Aggregate Deductible and Policy Limit. Aggregate limit is an important consideration for policyholders, as it determines the maximum amount of benefits that can be paid out under the policy.
Annual Renewable Term is a type of life insurance policy that provides co… #
Related terms include Term Life Insurance and Renewable Term. Annual renewable term is a popular type of life insurance policy, as it provides flexibility and affordability for the policyholder.
Annuity is a type of insurance contract that provides a guaranteed income… #
Related terms include Fixed Annuity and Variable Annuity. Annuities are often used as a retirement planning tool, as they provide a predictable income stream for the policyholder.
Application is the process of applying for an insurance policy , which typ… #
Related terms include Insurance Application and Underwriting. The application process is an important step in obtaining insurance coverage, as it helps the insurer to assess the risk and determine the premium.
Arbitration is a process of resolving disputes between parties through a… #
Related terms include Arbitrator and Alternative Dispute Resolution. Arbitration is often used in the insurance industry to resolve disputes between insurers and policyholders.
Assignment is the transfer of rights and interests in a policy to another… #
Related terms include Absolute Assignment and Transfer of Ownership. Assignment is commonly used to transfer ownership of a policy to a third party, such as a bank or financial institution, as collateral for a loan.
Assured is the individual or entity that is covered under an insurance policy… #
Related terms include Insured and Policyholder. The assured is the party that is protected against loss or damage under the terms of the policy.
Automobile Insurance is a type of insurance policy that provides coverage… #
Related terms include Car Insurance and Motor Insurance. Automobile insurance is a mandatory type of insurance in many states and countries, as it helps to protect drivers and vehicles against accidents and other losses.
Average Annual Return is the average return on investment earned by an insura… #
Related terms include Investment Return and Policy Return. Average annual return is an important consideration for policyholders, as it helps to determine the value of the policy over time.
Beneficiary is the individual or entity that receives the benefits of an… #
Related terms include Named Beneficiary and Contingent Beneficiary. The beneficiary is the party that is entitled to receive the proceeds of the policy in the event of an insured loss.
Broker is an individual or entity that represents the policyholder and he… #
Related terms include Insurance Broker and Agent. Brokers play a crucial role in the insurance industry, as they help to match policyholders with the right insurance products.
Business Interruption Insurance is a type of insurance policy that provid… #
Related terms include Business Income Insurance and Contingent Business Interruption Insurance. Business interruption insurance is an important type of insurance for businesses, as it helps to protect against losses and damage to their operations.
Cancellation is the termination of an insurance policy by either the i… #
Related terms include Policy Cancellation and Termination. Cancellation can occur for a variety of reasons, including non-payment of premiums or fraud.
Capitation is a payment arrangement in which a healthcare provider is pai… #
Related terms include Capitated Payment and Fee-for-Service. Capitation is commonly used in health insurance policies to control costs and improve quality of care.
Cash Value is the accumulated value of an insurance policy that ca… #
Related terms include Cash Surrender Value and Policy Loan. Cash value is an important feature of some life insurance policies, as it provides a source of funds for the policyholder in times of need.
Certificate of Insurance is a document that provides proof of insurance cover… #
Related terms include Insurance Certificate and Policy Certificate. The certificate of insurance is an important document, as it provides evidence of insurance coverage and helps to verify the terms and conditions of the policy.
Claim is a request for benef #
Claim is a request for benef