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Home Dictionary I Inside Indemnity Insurance compensation is a complex form of insurance compensation for damage or loss. In this type of agreement, one party agrees to pay for potential loss or damage caused by the other party. A typical example is an insurance contract in which the insurer or indemnifier undertakes to indemnify another (the insured or indemnified person) for any losses or damages in exchange for premiums paid by the insured to the insurer. Workers' Compensation
September 25, 2022 Workers’ compensation is a form of employers’ insurance coverage that pays benefits to workers who are injured or disabled as a result of their work. Workers' Compensation Coverage A
September 25, 2022 Workers’ Compensation A protects workers under state law. Accidental Death Benefits
September 25, 2022 An accidental death benefit is paid to the beneficiary of the accident insurance policy. Accidental Death and Dismemberment Insurance (AD&D)
September 25, 2022 Accidental death and dismemberment (AD&D) insurance is usually added as an add-on to a life insurance policy. Actuarial Life Table
September 25, 2022 The statistics in the actuarial life table calculate, among other things, the probability of surviving to a certain age. Adjustable Life Insurance
September 25, 2022 Regulated life insurance allows policyholders to make adjustments to their cash value, premiums and death benefits. Aleatory Contract
September 25, 2022 an aleatory contract is an agreement under which the parties are not required to perform certain actions until a certain event occurs. All Risks
September 25, 2022 All risks - a comprehensive insurance policy offered on the property accident insurance market. Allocated Loss Adjustment Expenses (ALAE)
September 25, 2022 Allocation expenses (ALAE) are expenses related to a specific insured event. Assurance
September 25, 2022 A guarantee refers to a financial cover that provides a reward for an event that is bound to happen. Automatic Premium Loan
September 25, 2022 Automatic premium loans allow you to apply the cash value of a permanent life insurance policy to past due premium payments. Bancassurance
September 25, 2022 Bancassurance is an agreement between a bank and an insurance company, through which the insurer can sell its products to the bank’s customers. Cash Surrender Value
September 25, 2022 A cash surrender value is the amount of money a life insurance company pays out to a policy or annuity holder if they decide to terminate the plan. Cash Value Life Insurance
September 25, 2022 Permanent life insurance policies, such as life insurance or universal life insurance, can accumulate monetary value over time. Certificate of Insurance (COI)
September 25, 2022 A certificate of insurance (COI) is issued by an insurance company or broker and confirms the existence of an insurance policy. CoInsurance
September 25, 2022 Co-payment plans can make it easier for insurers to plan their out-of-pocket costs as it is a fixed amount. Combined Ratio
September 25, 2022 The combined ratio is a measure of profitability used by an insurance company to evaluate how well it performs in its day-to-day operations. Compensatory Damages
September 25, 2022 Compensatory damages represent money awarded to the plaintiff in a lawsuit. Consolidated Omnibus Budget Reconciliation Act (COBRA)
September 25, 2022 The Consolidated Comprehensive Budget Reconciliation Act (COBRA) allows many employees to remain in their employers’ group health plans for a specified period of time after losing their job. Cost, Insurance and Freight (CIF)
September 25, 2022 “Cost, insurance and freight” (CIF) is an international trade term that applies only to goods shipped by water or ocean. Cross-Sell
September 25, 2022 Cross selling is the practice of marketing additional products to existing customers, often practiced in the financial services industry. Death Benefit
September 25, 2022 Death benefit is a payment to the recipient of a life insurance policy, an annuity or pension in the event of the death of the insured or the recipient of the annuity. Decreasing Term Insurance
September 25, 2022 Reducing term insurance provides a death benefit that decreases each year according to a predetermined schedule, whereby premiums also decrease over time. Deferred Acquisition Costs (DAC)
September 25, 2022 Deferred Acquisition Costs (DAC) is an accounting method used in the insurance industry. Disability Insurance
September 25, 2022 Disability insurance is a type of insurance that protects against loss of income due to disability.