Glossary of terms

8 July 2011 Reading: 3 min Views: 8 314

Glossary of insurance terms

А Б В Г Д З И К Л М Н О П Р С Т У Ф Ц Э

А

Underwriter

an employee of an insurance (reinsurance) organization whose duties include assessing the insurance risks accepted for insurance and determining the terms of insurance (reinsurance) contracts

Insurance company agent

an individual or legal entity included in the register of insurance agents that carries out intermediary activities in concluding insurance contracts on behalf and on the instructions of one or more insurance organizations under an agency agreement

Actuarial calculations

economic and mathematical calculation methods applied by an actuary in calculating insurance reserves

Actuary

an individual licensed by the authorized body who carries out activities related to economic and mathematical calculations of the amount of liabilities and insurance premium rates under insurance and reinsurance contracts, and who assesses the profitability and return of the classes of insurance carried out and planned by an insurance (reinsurance) organization in order to ensure the required level of solvency and financial stability of the insurance (reinsurance) organization

Addendum

a written supplement to a previously concluded insurance or reinsurance contract containing changes to the previously stipulated terms of the contract agreed between the parties. It may entail a change in the insurance rate and corresponding settlements under the policy.

Adjuster

an employee of an insurance (reinsurance) organization whose duties include reviewing claims for insurance payouts and assessing the damage from an insured event

Average surveyor

an expert and authorized representative of the insurer who, by agreement with the policyholder, establishes the cause, nature and amount of insured losses.

Agency commission

payment for the agent's services for performing the relevant duties (instructions) in the interests and on behalf of the insurance company, in accordance with the terms of the agency agreement.

Abandonment

the policyholder's surrender of its rights to the insured property in favour of the insurer in exchange for the full sum insured. The policyholder resorts to abandonment in order to relieve itself of the obligation to prove the extent of the losses incurred as a result of the insured event.

Comparing online and offline insurance

Insurance is both a complex and an interesting way of providing for unforeseen events that can help restore a business or property as quickly as possible in difficult times, but it requires continuous analysis of legislation and a fluent command of the fine points of insurance.