Insurance Terminology

3. Specific risks or situations that are not covered by an insurance policy.
5. A professional who uses mathematics and statistics to assess and manage risk for insurance companies.
6. The specific event or circumstance that causes a loss, such as a fire or a flood.
7. When an insurance company transfers a portion of its risk to another insurer.
9. A formal request to the insurance company for payment due to a covered loss.
13. A person who investigates and settles insurance claims on behalf of the insurance company.
14. The first known insurance contract dates back to this ancient civilization.
16. This type of insurance provides coverage for professionals such as doctors and lawyers.
17. The principle that insurance is designed to compensate the policyholder for their actual financial loss.
18. The term for the total amount of risk retained or covered by an insurance company.
19. Additional coverage for items that may not be adequately covered by a standard insurance policy.
20. The largest insurance market in the world, located in London.

1. The process of evaluating and determining the risk of insuring a particular individual or asset.
2. The process of an insurance company recovering the amount paid for a claim from the party that caused the loss.
4. The amount of money that the policyholder must pay out of pocket before the insurance coverage kicks in.
8. The value of damaged property that is recovered after an insurance claim.
10. The amount of money paid by the policyholder to the insurance company.
11. The person or entity who owns an insurance policy.
12. The legal responsibility for one's actions, often covered by insurance policies.
15. A natural event, such as a hurricane or earthquake, that is beyond human control.
18. The spreading of risk among multiple policyholders to reduce the financial impact of a loss.