Insurance Term Glossary

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Across
  1. 1. An insurer that sells insurance policies in a country other than where it is domiciled. Regardless of the insurer’s location, it must follow the rules and regulations governing insurance practices in each locale where it offers or sells policies
  2. 6. A separate section of an insurance policy that contains basic details defining the terms of the policy. This portion of the insurance contract summarizes key information, such as the name of the insured, a description of the item(s) covered, the amount of coverage, coverage dates, and a breakdown of the premium charged.
  3. 8. Amendment to the policy used to add or delete coverage. Also referred to as a rider.
  4. 12. An insurer that is based in the U.S. but sells insurance policies in states other than where it is domiciled.
  5. 15. An intermediary who sells, solicits or negotiates insurance on behalf of a client for compensation. This entity is distinct from an insurance agent in that a broker typically acts on behalf of a client by negotiating with multiple insurers, while an agent represents one or more specific insurers under a contract.
  6. 16. An insure of last resort. This program provides home insurance coverage to homeowners in high-risk areas, whether that means their property is in a fire zone or along an earthquake fault line.
  7. 17. The cause of a possible loss. For example, fire, theft or hail.
  8. 18. A voluntary list of surplus lines insurers that the CDI has approved for use by surplus line brokers.
  9. 19. An acronym for a specialized type of insurance agent or broker who is authorized by an insurance carrier to transact insurance business and may have authority to bind the insurer, issue policies, appoint producers, arrange for reinsurance and provide other administrative support.
  10. 20. A licensed person or organization authorized to sell insurance by or on behalf of an insurance company.
Down
  1. 2. Certain causes and conditions listed in the policy that are not covered
  2. 3. This web-based application allows brokers to electronically submit their policy information to the SLA.
  3. 4. a list of insurance coverages and risks that the California Insurance Commissioner has determined are difficult or impossible to obtain in the standard market. The list allows these coverages to be exported to the surplus lines market without the need for a Diligent Search Report (SL-2) form.
  4. 5. A temporary or preliminary agreement that provides coverage until a policy can be written or delivered.
  5. 7. The amount of the loss that the insured is responsible to pay before benefits from the insurance company are payable.
  6. 9. An insurance company licensed or authorized to sell insurance to the public by the State Department of Insurance or insurance commissioner where it operates.
  7. 10. Often referred to as insurance for insurance companies, this type of insurance transfers risk to another company to reduce the likelihood of large payouts for a claim.
  8. 11. An estimate of the cost of insurance, based on information supplied to the insurance company by the applicant.
  9. 13. The process of selecting applicants for insurance and classifying them according to their degrees of insurability so that the appropriate premium rates may be charged. The process includes rejection of unacceptable risks.
  10. 14. The maximum amount a policy will pay either overall or under a particular coverage.