B1 - Insurance

20 words and phrases typically used in the insurance business.

actuary n. a person who calculates risks for insurance companies

assessor n. a person who calculates the value of something [eg: a

building, car etc]

claim n. an application for payment under an insurance policy - to

make a claim v.

comprehensive n. [of an insurance policy] all-inclusive; providing complete

protection

consequential loss n. a loss that happens as a consequence of or as a result of

another

cover UK n. the protection given by an insurance policy [eg: public liability

cover]

employer's liability n. liability or responsibility of a firm for damage caused to one of

its employees

goods in transit n. property, merchandise or any goods in the process of being

transported

insurance broker n. agent who arranges insurance; middleman between insurer &

policyholder

liability n. 1 the state of being liable 2 anything for which a person is

liable

liable adj. legally obliged to pay for damage, injury etc; responsible -

liability n.

loss n. death, injury, damage etc that is the basis for a claim - to

lose v. loss adjuster n. a person who assesses the amount of

compensation arising from a claim

policy n. a contract of insurance [eg: a product liability policy]

policyholder n. the person to whom an insurance policy is issued

premium n. a payment, usually monthly, yearly etc, for an insurance policy

product liability n. liability or responsibility of a firm for damage caused by one

of its products

public liability n. responsibility of a firm for damage caused to a member of the

public

reinsurance n. the insuring of risk by one insurance company with another -

to reinsure v.

risk n. 1 chance or possibility of injury, loss etc

2 person or thing causing risk