AA

en-noun

AA (countable and uncountable, plural AAs)

Appointed Actuaries (AAs) are entrusted with the responsibility of maintaining solvency position of the Company. […] However, the existing arrangements of AAs and Mentors not complying with these guidelines may continue till June 30.

2016 March 22, “Insurer can't transact new biz sans Appointed Actuaries: Irdai”, in Business Standard:

appointed actuary
appointed actuary#English

(insurance) Initialism of appointed actuary.


general

general (countable and uncountable, plural generals)

generals (plural)
General (alternative)
gen. (alternative)
gen (alternative)
Gen. (alternative)
Gen (alternative)
genl (alternative)
gen'l (alternative)
Genl (alternative)
Gen'l (alternative)
generall (alternative obsolete)

From Middle English general, in turn from Anglo-Norman general, generall, Middle French general, and their source, Latin generālis, from genus (“class, kind”) + -ālis (“-al”); thus morphologically parallel with, and a doublet of, generic.

I work in general.

(uncountable, insurance) The general insurance industry.


visit

From Middle English visiten, from Old French visiter, from Latin vīsitō, frequentative of vīsō (“behold, survey”), from videō (“see”). Cognate with Old Saxon wīsōn (“to visit, afflict”), archaic German weisen (“to visit, afflict”). Displaced native Old English sēċan (“to visit”) and sōcn (“a visit”).
The noun is from French visite or the verb. Doublet of visite.

(medicine, insurance) A meeting with a doctor at their surgery or the doctor's at one's home.


annuity

From French annuité, from Medieval Latin annuitās, from Latin annuus (“annual”). Cf. annuality.

(insurance, pensions) A right to receive amounts of money regularly over a certain fixed period, in perpetuity, or, especially, over the remaining life or lives of one or more beneficiaries.


TA

TA (countable and uncountable, plural TAs)

(uncountable, insurance) Initialism of term assurance.


capital

capital (countable and uncountable, plural capitals)

capitals (plural)
capitall (alternative obsolete)

From Middle English capital, borrowed partly from Old French capital and partly from Latin capitālis (“of the head”) (in sense “head of cattle”), from caput (“head”) (English cap) + -ālis (suffix forming adjectives). Use in trade and finance originated in Medieval economies when a common but expensive transaction involved trading heads of cattle. The noun is from the adjective.
Compare chattel and kith and kine (“all one’s possessions”), which also use “cow” to mean “property”.
Doublet of cattle and chattel.

[ˈkʰæp.ɪ.ɾɫ̩]

He does not have enough capital to start a business.

(uncountable, business, finance, insurance) Money and wealth. The means to acquire goods and services, especially in a non-barter system.


underwrite

en-verb

underwrite (third-person singular simple present underwrites, present participle underwriting, simple past underwrote or (archaic) underwrit, past participle underwritten or (archaic) underwrit)

underwrites (present singular third-person)
underwriting (participle present)
underwrote (past)
underwrit (archaic past)
underwritten (participle past)
underwrit (archaic participle past)

From Middle English underwriten, from Old English underwrītan (“to write at the foot of, write under, subscribe”). Compare Dutch onderschrijven (“to endorse”), German unterschreiben (“to sign; endorse”), Danish underskrive (“to sign; endorse”). By surface analysis, under- + write.

cog

The broker who procures the insurance […]ought not, by underwriting the policy, to deprive the parties of his unbiased testimony.

1810, Samuel Marshall, Of marine insurance:

(intransitive, insurance) To act as an underwriter.


upset

en-noun

upset (countable and uncountable, plural upsets)

From Middle English upset (“the act of setting up; establishment”), from Middle English upsetten, corresponding to up- + set. Cognate with Middle Low German upset (“setup; arrangement”).

cog

"collision and upset": impact with another object or an overturn for whatever reason.


benefit

en-noun

benefit (countable and uncountable, plural benefits)

benefits (plural)
benefite (alternative obsolete)

From Late Middle English benefytt, benefett, alteration (due to Latin bene-) of benfet, bienfet, bienfait (“good or noble deed”), from Anglo-Norman benfet (“well-done”), Middle French bienfait, from Old French bienfet, bienfait (“foredeal, favour”), from past participle of bienfaire (“to do good, do well”), from bien (“well”) + faire (“to do”), modelled after Latin benefactum (“good deed”). More at benefactor.

(insurance) A payment made in accordance with an insurance policy or a public assistance scheme.


cover

cover (countable and uncountable, plural covers)

→ Hijazi Arabic: كَڤَر (kavar)

→ Portuguese: cover

Etymology tree
Proto-Indo-European *ḱe-?
Proto-Indo-European *ḱóm
Proto-Italic *kom
Old Latin com
Latin cum
Latin con-
Proto-Indo-European *h₁epi
Proto-Indo-European *h₂wer-
Proto-Indo-European *-yeti
Latin operiō
Latin cooperiō
Old French covrirbor.
Middle English coveren
English cover
From Middle English coveren, borrowed from Old French covrir, cueuvrir (modern French couvrir), from Late Latin coperire, from Latin cooperiō (“I cover completely”), from co- (intensive prefix) + operiō (“I close, cover”). Displaced native Middle English thecchen and bethecchen (“to cover”) (from Old English þeccan, beþeccan (“to cover”)), Middle English helen, (over)helen, (for)helen (“to cover, conceal”) (from Old English helan (“to conceal, cover, hide”)), Middle English wrien, (be)wreon (“to cover”) (from Old English (be)wrēon (“to cover”)), Middle English hodren, hothren (“to cover up”) (from Low German hudren (“to cover up”)).
According to the Oxford English Dictionary, the original sense of the verb and noun cover was “hide from view” as in its cognate covert. Except in the limited sense of “cover again”, the word recover is unrelated and is cognate with recuperate. Cognate with Spanish cubrir (“to cover”).

cog

throw nickels around like manhole covers

(insurance) An insurance contract; coverage by an insurance contract.


life

en-noun

life (usually uncountable, plural lives)

lives (plural)
lyfe (alternative obsolete)

death

antonym(s) of “the state that precedes death”

From Middle English lyf, from Old English līf, from Proto-West Germanic *līb, from Proto-Germanic *lībą (“life, body”), from *lībaną (“to remain, stay, be left”), from Proto-Indo-European *leyp- (“to stick, glue”). Cognate with Scots life, leif (“life”), North Frisian liff (“life, limb, person, livelihood”), West Frisian liif (“belly, abdomen”), Dutch lijf (“body”) and leven (“life”), Low German Lief (“body; life-force; waist”), German Leib (“body; womb”) and Leben (“life”), Danish, Norwegian and Swedish liv (“life; waist”), Icelandic líf (“life”). Related to belive.
The sense "biography" is likely a semantic loan from Medieval Latin vīta (“biography; hagiography”).

semantic loan

живо́т m (živót) (archaic, poetic, now means "belly")

I work in life.

(uncountable, insurance) The life insurance industry.


float

From Middle English flote, from Old English flota (“sailor, boat”), from Proto-West Germanic *flotō, from Proto-Germanic *flutô, from Proto-Indo-European *plewd-.

We make a lot of interest from our nightly float.

(insurance) Premiums taken in but not yet paid out.

käteiskassa

insurance: premiums taken in but not yet paid out


w/o

(finance, insurance) Abbreviation of write off.


w/o

(finance, insurance) Abbreviation of write-off.


risk

en-noun

risk (countable and uncountable, plural risks)

risks (plural)
risque (alternative archaic)

From earlier risque, from Middle French risque, from Old Italian risco (“risk”) (modern Italian rischio) and rischiare (“to run into danger”). Displaced native Old English pleoh (“risk”) and plēon (“to risk”).
speculation on earlier roots
Most dictionaries consider the etymology of these Italian terms uncertain, but some suggest they perhaps come from Vulgar Latin *resecum (“that which cuts, rock, crag”) (> Medieval Latin resicu), from Latin resecō (“cut off, loose, curtail”, verb), in the sense of that which is a danger to boating or shipping; or from Ancient Greek ῥιζικόν (rhizikón, “root, radical, hazard”).
A few dictionaries express more certainty. Collins says the Italian risco comes from Ancient Greek ῥίζα (rhíza, “cliff”) due to the hazards of sailing along rocky coasts. The American Heritage says it probably comes from Byzantine Greek ῥιζικό, ριζικό (rhizikó, rizikó, “sustenance obtained by a soldier through his own initiative, fortune”), from Arabic رِزْق (rizq, “sustenance, that which God allots”), from Classical Syriac ܪܘܙܝܩܐ ,ܪܙܩܐ (rezqā, rōzīqā, “daily ration”), from Middle Persian [script needed] (rōčig), from Middle Persian [script needed] (rōč, “day”), from Old Persian [script needed] (*raučah-), from Proto-Indo-European *lewk-.
Cognate with Spanish riesgo, Portuguese risco

der

ῥιζικό, ριζικό

ܪܘܙܝܩܐ ,ܪܙܩܐ

(countable) A possible adverse event or outcome.

(insurance) A type of adverse event covered under an insurance policy.

(countable) A thing (from the perspective of how likely or unlikely it is to cause an adverse effect).

(insurance) An entity insured by an insurer.


ADD

Although not sought by QuesTech, the dismemberment portion of the policy was nonetheless issued as an integral part of Hartford’s standard ADD policy.

1989, West's Federal Supplement, volume 713, page 958:

ADD Insurance: Also known as Accidental Death and Dismemberment policy, […]

1989, David Frangiamore, How Insurance Companies Settle Cases, James Publishing, pages 4–110:

You represent that the ADD Plan was established in 1987 to provide accidental death and disemberment insurance to ALPA members and certain ALPA employees.

1993, Pension Plan Guide, Transfer Binder, Commerce Clearing House, page 871:

Life plus accidental death and dismemberment; disability income; in-hospital indemnity; major medical; ADD/250 high-limit coverage accidental loss of life, limbs, sight, speech, or hearing.

March, 1997, American Bar Association Journal, page 444

Accidental Death and Dismemberment (ADD)

1997, Philippine Financial Almanac, Ventures Unlimited, page 125:

We do not endorse a particular provider of ADD insurance.

2003, Program Director’s Handbook, volume 21 / 29, AmeriCorps, page 12

w:accidental death and dismemberment insurance

(insurance) Initialism of accidental death and dismemberment.


mortality

en-noun

mortality (countable and uncountable, plural mortalities)

From Old French mortalite, from Latin mortālitās, from mortālis (“relating to death”), from mors (“death”); equivalent to mortal + -ity.

In foundling hospitals, and among the children brought up by parish charities the mortality is still greater than among those of the common people.

1776 March 9, Adam Smith, chapter VIII, in An Inquiry into the Nature and Causes of the Wealth of Nations. […], volume I, London: […] W[illiam] Strahan; and T[homas] Cadell, […], →OCLC, book I (Of the Causes of Improvement in the Productive Powers of Labour, […]), page 97:

Some of the objects of enquiry would be […] what was the comparative mortality among the children of the most distressed part of the community, and those who lived rather more at their ease […]

1798, Thomas Malthus, chapter 2, in An Essay on the Principle of Population, London: J. Johnson, pages 32–33:

And, even in peace and at home, what was the sanitary condition of the Army? The mortality in the barracks was, she found, nearly double the mortality in civil life.

1918 May 9, Lytton Strachey, “[Florence Nightingale.] Chapter X”, in Eminent Victorians: Cardinal Manning, Florence Nightingale, Dr. Arnold, General Gordon (Library of English Literature; LEL 11347), London: Chatto & Windus, →OCLC, page 146:

[…] a drought year brought conditions especially favorable to the beetle and the mortality of elms went up 1000 per cent.

1962, Rachel Carson, chapter 8, in Silent Spring, Boston: Houghton Mifflin, page 114:

By studying mortality rates and pollution statistics in 90 Chinese cities, researchers from the Massachusetts Institute of Technology, Israel and China discovered that air pollution from burning coal in north China, defined as above the Huai River, with a population of around 500 million people, was 55% higher than in the south.

2013 July 9, Calum MacLeod, “In China, air pollution report brings despair, humor”, in USA Today, →ISSN, →OCLC, archived from the original on 2013-07-10:

The number of deaths; and, usually and especially, the number of deaths per time unit (usually per year), expressed as a rate.

(biology, ecology, demography, insurance) The number of deaths per given unit of population over a given period of time.


rider

[ˈɹ̠aɪdə(ɹ̠)]

/ˈɹɑɪ.də(ɹ)/

[ˈɹ̠ʷɑe̯də(ɹʷ)]

[ˈɹ̠aɪɾ(ə)ɹ̠]

[ˈɹ̠əjɾ(ə)ɹ̠]

writer (with flapping but without Canadian raising)

From Middle English ryder, ridere, from Late Old English rīdere (“rider, knight”). Compare Dutch rijder, German Reiter. By surface analysis, ride + -er.

kalorës

one who rides — see also cyclist, driver

допълни́телна кла́уза

politics: additional provision annexed to a bill

дополне́ние

к докуме́нту

(insurance) An add-on to an insurance policy.

An addition, supplement.
An add-on to an insurance policy.

lisäetu

additional benefit attached to an insurance contract


peril

peril (countable and uncountable, plural perils)

From Middle English peril, from Old French peril, from Latin perīculum. Doublet of periculum.

(insurance) An event which causes a loss, or the risk of a specific such event.


surrender

en-verb

surrender (third-person singular simple present surrenders, present participle surrendering, simple past and past participle surrendered)

surrenders (present singular third-person)
surrendering (participle present)
surrendered (participle past)
surrendered (past)
surrendre (alternative)

Etymology tree
Middle English surrendren
English surrender
From Middle English surrendren, from Old French surrendre, from sur- + rendre (“render”). Displaced native Old English on hand gān.

etymon

(transitive, insurance) For a policyholder, to voluntarily terminate an insurance contract before the end of its term, usually with the expectation of receiving a surrender value.


reserve

en-noun

reserve (countable and uncountable, plural reserves)

From Old French reserver, from Latin reservō (“to reserve, retain”).

اِحْتِيَاط

that which is reserved or kept back, as for future use

рэзерва́цыя

tract of land reserved for Aboriginal people

That which is reserved or kept back, as for future use.

(finance, insurance) Funds kept on hand to meet planned or unplanned financial requirements.


commute

en-verb

commute (third-person singular simple present commutes, present participle commuting, simple past and past participle commuted)

commutes (present singular third-person)
commuting (participle present)
commuted (participle past)
commuted (past)

заменям

to put or substitute something else in place of

To exchange substantially; to abate but not abolish completely, a penalty, obligation, or payment in return for a great, single thing or an aggregate; to cash in; to lessen

(transitive, insurance, pensions) To pay out the lumpsum present value of an annuity, instead of paying in instalments; to cash in; to encash

maksaa kerralla

finance: to pay out the lump-sum present value


morbidity

en-noun

morbidity (countable and uncountable, plural morbidities)

LL-Q1860 (eng)-Flame, not lame-morbidity.wav

Recorded since 1721; from morbid + -ity, from Latin morbidus (“diseased”), from morbus (“disease”), from the root of morī (“to die”) or from Proto-Indo-European *mer- (“to rub, pound, wear away”).

xəstəlik

quality of being unhealthful or diseased

(demography, insurance) The sickness rate of a population.


entry

en-noun

entry (countable and uncountable, plural entries)

exit

antonym(s) of “doorway that provides a means of entering a building”

Inherited from Middle English entre, from Old French entree (feminine past participle of the verb entrer, Modern French entrée). From Latin intrō. Doublet of entrada and entrée.

(insurance) The start of an insurance contract.


tranche

Unadapted borrowing from French tranche, form of trancher (“to cut, to slice”), from Old French trenchier (“cut, make a cut”), possibly from Vulgar Latin *trinicāre (“cut in three parts”). Doublet of traunch and trench.

der

(insurance) A distinct subdivision of a single policyholder's benefits, typically relating to separate premium increments.


protection

en-noun

protection (countable and uncountable, plural protections)

/pɹəˈtɛkʃən/

From Middle English, from Old French, from stem of Late Latin prōtectiō (“a covering over”), from Latin prōtēctus, perfect passive participle of prōtegere (“to protect, cover in front”). Displaced native Old English ġesċildnes.


premium

premiums (plural)
premia (plural)
præmium (alternative)

(Of course, if an insured dies during the grace period, the unpaid annual premium or instalment thereof is past due and therefore is deducted from the death benefit.)

1951, State Farm Life Insurance Company, Life Agents Handbook, page 62:

Notice that these premia would exist even in a world of risk-neutral lenders if there were identifiable classes of nonrepaying borrowers.

1986, Michael P. Claudon, World Debt Crisis: International Lending on Trial, page 184:

When a process of proverse selection has run its course, a disproportionate number of high-risk insureds will remain in the former classification, which will prompt an increase in the premiums charged in order to cover the higher losses.

1999, Missouri Law Review, volume 64, page 770:

(insurance) The amount to be paid for an insurance policy.

премия

the amount to be paid for an insurance policy


mutual

mutuals (plural)
mut. (alternative)
mutuall (alternative)

Borrowed from Middle French mutuel, from Latin mūtuus.

(business, finance, insurance) A mutual organization.


excess

en-noun

excess (countable and uncountable, plural excesses)

From Middle English exces (“excess, ecstasy”), from Old French exces, from Latin excessus (“a going out, loss of self-possession”), from excedere, excessum (“to go out, go beyond”). See exceed.

der

(British, insurance) A condition on an insurance policy by which the insured pays for a part of the claim.


catastrophe

en-noun

catastrophe (countable and uncountable, plural catastrophes)

catastrophes (plural)
catastrophë (alternative archaic)

From Ancient Greek καταστροφή (katastrophḗ), from καταστρέφω (katastréphō, “I overturn”), from κατά (katá, “down, against”) + στρέφω (stréphō, “I turn”).

(insurance) A disaster beyond expectations.


maturity

maturity (countable and uncountable, plural maturities)

/məˈt͡ʃʊəɹəti/

/məˈtʊəɹəti/

[məˈt͡ʃɝ.ɪ.ɾi]

From Middle English maturitee, maturyte, from Old French maturité, from Latin mātūritātem. By surface analysis, mature + -ity.

(countable, finance, insurance) The state of a debt obligation at the end of the term of maturation thereof, once all interest and any applicable fees have accrued to the principal.

The note was cashed at maturity.

(countable, finance, insurance) Date when payment is due.


valuation

valuation (countable and uncountable, plural valuations)

From Middle French valuation, noun of action from valuer, from Old French valoir.

The tax assessor put them in fourteen valuation groups ranging from one two-story brick house and two one-and-a-half-story houses to the largest groups of eighteen two-story houses and twenty-four one-story bungalows.

1993, Historic American Building Survey, Town of Clayburg: Refractories Company Town, National Park Service, page 4

Reddit's (RDDT.N) initial public offering is currently between four and five times oversubscribed, people familiar with the matter said on Sunday, making it more likely the social media platform will attain the $6.5 billion valuation it seeks.

2024 March 17, Echo Wang, “Exclusive: Reddit's IPO as much as five times oversubscribed, sources say”, in Reuters:

(finance, insurance) The process of estimating the value of a financial asset or liability.


overlap

From over- + lap.
Cognate with Dutch overlap.

(insurance, pensions) The payment of a spouse's or other dependant's annuity benefits concurrently with the member's benefits, on death of the member during the guarantee period.


bancassurance

(insurance) A banking and insurance structure in which insurance is sold through the bank or the bank's distribution channels.


insurance policy

insurance policy (plural insurance policies)

(insurance) A legal document outlining a particular insurance cover for an insured entity for a given risk.


underwriter

(insurance) A person working for an insurance company who arranges and authorizes an insurance policy with a broker or insured.


warranty

warranty (countable and uncountable, plural warranties)

From Middle English warantye, warantie, from Anglo-Norman warrantie, an Old Northern French variant of Old French guarantie (Modern French garantie). Doublet of guarantee and guaranty. More at warrant.

(countable, insurance law) A stipulation of an insurance policy made by an insuree, guaranteeing that the facts of the policy are true and the insurance risk is as stated, which if not fulfilled renders the policy void.

אחראיות יצרן

insurance law: a stipulation of an insurance policy made by an insuree, guaranteeing that the facts of the policy are true and the insurance risk is as stated


floater

From float + -er (suffix forming agent nouns).

kelluja

person who physically floats in a gas or liquid

paikanvaihtaja

person without a fixed or lasting affiliation, position, or role

kelluva esine

thing which physically floats in a gas or liquid

leijuri

(figurative) A thing which moves from place to place, as if floating.

(insurance) An insurance policy covering movable property at more than one location or which may be in transit.

kuljetettavaa irtainta suojaava vakuutus


indemnity

en-noun

indemnity (countable and uncountable, plural indemnities)

From late Middle English indempnite, from Middle French indemnité, from Late Latin indemnitās (“security from damage”), from Latin indemnis (“undamaged”), from in- (“not”) + damnum (“damage”).

der

(insurance) A principle of insurance which provides that when a loss occurs, the insured should be restored to the approximate financial condition occupied before the loss occurred, no better, no worse.


assurance

en-noun

assurance (countable and uncountable, plural assurances)

assurances (plural)
assuraunce (alternative obsolete)

From Middle English assuraunce, from Old French asseürance, from asseürer; as if assure + -ance.

(insurance) Insurance; a contract for the payment of a sum on occasion of a certain event, as loss or death. Assurance is used in relation to life contingencies, and insurance in relation to other contingencies. It is called temporary assurance, in the time within which the contingent event must happen is limited.


deductible

In a tweet, [Donald Trump] said that the deductibles are in many cases way over $7,000, which makes the coverage worthless or unusable. […] Family bronze plans have an average deductible of just under $12,200 and an average out-of-pocket maximum of nearly $14,000.

2019 April 1, Tami Luhby, “Fact Check: Are Obamacare’s deductibles more than $7,000?”, in CNN:

(US, insurance) An amount of expenses that must be paid out of pocket before an insurer will pay further expenses.


donut hole

donut holes (plural)
doughnut hole (alternative)

Very few younger Americans have probably ever heard of the “donut hole” in Medicare's prescription drug program, but if you're on Medicare and need expensive drugs it's likely you have.

2012, Nick Tate, ObamaCare Survival Guide: The Affordable Care Act and What It Means for You and Your Healthcare, page 138:

(US, insurance, welfare, slang) An income bracket where one is without benefits, even though benefits are available in the next lower and next higher brackets.


AD&D

AD&D (countable and uncountable, plural AD&Ds)

This chapter covers additional risk benefit programs often provided to employees, including the following: […] Group accidental death and dismemberment plans (AD&Ds)

2014, Bashker Biswas, Employee Benefits Design and Planning, page 109:

(insurance, countable) Initialism of accidental death and dismemberment.


tontine

From French tontine, named after Lorenzo de Tonti, who introduced the scheme into France in around 1653. Can be decomposed as Tonti + -ine.

When Joseph Finsbury and his brother Masterman were little lads in white-frilled trousers, their father—a well-to-do merchant in Cheapside—caused them to join a small but rich tontine of seven-and-thirty lives.

1889, Robert Louis Stevenson, Lloyd Osbourne, chapter 1, in The Wrong Box:

There were many speculative schemes which gambled on the expectation of an individual's life, as in the tontine system, whereby all the group's contributions went to the last survivor.

1971, Keith Thomas, Religion and the Decline of Magic, Folio Society, published 2012, page 634:

They were pleasantly high, but in an almost self-conscious way, as if they were members of a tontine blessed by the unexpected death of two or three of its members.

2000, JG Ballard, Super-Cannes, Fourth Estate, published 2011, page 237:

(finance, insurance) A form of investment in which, on the death of an investor, his share is divided amongst the other investors.


reinsurance

reinsurance (countable and uncountable, plural reinsurances)

Catastrophe modeling firm AIR Worldwide (AIR) today announced that Sompo International, a global specialty provider of property and casualty insurance and reinsurance, is leveraging AIR's casualty analytics platform, Arium, to better understand and quantify its liability and loss potential across multiple commercial liability lines of business.

2019 June 19, “Sompo International to Leverage AIR's Innovative Casualty Analytics Solution for Multi-Line Risk Analysis”, in CNN Money:

(business, insurance) Insurance purchased by insurance companies that spreads the risk associated with selling insurance around so the danger of one large monetary loss is minimized.

إِعَادَةُ تَأْمِين

insurance purchased by insurance companies


retention

retention (countable and uncountable, plural retentions)

From Middle English retencioun, borrowed from Latin retentiō, retentiōnis, from retentus, the perfect passive participle of retineō (“retain”) (from re- (“back, again”) + teneō (“hold, keep”)).

(insurance) The portion of a potential damage that must be paid for by the holder of an insurance policy.

selvrisiko

portion of any potiential damage that must be paid for by the holder of an insurance policy


endowment

endowment (countable and uncountable, plural endowments)

endowments (plural)
indowment (alternative)

From Middle English endowement; equivalent to endow + -ment.

(insurance) Endowment assurance or pure endowment.


DTA

decreasing term assurance
decreasing term assurance#English

(insurance) Initialism of decreasing term assurance.


top-up

top-up (countable and uncountable, plural top-ups)

(insurance) An additional premium paid over the initial premium in order to increase benefit values.


beneficiary

From Latin beneficiarius (“enjoying a favor, granted a privilege”) from beneficium (“benefit”), perhaps via or influenced by French bénéficiaire (“beneficiary”). Indirectly, by way of the etymology of the Latin word beneficium, the English word beneficiary ultimately has the same origin as the English word benefactor, its near antonym.

der

(insurance) One who benefits from the payout of an insurance policy.

受益人

one who benefits from the payout of an insurance policy


prior knowledge

All our policies require a declaration of no prior knowledge as a matter of routine.

(insurance law) Prior to the inception of an insurance policy, knowledge of specific extant circumstances that could reasonably give rise to a claim under that policy.


insured

(insurance) The person or persons whose interests are protected by an insurance policy.

被保險人 /被保险人

Person(s) whose interests are protected by an insurance policy


reassurance

en-noun

reassurance (countable and uncountable, plural reassurances)

reassurances (plural)
re-assurance (alternative)


policyholder

(insurance) The party to an insurance contract who transfers a risk to an insurer.


insurer

insurers (plural)
ensurer (alternative obsolete)

After the accident I contacted the insurer who paid for the repairs.

Federal law mandates that at least one nongroup insurer in your state must provide coverage to everyone, regardless of health issues.

2009 March 7, Walecia Konrad, “Hanging On to Health Coverage, if the Job Goes Away”, in The New York Times:

Investors face a quandary. Cash offers a return of virtually zero in many developed countries; government-bond yields may have risen in recent weeks but they are still unattractive. Equities have suffered two big bear markets since 2000 and are wobbling again. It is hardly surprising that pension funds, insurers and endowments are searching for new sources of return.

2013 July 6, “The rise of smart beta”, in The Economist, volume 408, number 8843, page 68:


risk equalisation

(health insurance) A process that attempts to overcome differences in insurers’ costs due to differing levels of health among members of competing insurance companies.


external risk

external risk (countable and uncountable, plural external risks)

(insurance) Risks that are produced by a non-human source and are beyond human control. They are unexpected but happen regularly enough in a general population to be broadly predictable. Good examples of external risks are natural disasters such as earthquakes and volcanoes.


material fact

(law, insurance law) A fact that might alter an insurer's decision to agree to provide insurance to a person or alter the terms and conditions or the rate of premium on a policy.


lifie

2003, Australian Broadcasting Commission, Four Corners program, The Super Chargers, 18 February
Many of the industry's bad habits seem to have been inherited from the financial planners' predecessors - the 'lifies', as they were known.

(Australia, insurance, informal) A life insurance salesman or saleswoman.


in force

Some of the old laws against treason are no longer in force.


total loss

Dutch: total loss

Hebrew: טוטל לוס (totál los)

The ship was declared a constructive total loss.

Intelligence has been received at Hong Kong of the total loss of the ship Libelle while on a voyage to that port from San Francisco, having on board a valuable cargo and specie to the extent of £76,000 in dollars, and a number of passengers, among whom were Madame Anna Bishop, Miss Phelan, Mr. M. Schrutz, and Mr. Charles Lascelles, of the English Opera Company, who, with other artists, were on a musical tour. The ship was cast away on the night of the 4th of March, on an uninhabited and dangerous reef called Wake Island, in the China Seas.

1866 August 18, “LAST NEWS OF ANNA BISHOP”, in The Musical World, volume 44, number 33, London, →OCLC, page 521:

(insurance) An insured item that is written off when it is beyond repair, or when the cost of repair exceeds the insured value.


D&O

(insurance) Abbreviation of directors and officers.


E&O

(insurance) Errors and omissions insurance.


recognized component

recognized component (plural recognized components)

By themselves, recognized components are not to be field-installed. They are intended for use in end-use products or systems that would ultimately be tested and listed […]

2004, Ray C. Mullin, Electrical Wiring Residential: Based on the 2005 National Electric Code, →ISBN, page 19:

(US, insurance, business) An item to be used as a subcomponent and tested for safety by Underwriters Laboratories ("UL"); the item will have a special trademark of UL.


CIC

critical illness
critical illness#English

(insurance) Initialism of critical illness cover.


ACV

ACV (countable and uncountable, plural ACVs)

actual cash value
actual cash value#English

(insurance) Initialism of actual cash value.


counterparty

counterparties (plural)
counter-party (alternative)

(finance, insurance, law) The other party to a financial transaction.


pet insurance

A piece of my dog's plastic chew toy broke off and he swallowed it, requiring surgery to remove it. The procedure was very expensive, but fortunately I had pet insurance.


LTA

LTA (countable and uncountable, plural LTAs)

level term assurance
level term assurance#English

(insurance) Initialism of level term assurance.


microinsurance

(insurance) A type of microfinancial service aimed at low-income people and communities, and typified by low premiums and coverage limits


microinsurer

From micro- + insurer, by analogy with microinsurance.

(insurance) An insurer providing microinsurance, small low-cost policies aimed at underserved groups


bondable

en-adj

bondable (comparative more bondable, superlative most bondable)

more bondable (comparative)
most bondable (superlative)

(insurance) suitable for having one's current or future employment insured by a fidelity bond


moral hazard

en-noun

moral hazard (usually uncountable, plural moral hazards)

And what about moral hazard—or concern that protecting the system, however errant the behaviour of certain bankers, will encourage more folly in the future?

2008 October 4, William Keegan, “Moral hazard? It's just another danger along the capitalist way”, in The Guardian, →ISSN:

I go to a lot of pro-market think tank events where one speaker or another blames the financial crisis and the current recession on moral hazard, as well as basically everything else that has gone wrong in the last sixty years. I'm afraid I don't see it.

2009 December 18, Megan McArdle, “How Big a Problem is Moral Hazard?”, in The Atlantic:

Pyne said the uncapped scheme introduced a “moral hazard” because it encouraged employers and workers to agree to overgenerous redundancy entitlements, knowing taxpayers would foot the bill if the company failed.

2014 September 4, Lenore Taylor, quoting Christopher Pyne, “Capping redundancy payments fixes 'moral hazard', says Christopher Pyne”, in The Guardian, →ISSN:

(economics, insurance) The prospect that a party insulated from risk may behave differently from the way it would behave if it were fully exposed to the risk.


adverse selection

It is adverse selection that leads US workers who anticipate high family medical expenditure to seek employers with superior health insurance coverage for their employees.

The large number of "lemons" in the used-car market is the result of adverse selection.

(economics, business, insurance) The process by which the price and quantity of goods or services in a given market is altered due to one party having information that the other party cannot have at reasonable cost.


nonlife

The Dutch insurance industry has received a negative outlook from Moody's Investors Service Ltd. in London, reflecting in part concerns over unit-linked contracts and the absence of growth opportunities in the nonlife segment, according to a report released Thursday by the rating agency.

(insurance) Relating to types of insurance which are not life insurance


trailing commission

trailing commission (countable and uncountable, plural trailing commissions)

(insurance, superannuation) Commission paid to the broker on the cost of policy renewal or ongoing contributions.


TDP

TDP (countable and uncountable, plural TDPs)

(insurance) Initialism of total and permanent disability.


paid-up

(insurance) Of an insurance policy, still in force but with the policyholder no longer paying any premiums (typically resulting in a reduced sum assured).


superbill

LL-Q1860 (eng)-Flame, not lame-superbill.wav

Medical offices may store superbills for record-keeping purposes, in case they need to be referenced in the future. A good example may be tracking a procedure that did not get posted because it was missed on the superbill at the time charges were entered.

2012, Cindy Correa, Getting Started in the Computerized Medical Office, page 228:

(healthcare, insurance) A detailed invoice listing medical treatments and their prices.


semitontine

(insurance, attributive) A form of tontine insurance in which the surplus is divided among the holders of policies in force at the termination of the tontine period, but the reverse for the paid-up value is paid on lapsed policies, and on the policies of those that have died the face value is paid.


diminished value

Damages are awarded for defects and omissions in the performance of construction contracts giving the damaged party what was contracted for or its equivalent. [references] The primary measure of defect damages is the cost of either correcting the defect or supplying the omission. This is known as the cost-of-correction rule. [references] This measure will be applied even though it may cost somewhat more to correct the defects than to have constructed the improvement to real property properly in the first place. Nevertheless the diminished value rule will be applied instead if correcting the defect or supplying the omission involves unreasonable economic waste because the cost of correction is materially disproportionate to the increased value that it would produce. The recovery for diminished value is the difference between the value the improvement would have had if properly constructed and the value as actually constructed. If, after construction defects have been corrected, the building still does not have the value it would have had if it had been constructed properly, the property owner may be able to recover both the cost-of-correction and the remaining diminished value.

2009, Carl J. Circo with Christopher H. Little, A State-by-state Guide to Construction & Design Law, Chicago: American Bar Association, →ISBN, page 1129:

Most automobile insurance policies, however, exclude coverage for diminished value.

2014, Meir Liraz, Cheap Car Insurance: How to Slash Your Auto Insurance Costs and Get Cheap Quotes, Liraz Publishing, →ISBN:

In assessing the income of the company for taxation the Commissioner allowed the claim for deduction for the actual cost of repairs and renewals, but did not allow any claim for diminished value.

1905, In re the Income Tax Cases, Hydraulics Company Case, in Supreme Court of Victoria (Australia), The Victorian Law Reports, p. 186

(law, insurance) A compensable loss in a property item's value after having been damaged and subsequently repaired or, in the case of a construction, having been constructed improperly or not according to contract.


actuarial science

In actuarial science alone the theory^([of generalized linear models]) has been used to model problems dealing with premium rating, mortality, multiple state models and claims reserving.

2007, Philip J. Boland, Statistical and Probabilistic Methods in Actuarial Science, Taylor & Francis (CRC Press: Chapman & Hall), page 221:

The use of Bayesian concepts and techniques in actuarial science dates back to Whitney (1918) who laid the foundations for what is now called empirical Bayes credibility.

2014, Luis Nieto-Barajas, Enrique de Alba, “14: Bayesian Regression Models”, in Edward W. Frees, Richard A. Derrig, Glenn Meyers, editors, Predictive Modeling Applications in Actuarial Science: Volume 1, Cambridge University Press, page 334:

This book aims to provide a broad introduction to computational aspects of actuarial science in the R environment. We assume that the reader is either learning or is familiar with actuarial science.

2015, Arthur Charpentier, Computational Actuarial Science with R, Taylor & Francis (CRC Press: Chapman & Hall), page xvii:

(applied mathematics, insurance, finance) The discipline within applied mathematics dealing with risk assessment and the modelling of uncertainty; the rigorous application of mathematical and statistical methods to assess risk, in industries including insurance and finance.

精算

discipline within applied mathematics dealing with risk assessment; practice of applying mathematical and statistical methods to assess risk


multiperil

As climate risks increase, multiperil insurance is slowly creeping into the toolbox and the white paper provides $29.9m for farm insurance advice and risk assessments for products like multiperil.

2015 July 7, Gabrielle Chan, “Dams, drought, deposits: a guide to Barnaby Joyce's agriculture white paper”, in The Guardian:

(insurance) Providing cover in the event of multiple circumstances.


multicover

multicover (countable and uncountable, plural multicovers)

After completing the largest of the simplification projects—the multicover policy—the task force advised the company on overall policy for about another year.

1984, Office of Consumer Affairs, U.S. Department of Commerce, How Plain English Works for Business, page 76:

(insurance) An insurance plan brokered by a single agent that includes multiple underlying sub-policies.


endowment assurance

endowment assurance (plural endowment assurances)

(insurance) A form of life insurance paying a lump sum to the policyholder on survival to a fixed date, or to the estate or beneficiaries if the policyholder dies before that date.


pure endowment

(insurance) A form of life insurance paying a lump sum to the policyholder on survival to a fixed date, with no payment if the policyholder dies before that date.


general insurance

general insurance (usually uncountable, plural general insurances)

(insurance) A form of insurance that is not contingent on the death or survival of a person. Sometimes excludes health insurance as well. Common personal forms include car insurance, home insurance, and travel insurance, alongside a range of commercial types of insurance.


surrender value

surrender value (plural surrender values)

(insurance) A final payout made by a life insurer to a policyholder, on the event of the policyholder surrendering their insurance contract.


life insurer

(insurance) An insurance company that provides life insurance policies.


general insurer

general insurer (plural general insurers)

(insurance) An insurance company that provides general insurance policies.


life assured

The life assured is a 30-year-old female non-smoker.

This contract has two lives assured.

(insurance) A person whose life is insured under a life insurance policy.


single life

A single life term assurance contract.

(insurance) Describing a life insurance policy that insures a single individual's life.


single life

He's a single life, 35 years old.

(insurance) The life assured under a single life contract.


joint life

A joint life endowment assurance contract.

(insurance) Describing a life insurance policy that insures two individuals' lives, payable either on a first death or last survivor basis.


joint life

There are joint lives, male and female.

(insurance) A life assured under a joint life contract.


first death

a joint life first death term assurance contract

(insurance) Describing a joint life insurance policy that pays out (and then terminates) in the event that either of the lives assured die.


last survivor

A joint life last survivor term assurance contract.

(insurance) Describing a joint life insurance policy that pays out in the event that both of the lives assured have died (not necessarily at the same time).


second death

A joint life second death term assurance contract.


term assurance

(insurance) Life insurance that pays out a lump sum benefit on the death of the life assured within the term of the policy, and nothing on survival to the end of the term.


decreasing term assurance

(insurance) Term assurance with a sum assured that decreases over the term of the contract.


level term assurance

(insurance) Term assurance with a sum assured that remains level over the term of the contract.


increasing term assurance

(insurance) Term assurance with a sum assured that increases over the term of the contract.


sum assured

(insurance) The amount of benefit that an insurance contract pays out to a beneficiary on the occurrence of a contingent insured event.


critical illness

(insurance) Insurance that pays out a lump sum benefit on the diagnosis of a serious (life-threatening) illness in the life assured within the term of the policy, and nothing on death or healthy survival to the end of the term.


accelerated critical illness

accelerated critical illness (uncountable)

On the assumption that any illness covered by the critical illness portion of the insurance is potentially terminal, this is equivalent to a term assurance contract whose benefit payment is brought forward (accelerated) to the point of diagnosis of terminal illness, rather than waiting for actual death.

(insurance) Insurance that pays out a lump sum benefit on either the death or diagnosis of a serious (life-threatening) illness in the life assured within the term of the policy, and nothing on healthy survival to the end of the term.


key person insurance

(business, insurance) An insurance policy taken out by a business to compensate that business for financial losses that would arise from the death or extended incapacity of an important member of the business.


LAUTRO

(British, finance, insurance) Abbreviation of Life Assurance and Unit Trust Regulatory Organisation.


PRA

The FSA believed in ‘market discipline’ and failed to get its message across. The PRA will be different, its boss promises[.]

2011 May 19, Jill Treanor, “Spotlight falls on City watchdog Sants”, in The Guardian, →ISSN:

w:Prudential Regulation Authority (United Kingdom)

(British, finance, insurance) Initialism of Prudential Regulation Authority.


IFoA

Institute and Faculty of Actuaries
w:Institute and Faculty of Actuaries

(British, insurance, pensions) Abbreviation of Institute and Faculty of Actuaries.


IBNR

(insurance) Initialism of incurred but not reported, referring to insurance claims for events that have occurred, but for which the insured party has not yet notified the insurer.


satisfaction note

satisfaction note (plural satisfaction notes)

The same result was reached in Brown & Davis Ltd v Galbraith, and it was held to be irrelevant to the outcome that the assured had signed a satisfaction note confirming the suitability of the repairs […]

2004, Robert M. Merkin, Jeremy Stuart-Smith, The Law of Motor Insurance, page 182:

The repairer is paid on receipt of the final bill and a satisfaction note from the insured.

2008, Shashidharan K. Kutty, Managing Life Insurance:

(insurance) A document in which the claimant confirms that the insurer-funded repairs to his/her vehicle are satisfactory.


NCD

(insurance) Initialism of no-claims discount.


whole-life

(insurance) Relating to life insurance cover that does not expire after a fixed term but rather lasts until the covered person's death.


ESG

ESG (countable and uncountable, plural ESGs)

economic scenario generator
economic scenario generator#English

(insurance, countable) Initialism of economic scenario generator.


no claims bonus

no claims bonus (plural no claims bonuses)

(insurance) a discount given to a policyholder, usually for a vehicle, because they have not made any claims over a certain period of time.


U&C

U&C: $80.00

(medicine, insurance) Abbreviation of usual and customary (price); the retail price if not covered by insurance.


economic scenario generator

economic scenario generator (plural economic scenario generators)

economic scenario generators (plural)
ESG (alternative)

Economic scenario generators (ESGs) have been used for years by insurance company asset liability management; now, there are compelling reasons to use economic scenario generators (ESG) with crisis scenarios for many kinds of asset management.

2015, Arnaud Clément-Grandcourt, Hervé Fraysse, “Introduction”, in Hazardous Forecasts and Crisis Scenario Generator, ISTE Press, →ISBN, page ix-x:

Both asset and ALM models are to be run in a stochastic mode, which in turn requires having an additional sub-model generating the required scenarios, i.e. the economic scenario generator (ESG).

2016, Jean-Paul Felix, “Cash Flow Projection Models”, in Jean-Paul Laurent, Ragnar Norberg, Frédéric Planchet, editors, Modelling in Life Insurance - a Management Perspective, Springer, →DOI, →ISBN, →ISSN, page 66:

Most economic scenario generators would include modeling economic variables such as government bond yield rates, corporate bond yield rates, equity returns, inflation rates, foreign exchange rates, etc. While many models used in the industry for interest rates and equity rates can be more sophisticated than those introduced in this book, readers can already develop a simple economic scenario generator based on simulation methods developed in this chapter.

2018, Runhuan Feng, chapter 3, in An Introduction to Computational Risk Management of Equity-Linked Insurance (CRC Financial Mathematics Series), CRC Press, →ISBN, section 3.4:

(insurance) A software tool that creates a set of economic assumptions (such as interest rates, inflation rates, investment returns) for use in a stochastic model.


hard market

Property-liability insurance markets have been characterized historically by “soft” markets, in which prices are stable or falling and coverage is readily available, followed by “hard” markets, in which prices rise rapidly and availability declines.

2000, Scott Harrington, Patricia Danzon, “The Economics of Liability Insurance”, in Georges Dionne, editor, Handbook of Insurance, Springer Science+Business Media, →DOI, →ISBN, page 296:

A possible explanation for this difference is that under the variations-from-bureau rates-without-prior-approval regime, the regulatory agency continues to hold rates down during a hard market but allows the insurer to increase rates relative to pure administered pricing during the soft phase of the cycle.

2001, Terry Thomason, Timothy P. Schmidle, John F. Burton, Jr., chapter 7, in Workers’ Compensation: Benefits, Costs, and Safety under Alternative Insurance Arrangements, W.E. Upjohn Institute for Employment Research, page 216:

Insurers are reluctant to pay out retained earnings during soft markets because of the difficulty of raising capital again when the market enters the next hard market phase, leading to excess capcaity and downward pressure on prices.

2009, J. David Cummins, Olivier Mahul, “Appendix 8: Review of the Catastrophe Reinsurance Market”, in Catastrophe Risk Financing in Developing Countries: Principles for Public Intervention, The World Bank, →DOI, →ISBN, page 195:

(insurance) An economic environment in which insurers raise their prices.


soft market

Underwriters who had already submitted their quotes at soft market prices wondered if it would be necessary to abide by those low quotes.

2015, Paula Jarzabkowski, Rebecca Bednarek, Paul Spee, “Chapter 2: United We Stand, Divded We Fall: Bearing Risk Collectively”, in Making a Market for Acts of God: The pratice of risk-trading in the global reinsurance industry, Oxford University Press, →ISBN, →LCCN, page 28:

(insurance) An economic environment in which insurers lower their prices.


risk profile

The process involves determining the amount of acceptable project risk, the financial capability of the investing organization, and the risk profile of each investment in its portfolio.

1992, SME Mining Engineering Handbook, page 99:

This is because interests on deposits are fixed regardless of the risk profile of the assets they support.

1999, Kyung Ho Lee, Securitisation and Its Impact on Banking Business, page 74:

Interest rate swaps do not change the amount or type of debt outstanding, but they do affect the issuer's debt portfolio and risk profile.

1999, American Institute of Certified Public Accountants. Health Care Committee, American Institute of Certified Public Accountants. Health Care Audit Guide Task Force, Health Care Organizations, page 298:

One summary measure of the Bank's risk profile is the ratio of balance sheet equity to outstanding net loans, which is closely managed in line with the Bank's financial and risk outlook.

2004, The World Bank Annual Report, page 63:

(finance, insurance) The amount of risk that is involved in an investment.

However, in order to deal with risks which may fluctuate over a wide range of losses and a correspondingly wide range of frequencies of occurrence, a preferred method of presentation is the risk profile. As discussed earlier, a risk profile is a graphical display of risk identifying the distribution of probability with which various levels of unwanted impacts would be exceeded.

1980, An Assessment of the Risk Arising from Electrical Effects Associated with the Release of Carbon Fibers from General Aviation Aircraft Fires, page 9:

Risk profile curves are used to demonstrate these various risk scenarios.

1993, Safety Engineering and Risk Analysis, page 11:

The risk profile shows the changes in the value of the bank with respect to changes in in- terest rates for a given asset-liability structure.

1998, Charles Smithson, Managing Financial Risk, page 579:

(finance, insurance) A chart showing profits and losses associated with an asset.


insurance agent

insurance agent (plural insurance agents)

(insurance) A person or company that sells insurance.


solvency margin

solvency margin (plural solvency margins)

(insurance, accounting) The amount of money that remains after subtracting any debts owing.


loss ratio

(insurance) The ratio of total losses incurred (paid and reserved) in claims plus adjustment expenses divided by the total premiums earned.


accommodation line

accommodation line (plural accommodation lines)

He cited low rates on dwellings, long credit to agents, blanket policies, accommodation lines on notoriously poor risks, and rebates to the assured as among the crying evils which could not be reformed on account of the opposition of a few obstinate underwriters.

1893, The Insurance Times, volume 26, page 623:

From your own experience if possible give examples of how the granting of accommodation lines can be included in underwriting guidelines.

2010, Keith Purvis, English Insurance Texts: Words for the week, page 133:

(insurance) A risky policy that is granted as a favor.


FC&S

(insurance) Initialism of free of capture and seizure.


insurance broker

insurance broker (plural insurance brokers)

(business, insurance) One who solicits or negotiates insurance policies from various insurers on behalf of clients who are buying insurance.


assigned risk

(insurance) A government-mandated method of providing insurance coverage to an individual by compelling insurance companies to service them when such companies would ordinarily not do so due to perceived risk.


afterlifetime

The afterlifetime of men of the age of 30 is 33 years, by the English Life Table (No. 1); 33 years is not the precise time probably that any one of that age will live, but the average time that a number of men of that age will live, taken one with another. At birth lifetime, and afterlifetime are one and the same thing.

1871, Cornelius Walford, The Insurance Cyclopaedia, volume 1, page 36:

The most probable afterlifetime of any individual is the difference between his present age and the age at which most deaths occur, and is therefore very different from the expectation of life.

2013, Ninian Glen, Actuarial Science - An Elementary Manual:

(insurance) Life expectancy measured according to a general average, rather than for any given individual.


actual cash value

actual cash value (countable and uncountable, plural actual cash values)

(insurance) The value of insured property, computed by subtracting depreciation from replacement cost.


TLO

(insurance) Initialism of total loss only.


time policy

(business, insurance) A type of marine insurance policy that covers the insured for a specified time period.


time element insurance

(business, insurance) A type of insurance which provides coverage for loss resulting from the inability to return damaged property to its normal use.


catastrophe bond

catastrophe bond (plural catastrophe bonds)

(business, insurance) A risk-linked security that transfers risk related to disasters from the issuer, typically an insurance company, to investors.


coverholder

This is not something unique to the insurtech sector, but rather applies to all coverholder relationships.

2024 May 20, “Protection of innovation: avoiding the risk of disputes in coverholder agreements”, in The Insurer:

(business, insurance) One authorized by the managing agent of an insurance syndicate to enter into policies on its behalf.


particular average

particular average (plural particular averages)

(insurance) A partial loss or damage that is borne solely by the owner of the affected property, not shared among all parties involved.