Your dictionary of insurance terms
Movables and premiums? The insurance world is full of technical terms. That’s why we’ve created an overview of words and expressions to make it easier for you.
A
An unexpected event causing personal injury.
Means you are behind on paying your insurance.
B
Covers damage to company-owned buildings, such as fire, water damage, or damage to installations like electricity and heating.
Business interruption insurance covers loss of income due to disruptions caused e.g. by fire or theft.
C
A person who has been injured and is entitled to compensation.
A demand for compensation due to a loss.
Protects a business against claims if a customer or third party is harmed by the company’s products, services, or activities.
The amount paid by the insurer for a covered loss.
A report describing the current state of a building or item, used for insurance assessment.
Being covered is the same as being insured.
Protects your business against financial losses caused by hacking, data leaks, or cybercrime, including restoration, damage control, and claims from third parties.
D
The amount you must pay out of pocket for a loss before the insurance covers the rest.
An insurance that protects a company’s management against claims and compensation if their decisions lead to problems. Example: a business owner expands the product line but overlooks a safety issue in a product, causing injury and compensation claims. The insurance helps cover legal costs and claims.
A disagreement between two or more parties.
The date when an insurance premium must be paid.
E
A claim that meets the insurance company’s requirements and is therefore eligible for compensation.
I
A financial reimbursement for a loss or damage.
The person who has suffered the damage.
An incident that gives the right to compensation or assistance from the insurer.
The time period during which the insurance is active. It only covers losses that occur within this period.
Your proof of insurance, showing your coverages and when it takes effect.
The price you pay for your insurance.
L
The responsibility taken to cover damages or losses caused by a business or its activities.
A liability insurance covers damage to persons or property if caused during business activities.
M
Covers damage to a company’s machinery or equipment due to fire, theft, accident, or technical failure.
Movable property such as furniture, machinery, and other equipment that can be insured.
O
Additional coverage you can add to your insurance to extend what’s covered.
When you pay for more insurance than you actually need.
P
An injury to a person.
A document containing all general and specific insurance terms.
The person who has entered into the agreement with the insurer.
An authorization to act on someone else’s behalf. Needed for example to access another person’s insurance information.
Another word for the amount you pay to the insurance.
R
A classification of the risks associated with an incident, e.g. depending on industry type.
S
Seniority describes how much time and experience a person has within a field. For example, how long someone has held an insurance policy, which may affect the premium or terms of the policy.
A statement of the amount you receive as compensation, e.g. after damage or vandalism.
A loss that occurs quickly and unexpectedly, e.g. a traffic accident.
The maximum amount you can be paid as compensation for a loss.
T
The specific terms and requirements of an insurance, including coverage, exclusions, and obligations.
U
A collective term for the lines that connect the company’s installations to the public network (water, heating, oil, energy).
V
High-value physical items like office equipment, art, or special equipment.
