FAQ Category: GLOSSARY

Insurer

What does insurer mean? An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or… Read more »

Underwriting

What is underwriting? Underwriting is the process through which an individual or institution takes on financial risk for a fee. 

Policy Lapse

What is a policy lapse? When all benefits to the policyholder cease and the policy is terminated due to non-payment… Read more »

Insured

What does insured mean? A person or organization covered by insurance.

Insurance Policy

What is an insurance policy? An insurance policy is a contract between the insurer and the policyholder, which determines the… Read more »

Exclusion

What is an exclusion? An exclusion is any specified loss or damage that isn’t covered by the insured’s policy.