Adjuster: A person who evaluates damage and recommends how much the insurance company should pay.
Agent: A person appointed by the insurance company to represent, sell and service insurance policies.
Cancellation: Termination of a policy before its normal expiration date.
Claim: A request for payment on an insured loss.
Declarations Page ("Dec Page"): The page that shows your premium and coverages. Instead of sending you a new policy each year, the insurance company generally sends only a new dec page.
Endorsement - Amendment to a policy used to add, change or delete coverage.
Fraud – Filing a false claim in order to collect money not entitled to the claimant or providing false information in an application for insurance.
Insured: The person and/or property covered by an insurance policy.
Insurer: The company that provides insurance
Lapse: The termination of an insurance policy as a result of failure to pay the premium.
Loss – The event or occurrence of damage or injuries.
Negligence: The failure to exercise the care that an ordinary prudent person would exercise: either doing that which a prudent person would not do, or failing to do that which a prudent person would do.
Premium: The amount you pay for insurance.
Settlement – The amount you are paid by the insurance company as payment for your loss.
Subrogation: When an insurer has acquired the right to recover money from a third party.
Underwriting: The insurance company's process for determining whom it will insure.
