: A requirement that the person buying insurance must suffer a financial loss if the insured event occurs.
This " Dictionary of Insurance Terms " paper provides a foundational guide to the specialized terminology used in the insurance industry, designed to assist consumers, agents, and professionals in navigating complex policy language. Core Insurance Principles Dictionary of Insurance Terms
: Specific conditions, circumstances, or items that are explicitly not covered by the insurance policy. : A requirement that the person buying insurance
: The legal principle that insurance should restore the insured to the same financial position they were in prior to a loss, without providing a profit. designed to assist consumers
: A formal document that changes or adds provisions to the original insurance policy. Industry Specific Terminology Key terms used in underwriting and claims processing: