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Jargon Buster

 

Actuary

Person who conduct various statistical and probability theories whereby services are priced; liabilities are assessed and provisions calculated.

Insurance

Mechanism of contractually shifting burdens of pure risks by pooling them.

Insurance agency

A juristic entity that for compensation represents the company to solicit , procures and negotiates insurance contracts .

Insurance brokerage

A juristic entity that for compensation represents insureds or prospective insureds to solicit, procure and negotiate insurance contacts.

Insured

A natural person or juristic entity, which has entered into an insurance contract.

Insurer

An insurance company that accept insurance contracts directly from insured(s).

Risk

Situation involving the chance of loss or no loss, but no chance of gain.

Reinsurance

Transfer of the insured’s risk from the insurer to in the reinsurer and to indemnify the insurer by the reinsurer for any payments made to the insured against damages or loss.

Insurance claims settlement specialist (third party administrator)

A juristic entity that investigates and assesses losses, and negotiates settlements on behalf of the insurance company.