Insurance Vocabulary | Business English (2024)

actuaryn. a person who calculates risks for insurance companiesMaggie loves maths so she's thinking of becoming an actuary.assessorn. a person who calculates the value of something [eg: a building, car etc]The assessor said our house is worth over $200,000.claimn. an application for payment under an insurance policy - to make a claim v.How long have we got to make a claim if the house burns down?commissionn. money earned each time you sell a product Every time they sell a policy, insurance brokers get paid a commission.comprehensiven. [of an insurance policy] all-inclusive; providing more complete protectionComprehensive car insurance covers damage from things besides accidents, like floods, fire, vandalism, etc.consequential lossn. a loss that happens as a consequence of or as a result of another lossAre consequential losses like my loss of earnings while I'm in hospital also covered?cover^UKn. the protection given by an insurance policy [eg: public liability cover]If you're going to the US, you'll need extra cover for hospital bills. employer's liabilityn. liability or responsibility of a firm for damage caused to one of its employeesWe've got workers' compensation insurance, so why do we need employer's liability insurance as well?goods in transitn. property, merchandise or any goods in the process of being transportedWho usually pays for insuring goods in transit?insurance brokern. agent who arranges insurance; middleman between insurer and policyholderGood insurance brokers find the best deals for their clients, and bad ones find the highest commissions.liabilityn. 1 the state of being liable 2 anything for which a person is liableThe company did all it could to avoid liability for the damage it caused.liableadj. legally obliged to pay for damage, injury etc; responsible - liability n.Her doctor was held liable for botching the operation, but his insurance covered him. lossn. death, injury, damage etc that is the basis for a claim - to lose v.Does the policy cover loss of property due to floods and other natural disasters?loss adjustern. a person who assesses the amount of compensation arising from a claimI don't trust the insurer's loss adjuster, so I've got my own loss assessor checking everything.policyn. a contract of insurance [eg: a product liability policy]Read everything very carefully before signing any insurance policy.policyholdern. the person to whom an insurance policy is issuedTo maximize their profits, insurers will minimize payments to policyholders. premiumn. a payment, usually monthly, yearly etc, for an insurance policyI didn't realize they'd increase my insurance premium every year.product liabilityn. liability or responsibility of a firm for damage caused by one of its productsSome product liability rules protect gun manufacturers more than consumers or people hurt by their products.public liabilityn. responsibility of a firm for damage caused to a member of the publicIf a customer is injured in your shop, public liability insurance will cover you. reinsurancen. the insuring of risk by one insurance company with another - to reinsure v.Insurance companies protect themselves by purchasing reinsurance contracts.riskn. 1 chance or possibility of injury, loss etc 2 person or thing causing riskIf you build a house in a forest, the risk of fire is higher than normal.