Insurance Legal Terms Glossary

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  • BeneficiaryThe person or entity designated to receive benefits or proceeds from an insurance policy.

  • ClaimA formal request for payment or benefit under an insurance policy after a covered event occurs.

  • CoverageThe specific risks, losses, or events outlined in an insurance policy for which the insurer agrees to provide financial protection or compensation.

  • InsuredThe individual or entity that purchases insurance coverage and whose interests are protected by the insurance policy.

  • InsurerThe insurance company or entity that provides insurance coverage and assumes risk in exchange for premiums.

  • PolicyThe written contract between the insured and the insurance company that outlines the terms, conditions, and coverages of the insurance agreement.

  • PremiumThe amount paid by an insured to an insurance company for coverage under a policy.