412 terms · All insurance lines
Glossary
Insurance words, in the language you would use to explain them to someone else.
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ExcessThe first part of any claim you pay yourself
UnderinsuranceInsuring for less than the real value, so payouts shrink
IndemnityBeing put back where you were, not better off
Waiver of recourseThe insurer gives up its right to reclaim from someone
Tariff in forceThe insurer’s current price list at renewal