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Insuring and insurance

actuarial

adjective

involving calculations about risks

actuary

noun

someone whose job is to calculate the cost of insurance by examining how often deaths, accidents etc happen

assurance

noun

insurance, especially life insurance

benefit

noun

money or help that an insurance company gives to you

broker

noun

someone whose job is to organize business deals for other people, especially a stockbroker or an insurance broker

BUPA

British United Provident Association: an organization that provides private medical insurance in the UK

collision damage waiver

noun

insurance that you can buy when you hire a car so that you do not pay if the car is damaged

comprehensive

adjective

comprehensive insurance is insurance that pays for every kind of damage or loss, even if you are responsible for it

contributory

adjective

a contributory pension or insurance arrangement is one that involves payments by workers as well as employers

cover

verb

if an insurance agreement covers a situation or person, it provides protection against loss for that situation or person

cover

noun

an agreement by an insurance company to pay money in a particular situation or for a particular event, person, or thing. The American word is coverage

coverage

noun

the amount and type of protection that an insurance agreement gives you

double indemnity

noun

a section in a life insurance agreement that says the insurance company will pay double the amount of money if the person who bought the insurance dies in an accident rather than because of illness or old age

EHIC

noun

European Health Insurance Card: a card that allows someone living in the European Union to receive free health treatment in another European Union country

endowment policy

noun

a type of insurance policy that you pay money to for an agreed period. At the end of this time, the money that you have invested is used for paying a large amount of money that you have borrowed, especially a mortgage.

excess

noun

an amount of money that someone has to pay towards the cost of something, when an insurance company is going to pay the rest of the cost. The usual American word is deductible

green card

noun

an insurance document that you need for driving your car in a foreign country

health insurance

noun

a type of insurance that pays for your medical treatment when you are ill

indemnify

verb

to provide someone with insurance or protection against injury or loss

indemnify

verb

to make a payment to someone who has suffered injury or loss

indemnity

noun

insurance or protection against injury or loss

indemnity

noun

a payment made to someone who has suffered injury or loss

insurance

noun

an arrangement in which you regularly pay an insurance company an amount of money so that they will give you money if something you own is damaged, lost, or stolen, or if you die or are ill or injured

insurance

noun

the business of selling insurance to people

insurance

noun

money that you pay regularly to an insurance company

insurance

noun

money that an insurance company agrees to pay you if something that you own is damaged, lost, or stolen, or if you die or are ill or injured

insurance policy

noun

an official document containing the details of the agreement between you and an insurance company

insurance premium

noun

a regular payment made to an insurance company so that you are protected by insurance

insure

verb

to regularly pay an insurance company an amount of money so that they will give you money if something that you own is damaged, lost, or stolen, or if you die or are ill or injured

insure

verb

if an insurance company insures you or something that you own, they accept money from you and agree to pay you if you die or are ill or injured, or if something that you own is damaged, lost, or stolen

insured

adjective

provided with, or protected by, insurance

the insured

adjective

the person that an insurance policy affects

insurer

noun

a person or company that sells insurance

key-person insurance

noun

an insurance policy intended to pay for replacing a worker who is very important to an organization

life assurance

noun

life insurance

life insurance

noun

a type of insurance that pays money to your family when you die

Lloyd’s

a British organization that sells insurance, especially for ships and aircraft. Lloyd’s is sometimes called Lloyd’s of London.

loss adjuster

noun

someone whose job is to calculate how much an insurance company must pay to customers when they have made a claim on their insurance policy

mutual

adjective

a mutual insurance company, building society etc is owned by all of its customers, who share its profits

National Insurance

noun

a system that all employers and workers in the UK pay into, providing money for people who do not have a job or who are old or ill

NI

abbreviation

National Insurance

no-claims bonus

noun

a reduction in the cost of insurance which you get when you have not claimed money in previous years for any accident or damage

policy

noun

a contract between an insurance company and a person or organization

policyholder

noun

someone who has an insurance policy

premium

noun

an amount of money that you pay regularly for an insurance policy

product liability

noun

the duty of a company that makes or sells a product to pay if their product causes damage or injury

protect

verb

if an insurance policy protects you, it will pay money to you or your relatives if particular bad things happen

protection

noun

the agreement made by an insurance company to pay you money if something bad happens to you or your possessions

reinsurance

noun

insurance policies that an insurance company has so that it will receive money to replace the money that it pays to its customers

surrender value

noun

the amount of money that you receive from a life insurance policy if you decide you want to stop the policy

third-party

adjective

third-party insurance protects you if you accidentally injure someone or accidentally damage their property

travel insurance

noun

a type of insurance that pays for your medical treatment if you are ill when you are travelling abroad, or that gives you back your money if your holiday is cancelled

underwrite

verb

to protect someone from loss with an insurance policy

underwrite

verb

to protect a company from loss by agreeing to buy any remaining shares that are not bought by the public when the shares first become available for sale

underwriter

noun

a person or company that provides insurance

adjuster

noun

a good/bad risk

a person or company considered according to how safe it is to lend them money or give them insurance or credit

Open Dictionary

endies

Employed but with No Disposable Income or Savings: people who are in work but only earn just enough to live on

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