Job Sutyd

Insurer

Company assuming insurance risk

Carrier

Company assuming insurance risk

Policyholder

Person or company owning the policy

Premium

Price paid for insurance coverage

Policy

Contract establishing insurance coverage

Underwriting

Evaluating and pricing insurance risk

Underwriter

Person assessing whether to accept risk

Quote

Proposed insruance price and terms

Binding

Making insurance coverage effective

Claim

Request for compensation under a policy

Deductable

Amount of insured pays toward a covered loss

Coverage limit

Maximum payment under specified policy terms

P&C Insurance

Property and casualty insurance

Agent / Broker

Intermediary arranging insurance coverage

Loss Ratio

Incurred losses divided by earned premiums

Renewal

Continuing coverage for a new policy term

Policy Administration System (PAS)

Software managing the insurance policy lifecycle

Rating engine

System calculating premiums using rating rules

Straight-Through Processing (STP)

Processing transactions without manual intervention

First Notice of Loss (FNOL)

Initial report of an insured event

Endorsement

Change to an existing insurance policy

Managing General Agent (MGA)

Intermediary with delegated insurer authority

Data migration

Moving data from an old system to a new one

Reconciliation

Confirming financial records or transactions match

User Acceptance Testing (UAT)

Business users validating system requirements

Legacy system

Older technology supporting existing operations

Business rules

Conditions governeing automated system behavior

Integration / API

Connecting systems to exchange data

Requirements gathering

Identifying and documenting stakeholder needs

Gap analysis

Comparing current capabilities with desired capabilities

System configuration

Adjusting software behavior without custom coding

Combined ratio

Claims and expenses relative to earned premiums

Earned premium

Premium attributable to coverage already provided

Claims adjuster

Person investigating and evaluating claims

Claims reserve

Estimated liability for outstanding claims

Cancellation

Ending coverage before its scheduled expiration

Lapse

Coverage ending for nonpayement or other qualifying reasons

Reinsurance

Insurance purchased by an insurance company

Book of business

Collection of policies managed by an insurer