Insurance Industry Jargon

noun a person or company that provides a particular service, typically one that involves arranging transactions between two other parties

• The real estate agent showed us several properties in the area.
• My mom's insurance agent helped us with our claim.
• The secret agent went undercover to complete the mission.
• Time is the agent of change in our lives.

noun the act of breaking something or the state of being broken

• The insurance policy covers accidental breakage of the valuable antiques.
• I accidentally caused some breakage while moving the furniture.
• I can't believe the amount of breakage we caused during the party last night.
• The breakage of trust between them was irreparable.

noun the business of buying and selling goods or assets for others

• The brokerage firm handles all the transactions related to buying and selling stocks.
• I'm thinking of using a brokerage to invest in the stock market.
• My friend works at a brokerage and makes a lot of money.
• In the world of finance, the brokerage acts as a middleman between buyers and sellers.

verb to make up for something, to repay or make amends for a loss or injury

• The company will compensate employees for any overtime worked.
• Don't worry, I'll make sure to compensate you for helping me out.
• I'll hook you up to compensate for the inconvenience.
• Her kindness towards others compensates for her lack of material wealth.

noun a storm with a violent wind, in particular a tropical cyclone in the Caribbean.

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• The hurricane caused widespread destruction along the coast.
• We had to evacuate because of the hurricane.
• That hurricane was a real doozy!
• The emotional hurricane of their breakup left a path of devastation in its wake.

noun a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium

• It is important to have insurance coverage for your home in case of any unexpected events.
• I just got a great deal on car insurance for my new vehicle.
• I can't believe how much I had to pay for insurance on my phone.
• Having a good support system is like having insurance for life's challenges.

noun the state or fact of something being likely; probability

adjective likely to happen; probable

• The likelihood of success is high if we stick to the plan.
• There's a good chance we'll win if we play our cards right.
• The odds are in our favor to come out on top.
• The likelihood of finding a needle in a haystack is slim.

noun the noun 'longevity' refers to the long duration of an individual's life or existence

• Research shows that certain lifestyle choices can contribute to increased longevity.
• My grandmother always talks about the secret to her longevity being a daily walk in the park.
• Dude, that new health drink is supposed to give you crazy longevity.
• The longevity of their relationship was a testament to their love and commitment.

noun a negligent, careless, or unethical behavior by a professional, especially a doctor or lawyer, resulting in harm to a patient or client

• The doctor was accused of medical malpractice after a surgical error resulted in the patient's injury.
• The lawyer warned his client about the consequences of legal malpractice.
• Some people believe that cutting corners in construction is just a form of malpractice.
• His constant lying could be considered a form of social malpractice.

noun the condition of being diseased or unhealthy

• The study focused on the relationship between obesity and morbidity rates.
• The doctor explained that morbidity refers to the prevalence of illnesses in a population.
• Dude, the morbidity of that virus is off the charts!
• The morbidity of her negative attitude was spreading throughout the office.

noun the state of being subject to death; the number of deaths in a particular population

• The mortality rate in the region has been steadily decreasing over the years.
• They were discussing the mortality of certain plant species in their garden.
• I never realized the impact of mortality until I lost my pet.
• The artist's painting depicted the concept of mortality in a thought-provoking way.

adjective Mutual is an adjective that describes something that is shared or experienced by two or more parties.

adverb Mutually is the adverb form of mutual, used to describe actions done in a shared or reciprocal manner.

• The business partners had a mutual agreement to split the profits evenly.
• We have a mutual understanding that we'll always have each other's backs.
• Me and my best friend have a mutual vibe that no one else understands.
• The mutual respect between the two leaders paved the way for successful negotiations.

noun a word that represents a person, place, thing, or idea

• The nonoccurrence of the event was a relief to many stakeholders.
• It was a good thing that the nonoccurrence of the incident prevented any chaos.
• The nonoccurrence of the party was a bummer.
• The nonoccurrence of her smile in the room made everything feel dull.

adjective relating to or involving the act of reverting back to a previous state or owner

• The reversionary interest in the property will pass to the next of kin upon the current owner's death.
• If I don't have any children, who will get the reversionary rights to my estate?
• I heard that the reversionary clause in the contract is a real game-changer.
• The reversionary trend in fashion seems to be making a comeback this season.

noun the quality of being full of risk or danger

• Investing in high-risk assets involves a certain level of riskiness that should be carefully considered.
• Jumping off cliffs into the water may seem fun, but the riskiness of it is not worth it.
• Riding a motorcycle without a helmet is just pure riskiness, dude.
• Her decision to quit her stable job and pursue her passion for art was a bold move filled with riskiness.

adjective not likely to happen or be true; improbable

• It is highly unlikely that the experiment will yield accurate results without proper controls in place.
• It's unlikely that we'll find a parking spot this close to the mall on a Saturday.
• There's no way I'm going to that party, it's unlikely I'll have a good time.
• She's so stubborn, it's unlikely she'll ever change her mind about that decision.

verb to determine or estimate the value of something

• It is important to valuate the company's assets before making any investment decisions.
• I need to valuate how much my old car is worth before selling it.
• I'm going to get my jewelry valuated to see if it's worth anything.
• She always takes the time to valuate her options before making a decision.

noun the technology of sending, receiving, and storing information via telecommunication devices in conjunction with affecting control on remote objects

• Telematics is a branch of information technology that deals with the long-distance transmission of computerized information.
• My new car comes with telematics, so I can track its location and performance remotely.
• I love how telematics in my car helps me avoid traffic jams and find the quickest route.
• In today's digital age, telematics acts as the nervous system connecting various devices and systems for seamless communication.

noun Moral hazard is a term used in economics and finance to describe the risk that one party may act in a way that is not in the best interest of another party because the first party does not bear the full consequences of their actions.

• The presence of moral hazard in the insurance industry can lead to increased fraudulent claims.
• When people know they're protected by insurance, they might take more risks - that's moral hazard.
• If you're always bailing out your friend, you're just enabling their moral hazard.
• Ignoring the warning signs of moral hazard is like playing with fire in a dry forest.

adjective relating to a tax or duty imposed based on the value of the item being taxed

adverb in a manner related to the value of the item being taxed

• The import tax is calculated ad valorem based on the value of the goods.
• The sales tax is ad valorem, meaning it's a percentage of the total purchase price.
• I hate paying ad valorem taxes on my property because they keep going up.
• Her love for him was ad valorem, increasing with each passing day.

noun a proper noun representing a company, such as Pru Life UK or Pru Center

• The PRU is responsible for overseeing the company's financial reports.
• I heard the PRU is cracking down on expense reports.
• Did you see the PRU's latest memo? It's a real snooze fest.
• The PRU acts as a financial watchdog for the organization.

noun A word that represents a person, place, thing, or idea. In this case, 'price' is a noun that refers to the amount of money that is asked for or paid for something.

adjective A word that describes or modifies a noun. In this case, 'fair' is an adjective that describes the market price as being just, reasonable, or equitable.

• The seller is asking for a fair market price for the antique furniture.
• I think we got a good deal on the car, it was priced at a fair market price.
• I made sure to haggle a bit to get the item at a fair market price.
• In the world of art auctions, fair market price can sometimes be subjective.

adjective showing care and thought for the future; wise and careful in planning ahead

• It is important to take a prudential approach when making financial decisions.
• You should be prudential with your spending to avoid going into debt.
• Being prudential with your choices can save you a lot of trouble in the long run.
• In life, it's always wise to take a prudential stance and think before acting recklessly.

noun Acronym for 'Healthcare Common Procedure Coding System', a standardized coding system used for billing and reimbursement in the healthcare industry.

• HCC stands for hepatocellular carcinoma, a type of liver cancer.
• My uncle was diagnosed with HCC last month.
• I heard that HCC is no joke, it's a serious condition.
• Dealing with HCC is like facing a formidable opponent in a battle.

noun A term used to refer to the healthcare plan proposed by the Trump administration

• The proposed changes to healthcare policy are often referred to as Trumpcare.
• Have you heard about the latest updates on Trumpcare?
• I can't believe they're still pushing for that Trumpcare nonsense.
• The idea of Trumpcare has been a hot topic of debate in recent times.

noun a person or organization that issues something, such as stocks, bonds, or official documents

• The issuer of the bond is responsible for making interest payments to the bondholders.
• The credit card issuer sent me a new card in the mail.
• I heard the issuer of the stock is a big player in the market.
• As the issuer of the statement, he had to take responsibility for its accuracy.

noun a numerical representation of a person's creditworthiness, based on their credit history and financial behavior

• Lenders use your credit score to determine your creditworthiness before approving a loan.
• Your credit score can affect whether you get approved for a credit card or not.
• Dude, my credit score is so low, I can't even get a decent interest rate.
• Think of your credit score as a financial report card that shows how responsible you are with money.

verb to remove or reduce risk or uncertainty

• The company implemented a strategy to derisk its investments in the volatile market.
• We need to derisk our portfolio before the market crashes.
• Let's play it safe and derisk our assets.
• Learning new skills can help derisk your career in the long run.

noun the action of selling something to someone in a misleading or dishonest way

• The financial advisor was accused of mis-selling investment products to unsuspecting clients.
• The salesman got in trouble for mis-selling insurance policies to customers.
• The agent was busted for pulling a mis-selling scam on his clients.
• Her mis-selling of the idea led to a disastrous outcome for the project.

noun a place where repairs are made to the body of a vehicle

• I need to take my car to the body shop to get the dent repaired.
• I'm dropping off my car at the body shop later to fix the scratches.
• I'm gonna swing by the body shop to get my ride fixed up.
• She went to the body shop to work on repairing her self-esteem.

noun the process of converting a mutual company into a publicly traded company by selling shares to the public

• The demutualization of the insurance company was a complex process that involved converting its ownership structure.
• They talked about demutualization at the meeting, but I didn't really understand what it meant.
• Demutualization sounds like a made-up word, doesn't it?
• The demutualization of the club changed the dynamic among its members, leading to new opportunities and challenges.

adverb relating to actuarial calculations or the work of an actuary

• The insurance company used actuarially sound methods to determine premium rates.
• The insurance company figured out the rates using actuarially stuff.
• The insurance company crunch the numbers actuarially to set the prices.
• She approached the problem actuarially, carefully calculating each step before taking action.

noun the process of a person seeking insurance coverage being more likely to have high-risk characteristics, which can lead to higher premiums or denial of coverage

• The insurance company had to adjust their policies to account for adverse selection among their customers.
• The car dealership was worried about adverse selection when offering a discount to anyone who traded in their old vehicle.
• The team captain knew there was some adverse selection going on when picking players for the game.
• In the world of investing, adverse selection can be like trying to find a needle in a haystack.

noun a word that refers to a person, place, thing, event, substance, or quality

adjective a word that describes or gives more information about a noun

• The court allowed the introduction of after-acquired evidence in the trial.
• They brought up some after-acquired evidence during the hearing.
• They dropped some new evidence after the fact.
• Just when we thought we had all the information, the after-acquired evidence changed everything.