Insurance Terminology

noun a person who compiles and analyzes statistics and uses them to calculate insurance risks and premiums

• The actuary analyzed the data to calculate the insurance premiums.
• The actuary crunched the numbers to figure out the costs.
• The actuary did some math magic to work out the insurance prices.
• The actuary was the wizard behind the scenes, predicting financial risks.

verb to make someone feel certain or confident about something

• I can assure you that the project will be completed on time.
• Don't worry, I assure you everything will be fine.
• I swear, I can assure you it's gonna be lit.
• The rising sun assured a new beginning for the town.

verb to make someone feel confident and sure about something

adjective making someone feel confident and sure about something

• The company assured its investors that the project would be completed on time.
• Don't worry, I assured her that we would be there to help.
• I assured my friend that the party was going to be lit.
• The dark clouds assured us that a storm was coming.

adjective describes someone or something responsible for a mistake or wrongdoing

• The investigation revealed that the driver was at fault for the accident.
• The teacher said I was at fault for not turning in my homework on time.
• I can't believe she thinks I'm at fault for the party getting shut down.
• In the game of chess, one wrong move can put you at fault for losing the match.

noun a person or group who receives benefits, profits, or advantages

adjective relating to or receiving benefits or advantages

• The beneficiary of the trust fund is entitled to receive monthly payments.
• My sister is the beneficiary of our grandmother's will.
• I heard that Jake is the beneficiary of his rich uncle's estate.
• As a mentor, I consider myself a beneficiary of the knowledge passed down to me.

noun the act of canceling something; a decision to stop or discontinue a planned event or activity

• The cancellation of the event was due to unforeseen circumstances.
• They had to cancel the party at the last minute.
• The gig got axed because of the weather.
• The cancellation of their plans felt like a weight lifted off their shoulders.

noun a large destructive fire

• The firefighters worked tirelessly to contain the massive conflagration in the warehouse.
• The huge fire in the warehouse was a nightmare to deal with.
• The warehouse went up in flames, it was a total disaster.
• The political scandal ignited a conflagration of controversy in the media.

noun a group of people united by some common feature, forming part of a larger group

adjective dependent on certain conditions or occurrences that may or may not happen

• The success of the project is contingent upon securing funding from the investors.
• Whether we go on the trip is contingent on the weather forecast.
• Our plans for the weekend are contingent on whether Jake can get his parents' car.
• The happiness of the team is contingent on the leader's positive attitude.

adjective contributory - playing a part in bringing something about; providing assistance in bringing something about

• His contributory role in the project was crucial to its success.
• She made a contributory effort to help clean up the park.
• I appreciate your contributory gesture in helping me move.
• Each small action can be a contributory factor to creating positive change.

noun physical harm caused to something in such a way as to impair its value, usefulness, or normal function

verb cause harm to (something) so that it impairs its value, usefulness, or normal function

• The hurricane caused extensive damage to the coastal town.
• My brother accidentally damaged my laptop.
• I can't believe you just dinged my car! That's some serious damage.
• Her harsh words did more damage to their friendship than she realized.

noun an amount of money that is subtracted from someone's income or from the price of something, especially as a business expense

• The insurance policy has a high deductible, meaning you will have to pay a significant amount out of pocket before coverage kicks in.
• I didn't realize my car insurance deductible was so high until I had to file a claim.
• I can't believe how much my deductible is for this medical procedure, it's gonna cost me an arm and a leg!
• In life, sometimes we have to pay a deductible of hard work and perseverance before we can achieve success.

noun a telephone line that connects one individual directly to another without any intermediary

adjective straight, without any curves or bends

• Please contact me on my direct line if you have any further questions.
• Just give me a call on my direct line if you need anything.
• Hit me up on my direct line if you wanna chat.
• The direct line to success is through hard work and dedication.

noun responsibility for an offense or crime

verb to find fault with or criticize

• It is important to determine who is at fault in a car accident.
• Don't worry, it's not your fault that the meeting got canceled.
• She always finds a way to shift the blame and make it seem like it's never her fault.
• His inability to take responsibility for his actions is his own fault.

noun a type of insurance policy that covers property that may be transported from place to place

• The floater in the water was actually a buoy marking the shipping lane.
• I saw a floater in the pool and thought it was a bug at first!
• I can't believe he's such a floater, always looking for an easy way out.
• Her ideas were like floaters in a sea of mediocrity, standing out among the rest.

noun a great flowing or overflowing of water, especially over land not usually submerged

verb to cover or submerge (a place or area) with water

• The flood caused extensive damage to the town's infrastructure.
• I heard there was a flood in the area last night.
• The rain was coming down so hard, it felt like a flood!
• The flood of emotions overwhelmed her as she listened to the heartfelt speech.

noun A clause in a contract that allows for the suspension or termination of the contract due to unforeseen circumstances beyond the control of the parties involved.

• The company invoked force majeure to cancel the contract due to unforeseen circumstances.
• The event was cancelled last minute because of force majeure.
• We can't control the weather, it's like force majeure.
• In life, unexpected challenges can be seen as force majeure events that test our resilience.

noun wrongful or criminal deception intended to result in financial or personal gain

• The company was accused of committing fraud by manipulating their financial statements.
• I heard that there was some fraud going on at the local bank.
• Don't trust that guy, he's a total fraud.
• Her smile was a fraud, hiding the pain she was feeling inside.

noun a sum of money paid as compensation, especially a sum exacted by a victor in war as reparation from the vanquished

• The company required all vendors to provide proof of indemnity in case of any potential legal claims.
• Make sure you have insurance that covers indemnity just in case anything goes wrong.
• I ain't worried about no indemnity, I got it all covered.
• Her unwavering loyalty to her friend was like an indemnity against any harm that may come their way.

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

• The insurance company denied my claim due to lack of proper documentation.
• I had to fight with the insurance company to get them to cover the damages.
• I can't believe the insurance company is trying to weasel out of paying for this.
• Dealing with the insurance company felt like navigating a maze of paperwork and bureaucracy.

noun a contract in which an individual or entity receives financial protection or reimbursement against losses from an insurance company

• It is important to thoroughly review the terms and conditions of an insurance policy before signing it.
• Make sure you read the fine print on that insurance policy before you agree to it.
• I got my car covered with this sick insurance policy that's got me sorted.
• Having a good insurance policy in place is like having a safety net for unexpected situations.

verb to arrange for compensation in the event of damage or loss by taking out an insurance policy

• It is important to insure your property against any potential damage.
• Make sure to insure your new car before hitting the road.
• I gotta insure my phone in case I drop it again.
• She tried to insure her happiness by surrounding herself with positive people.

noun a person or organization covered by an insurance policy

adjective covered by insurance; protected by insurance

• The insured individual filed a claim with the insurance company.
• I made sure to get insured before going on my trip.
• Don't worry, I'm fully insured for this kind of situation.
• Having a strong support system is like being insured against life's uncertainties.

verb to fall behind or deviate from a set standard or plan

adjective having expired or passed a deadline

• The policy lapsed due to non-payment of premiums.
• I forgot to renew my membership, so it lapsed.
• I let my gym membership lapse because I never go anyway.
• His interest in the project lapsed after realizing how much work it would require.

noun A noun is a word that represents a person, place, thing, or idea. In this case, 'lifetime' is a noun that refers to the duration of a person's life or the time during which something exists or functions.

• She dedicated her lifetime to studying the effects of climate change.
• I've known him for a lifetime, we go way back.
• I've been waiting for this concert my whole lifetime!
• The impact of his words will last a lifetime in my memory.

noun A sum of money paid out

verb To distribute money or resources, especially as a payment

• The insurance company will pay out the policyholder's claim once all necessary documentation is submitted.
• I heard that the company will pay out bonuses to employees who meet their targets this quarter.
• If you win the bet, I'll pay out big time!
• Investing in education now will pay out dividends in the future in terms of career opportunities.

noun a sum added to an ordinary price or charge

adjective superior in quality; higher in price or value

• The company offers a premium service for its high-end clients.
• I only buy premium quality products for my home.
• That restaurant is known for its premium burgers.
• She has a premium talent for playing the piano.

adjective making or indicative of timely preparation for the future; frugal

• Being provident is important for ensuring financial stability in the long term.
• It's always good to be provident and save some money for a rainy day.
• Don't be reckless with your spending, try to be more provident with your money.
• In life, being provident with your decisions can lead to better outcomes in the future.

noun a sum of money paid in compensation for expenses or losses incurred

• The company offers reimbursement for all travel expenses incurred during business trips.
• Don't worry, you'll get your reimbursement for the concert tickets soon.
• I'll make sure you get your cash back for those drinks, no worries.
• His kindness towards others was a form of emotional reimbursement for the support he received in the past.

verb to go back or return to a previous position or state

• The country decided to retrocede the disputed territory to its neighboring nation.
• I heard they're going to retrocede that piece of land back to the other country.
• They're finally giving back that land - they're retroceding it.
• Sometimes, it's better to retrocede control and let things unfold naturally.

noun a person who rides, especially one who rides horses, bicycles, motorcycles, etc.

• The rider on the horse guided the animal with expert precision.
• The bike rider zoomed past us on the trail.
• That rider dude is always up for an adventure.
• As a leader, she was the rider of change within the organization.

noun a wrecked or destroyed ship

verb None

adjective None

adverb None

pronoun None

preposition None

conjunction None

interjection None

article None

• The shipwreck was discovered by a team of marine archaeologists.
• Did you hear about the shipwreck off the coast?
• That shipwreck was a total disaster, man.
• After the business deal fell through, their partnership was like a shipwreck.

noun the amount of money or value that is lost

• The insurance company declared the car as a total loss after the accident.
• The car was completely wrecked in the accident, it's a total loss.
• Dude, your phone fell in the pool? That's a total loss, man.
• After losing the championship game, the team felt like it was a total loss.

noun a portable device used for protection against rain or sunlight

• She always carries an umbrella with her in case it rains.
• Don't forget to grab your umbrella before we leave.
• I'm gonna borrow your brolly, hope you don't mind.
• His wealth acts as an umbrella, protecting him from financial troubles.

verb to assume financial responsibility for something, typically by agreeing to pay for any losses or damages

• The insurance company agreed to underwrite the policy for the new building.
• The bank will underwrite the loan for the new car.
• I'll underwrite your night out if you promise to pay me back.
• The company decided to underwrite the project, ensuring its success.

noun a person or company that assesses and assumes the risk of another entity in exchange for a fee

• The underwriter carefully reviewed the insurance application before approving coverage.
• The underwriter had to double-check all the details on the form before giving the green light.
• The underwriter had to sign off on the deal before it could go through.
• She acted as the underwriter for the project, ensuring all risks were assessed before moving forward.

adjective a word that describes or modifies a noun, in this case 'unharmed' describes the state of being without harm or injury

• The rescue team arrived just in time to ensure that all the survivors were unharmed.
• Luckily, everyone made it out of the accident unharmed.
• We managed to sneak out of the party unharmed.
• Despite facing numerous challenges, she emerged from the situation unharmed.

adjective not fully developed or matured; immature

• The company's financial statements include a section for unmatured debts.
• I still have some unmatured ideas for the project that need more development.
• I can't believe he's still acting so unmatured at his age.
• Her unmatured emotions were evident in her impulsive reactions.

noun a claim is an assertion of the truth of something, typically without evidence or proof

• The lawyer presented evidence to refute the zombie claim made by the plaintiff.
• I heard you made a zombie claim about seeing a ghost last night.
• Don't listen to him, he's just making zombie claims to get attention.
• Her argument was like a zombie claim, it kept coming back no matter how many times it was debunked.

noun a financial arrangement where insurance companies combine their resources to cover a large number of policyholders

• The insurance company uses a risk pool to spread the financial risk of covering high-cost individuals.
• The risk pool helps insurance companies cover the costs of people with expensive medical needs.
• The risk pool is like a safety net for insurance companies to handle expensive claims.
• Think of a risk pool as a way for insurance companies to share the burden of covering costly medical treatments.

noun the quality of continuing to exist or endure; perseverance

• The success of the project was largely due to the team's persistency in overcoming challenges.
• Her persistency in asking for a raise finally paid off.
• I admire his persistency in chasing after his crush.
• The persistency of the rain throughout the week made everything feel gloomy.

noun a person, place, thing, or idea

adjective a word that describes or modifies a noun or pronoun

• The investigation concluded that the fire was caused by accidental means.
• She explained that the broken vase was an accidental means of expressing her frustration.
• I tripped over my own feet, it was just an accidental means of ending up on the floor.
• His decision to leave the company was an accidental means of finding his true passion.

adjective a word that describes or modifies a noun, such as 'accidented' which means having been involved in an accident

• The accidented vehicle was towed away from the scene for further investigation.
• I heard about the accidented car on the news, hope everyone is okay.
• That accidented car is a total wreck, dude.
• Her accidented past shaped her into the resilient person she is today.

noun a type of insurance that provides coverage for accidental injuries or death

• Accident insurance provides coverage in case of unexpected injuries or mishaps.
• You should consider getting accident insurance just in case something happens.
• Accident insurance is like a safety net for when things go wrong.
• Accident insurance is like having a guardian angel looking out for you in times of trouble.

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

adjective a word that describes or modifies a noun

• The insurance company calculated the actual cash value of the damaged property.
• They figured out how much the stuff was really worth.
• They determined the cold hard cash value of the items.
• The actual cash value of the situation was much lower than expected.

noun a person who compiles and analyzes statistics and uses them to calculate insurance risks and premiums

• Actuaries play a crucial role in assessing and managing financial risks for insurance companies.
• My cousin is studying to become an actuary and he says it's a challenging but rewarding career.
• Actuaries are like math wizards who work their magic with numbers to predict future outcomes.
• Actuaries are the architects of financial security, building strong foundations for businesses to thrive.

noun a piece of furniture with a flat top and one or more legs, providing a level surface for eating, writing, or working

• The actuaries table provides detailed information on mortality rates and life expectancies.
• Have you seen the actuaries table? It's full of interesting statistics.
• I never thought I'd be so fascinated by an actuaries table.
• To me, the actuaries table is like a crystal ball predicting the future.

noun a person or organization that is added to an insurance policy in addition to the primary insured party

• The contractor requested to be listed as an additional insured on the insurance policy.
• The builder wanted to be added as an extra insured on the insurance.
• The handyman asked to be covered as an 'extra' on the insurance policy.
• Being listed as an additional insured is like having an extra layer of protection in case of any mishaps.

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

• The insurance policy allows for additional insureds to be added for an extra fee.
• You can add more people to the insurance policy as additional insureds if needed.
• Hey, don't forget to throw in some extra insureds on that policy.
• Just like adding extra toppings to a pizza, you can add additional insureds to your insurance policy for more coverage.

noun A person who assesses or makes adjustments, especially insurance claims or mechanical devices.

• The insurance adjuster will assess the damage to your property and determine the appropriate coverage.
• I had to meet with the adjuster to go over the details of the car accident.
• The adjuster said my claim was 'on fleek' and would be processed quickly.
• Sometimes life throws unexpected challenges at us, and we have to be our own adjuster to adapt and overcome.

noun a person who assesses or makes adjustments to something, such as an insurance adjustor who evaluates and settles claims

• The insurance adjustor carefully reviewed the damage to the vehicle.
• I had to meet with the adjustor to discuss my claim.
• The adjustor said my car was totaled, so now I have to find a new one.
• She was like an emotional adjustor, helping me navigate through my feelings.

noun A word that represents a person, place, thing, or idea. In this case, 'company' is a noun as it refers to an organization or business entity.

adjective A word that describes or modifies a noun. In this case, 'admitted' is an adjective that describes the company as being accepted or acknowledged.

• The admitted company has a long history of success in the industry.
• The company that got in has been around for a while and knows what they're doing.
• That company made the cut and is now part of the group.
• Being an admitted company is like gaining entry into an exclusive club.