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13 advanced damage insurance terms
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The policyholder filed a __________ after their home was damaged by a severe storm.
claim
Before the insurance company pays out for damages, the __________ must be met by the policyholder.
deductible
The homeowner had to pay some repair expenses __________ before the insurance company covered the remaining costs.
out of pocket
The driver was covered under __________, which paid for damages to the other car involved in the collision.
Third-Party Liability
__________ ensures that policies are adequately priced and aligned with the level of risk presented by the insured party.
Underwriting
The policyholder received full __________ after their vehicle was totaled in an accident that was covered by the policy.
Indemnity
The policy only covers damage from __________, such as fire, theft, and windstorm, as specified in the contract.
Named Perils
__________ helps insurance companies manage risks related to large-scale disasters by sharing the financial burden with other insurers.
Reinsurance
In cases of partial damage, the insurance company may decide to __________ items that still have some value.
Salvage
Because of the client’s recent home renovations, there was a __________ to reflect the increased value of the property.
Premium Adjustment
The __________ clause allows the insurance company to pursue legal action against the party responsible for the loss.
Subrogation
The insurer initiated a __________ to verify the accuracy of the details provided in the claim.
Claim Investigation
The company requested an __________ of the building's value before renewing the insurance policy.
Appraisal
The homeowner reached the maximum __________ for flood damage after a severe storm hit the area.
Coverage Limit
Before issuing a policy, the insurer performs a __________ to evaluate the potential hazards and set an appropriate premium.
Risk Assessment
After the fire, the __________ visited the property to determine the extent of the damage and estimate the compensation amount.
Loss Adjuster
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