Insurance Terms Glossary
The Insurance Knowledge Hub
Discover everything you need to know about the insurance industry – clear, concise terms that help you stay ahead of market developments.
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The insurance industry is notoriously complex – and specialty lines, each with their own rules, risks, and documentation – add extra layers on top. Because regulations, products, and technologies evolve quickly, professionals must stay current to make sound decisions and avoid costly misunderstandings.
This glossary cuts through the noise by defining the vast array of industry-specific terms every professional must know to communicate clearly and operate efficiently.
Roles & market participants
The people and organizations that create, distribute, price, and service insurance. From MGAs and agents to underwriters, actuaries, and adjusters, each plays a distinct role in evaluating risk and delivering coverage to customers.
- Actuary
- Adjuster (Loss Adjuster)
- Agent
- Broker
- Managing General Agent (MGA)
- Underwriter
Policy & coverage (terms & documents)
Foundational concepts that define what a policy covers, how it can change, and how proof is shown. These items—like endorsements, limits, and COIs—set the legal and operational boundaries of protection.
- Certificate of Insurance (COI)
- Insurance endorsement
- Limit of Liability
Claims & fraud
The processes and controls that activate when a loss occurs. This includes intake (FNOL), investigation and expenses (LAE), and anti-fraud measures (SIU, scoring) that protect customers and carriers.
- FNOL (First Notice of Loss)
- Fraud Scoring
- LAE (Loss Adjustment Expense)
- SIU (Special Investigations Unit)
Specialty lines & product models
Insurance products tailored to niche or complex risks and innovative pricing triggers. Examples include parametric and usage-based models, as well as sector-specific covers like cyber, marine cargo, and CAR.
- Crop Insurance
- Cyber Insurance
- D&O (Directors & Officers)
- Energy / Construction All Risks (CAR)
- Marine Cargo Insurance
- Parametric Insurance
- Usage-Based Insurance
Distribution & industry concepts
How insurance reaches customers and how the sector evolves. Embedded insurance integrates coverage into other journeys, while insurtech drives digital-first experiences and new operating models.
- Embedded Insurance
- Insurtech
Isurance software, data & controls
Core platforms and tools that power policy, billing, claims, portals, and rules – designed to be configurable and API-driven. Governance features like RBAC and audit trails ensure security, compliance, and traceability across workflows.
- ACORD Form
- Insurance Agent Portal
- Insurance Broker Portal
- Audit Trail
- Billing System
- Claims Management System (CMS)
- Form Builder
- PAS (Policy Administration System)
- Insurance Rating Engine
- RBAC / ABAC
- Insurance Rules Engine
Metrics & reporting
Key performance and regulatory outputs used to run the business. Loss ratio tracks profitability, while bordereaux standardize periodic reporting between carriers and partners.
- Bordereau
- Insurance Loss Ratio