Dictionary Of Insurance Terms < 2025-2026 >

: The legal principle that insurance should restore the insured to the same financial position they were in prior to a loss, without providing a profit.

Foundational concepts that govern the legal and ethical framework of insurance contracts: Dictionary of Insurance Terms

: The right of an insurer to pursue a third party that caused an insurance loss to the insured. Essential Policy Components : The legal principle that insurance should restore

: A measure of profitability for an insurer, calculated by dividing the sum of incurred losses and expenses by earned premiums. : Coverage primarily concerned with legal liability for

: Coverage primarily concerned with legal liability for injuries to others or damage to their property.

This " Dictionary of Insurance Terms " paper provides a foundational guide to the specialized terminology used in the insurance industry, designed to assist consumers, agents, and professionals in navigating complex policy language. Core Insurance Principles

: Specific conditions, circumstances, or items that are explicitly not covered by the insurance policy.