Advanced Business Vocabulary

1. A professional who assesses the validity of a claim and the extent of the insurer's liability.

2. The principle that the insured should not profit from a claim, but should be restored to their original financial position.

3. The practice of insurers transferring portions of risk to other parties to reduce the likelihood of large payouts.

4. A provision in an insurance policy that excludes certain risks from coverage.

5. An amendment to an existing insurance policy that changes its terms or coverage.

6. The amount the policyholder must pay before the insurance policy pays out.

7. The maximum amount that an insurer will pay out over a policy period for all claims.

8. The process of evaluating and accepting potential risks for insurance.