US: A claims adjuster who represents the interests of an insured in a property loss. Public adjusters negotiate settlement of such claims with the insurer’s claim representative. Public adjusters are compensated with a percentage of the payable loss that they are able to secure for their clients (2 to 15 percent, depending upon the size and complexity of the claim). They are frequently retained in situations involving business interruption (BI) claims, which involve special expertise in the areas of accounting and insurance coverage analysis.
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An adjuster who represents the insured in settling a claim for loss covered by an insurance policy.
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An adjuster who works on a fee basis on behalf of an insured.
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An individual or member of a firm who contracts with private parties to aid with the preparation of loss statements and presentation to insurers. Contrast with Independent adjuster.

US: a court awarded amount that exceeds the economic losses and general damages of a defendant and is intended solely to punish the plaintiff
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An award for damages above and beyond the requirements for compensating third parties for injury or damage. As the word implies, the award is meant to punish the offender. Most states and territories do not permit punitive damages awards to be covered by liability insurance. When the award is against an insurer, it is usually related to the conduct of the insurer in the handling of a claim, and can arise in both first party and third party coverage situations.
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Damages levied to “punish” the defendant for acts of gross negligence or outrageous conduct, normally intentional, irrespective of the amount of actual or compensatory damages. Punitive damages are commonly levied on the basis of the amount of assets of the defendant. Also called “exemplary” damages.
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MEDICAL,USA: Reimbursement (award by a court) for damages because of gross negligence in handling a claim by an insurance company.

US: A unit of cost that is multiplied by an exposure base to determine an insurance premium. An insurance rate is the amount of money necessary to cover losses, cover expenses, and provide a profit to the insurer for a single unit of exposure. Rates, as contrasted with loss costs, include provision for the insurer’s profit and expenses.
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MEDICAL,USA: Price or cost of insurance per unit that is used as a means for determination of a premium amount.
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UK,REFERENCE: See: PREMIUM RATE; FLAT RATE.
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The cost of a particular insurance unit. To arrive at the premium amount, the rate is multiplid by the amount of insurance units being purchased.
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The cost of a unit of insurance.
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REINSURANCE: The percent or factor applied to the ceding company’s subject premium that results in the reinsurance premium for excess of loss reinsurance.
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REINSURANCE: The percent or factor applied to the ceding company’s subject premium to produce the reinsurance premium or the percent applies to the reinsurer’s premium to produce the commission.
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The premium expressed as a percentage of the sum insured or limit of indemnity.
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The premium rate is the amount of premium charged per exposure unit, e.g., per $1,000.
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US: The pricing factor upon which the insurance buyer’s premium is based.

An insurance company that has received a financial size and strength rating from a rating agency such as A.M. Best or Standard and Poor’s.

The financial strength of insurance companies and their ability to pay the claims of their policy owners are very important to the insurance-buying public and to the states that license and certify those insurers. Accordingly, insurance companies are rated by various rating organizations. Some of these rating organizations are: A.M. Best Company, Conning & Company, Demotech, Fitch Ratings, Moody’s, Standard and Poor’s, Weiss Rating

US: (1) Restoration of a totally disabled person to a meaningful occupation, (2) a provision in some long- term disability policies that provides for continuation of benefits or other financial assistance while a totally disabled insured is retraining or attempting to resume productive employment.
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Process by which a disable person is aided to recover maximum effective function in all personal activities.
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UK: Restoring the physical and/or mental capabilities of an injured person through counselling, therapy or education. The aim is to return that person to a normal way of life or an early return to work, or rehabilitate them in a new earning capacity. Some liability insurers provide claimants with early access to rehabilitation services without prejudice to their position on liability.

That portion of a risk that a reinsurer accepts from an original insurer (also known as a “primary” insurer) in return for a stated premium.

That portion of a risk that an original insurer (also known as a “primary” insurer) transfers to a reinsurer in return for a stated premium.

A package type of insurance that includes coverage similar to a homeowner’s policy to cover the personal property of a renter or tenant in a building.

An arrangement whereby an insurer defends a case without commitment to provide coverage in the event that the facts disclosed during the trial reveal that the occurrence is not covered.
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An arrangement in which an insurer agrees to proceed with the defense of a case without commitment to provide coverage, in the event that the facts disclosed during the trial reveal that the occurrence is not covered.