Financial Insurance Terms
The extent to which something deals with or applies to something else; in an insurance context, it refers to the range of protection provided by an insurance policy.
"The traveler ensured his insurance plan offered comprehensive medical coverage for his journey overseas."
A person covered by an insurance policy.
"The insured named on the policy received compensation for the damages incurred during the storm."
A group of individuals or organizations combined to promote some common interest; in terms of insurance, it often refers to a group of insurers who join together to insure high risk.
"The Lloyd’s Syndicate 4141 provided the necessary underwriting for the new shipping venture."
Penalties or other means of enforcement used to provide incentives for obedience with the law, or with rules and regulations.
"The country faced international sanctions for its failure to comply with nuclear non-profileration agreements."
An official ban on trade or other commercial activity with a particular country.
"Due to political tensions, an embargo was placed on exports to the nation."
A visa that allows individuals to travel to any member countries of the Schengen Area, usually for tourism or business purposes.
"She applied for a Schengen Visa for her tour of Europe."
A specified amount of money that the insured must pay before an insurance company will pay a claim.
"The insurance policy had a deductible of $500, which meant the insured would pay the first $500 of the covered services."
The process or period of being treated in a hospital.
"His insurance covered the costs of hospitalization after the accident."
The action of evacuating a person or a place.
"The insurance package included coverage for emergency medical evacuation."
The process of returning a person to their place of origin or citizenship.
"The policy covered the repatriation of remains in case of death abroad."
Coverage in a travel insurance policy that protects a traveler when something unforeseen causes a trip to be cut short or interrupted.
"Their trip interruption insurance ensured they were reimbursed for the last-minute flight home after a family member fell ill."