Insurance Planning
Expert-defined terms from the Certificate in Private Wealth Management and Family Offices course at London School of Planning and Management. Free to read, free to share, paired with a globally recognised certification pathway.
Accidental Death and Dismemberment (AD&D) Insurance #
Accidental Death and Dismemberment (AD&D) Insurance
Concept #
A type of insurance that provides benefits in the event of an accident resulting in death or loss of limbs or sight.
Annuity #
Annuity
Concept #
A financial product that provides a guaranteed income stream, usually for a retiree, in exchange for a lump sum payment.
Assurance #
Assurance
Concept #
A contract that provides a guaranteed payment in the event of an uncertain future event, typically used interchangeably with "insurance."
Automobile Insurance #
Automobile Insurance
Concept #
A type of insurance that provides coverage for damages to a vehicle or its occupants, as well as liability for damages or injuries caused to third parties.
Boiler and Machinery Insurance #
Boiler and Machinery Insurance
Concept #
A type of insurance that provides coverage for the breakdown or malfunction of machinery and equipment, typically used in industrial and manufacturing settings.
Business Interruption Insurance #
Business Interruption Insurance
Concept #
A type of insurance that provides coverage for lost income and expenses resulting from a suspension of business operations due to a covered event, such as a natural disaster or fire.
Captive Insurance #
Captive Insurance
Concept #
A type of insurance company that is owned and controlled by a parent organization, typically used to insure the risks of the parent organization and its subsidiaries.
Casualty Insurance #
Casualty Insurance
Concept #
A type of insurance that provides coverage for losses resulting from liability or property damage, typically including general liability, automobile liability, and workers' compensation.
Claim #
Claim
Concept #
A request for payment or reimbursement under an insurance policy, typically triggered by a loss or damage event.
Coinsurance #
Coinsurance
Concept #
A provision in an insurance policy that requires the insured to pay a percentage of the cost of a claim, with the insurance company paying the remainder.
Comprehensive Personal Liability Insurance #
Comprehensive Personal Liability Insurance
Concept #
A type of insurance that provides coverage for personal liability claims, such as bodily injury or property damage caused to third parties, typically included in a homeowners or renters insurance policy.
Directors and Officers (D&O) Insurance #
Directors and Officers (D&O) Insurance
Concept #
A type of insurance that provides coverage for claims against directors and officers of a company for alleged wrongful acts, such as breach of fiduciary duty or negligence.
Disability Insurance #
Disability Insurance
Concept #
A type of insurance that provides income replacement benefits for individuals who are unable to work due to injury or illness.
Errors and Omissions (E&O) Insurance #
Errors and Omissions (E&O) Insurance
Concept #
A type of insurance that provides coverage for claims against professionals for alleged errors, omissions, or negligence in the performance of their duties.
Exclusions #
Exclusions
Concept #
Provisions in an insurance policy that specify the types of losses or damages that are not covered, typically used to limit the scope of coverage.
Fidelity Bond #
Fidelity Bond
Concept #
A type of insurance that provides coverage for losses resulting from fraud, theft, or dishonesty by employees, typically used to protect businesses and organizations.
Fiduciary Liability Insurance #
Fiduciary Liability Insurance
Concept #
A type of insurance that provides coverage for claims against fiduciaries for alleged breaches of their duties in managing employee benefit plans.
General Liability Insurance #
General Liability Insurance
Concept #
A type of insurance that provides coverage for claims of bodily injury or property damage resulting from the operations or premises of a business or organization.
Health Insurance #
Health Insurance
Concept #
A type of insurance that provides coverage for medical and healthcare expenses, typically including hospitalization, physician services, and prescription drugs.
Indemnity #
Indemnity
Concept #
The principle of restoring the insured to the same financial position they were in before a loss or damage event, typically the objective of insurance.
Insurance #
Insurance
Concept #
A financial product that provides protection against financial losses resulting from uncertain events, typically in exchange for premium payments.
Insurance Policy #
Insurance Policy
Concept #
A legal contract between an insurer and an insured, outlining the terms and conditions of the insurance coverage, including the perils insured against, the policy limits, and the deductibles.
Insurer #
Insurer
Concept #
An entity that provides insurance coverage, typically an insurance company or underwriter.
Liability Insurance #
Liability Insurance
Concept #
A type of insurance that provides coverage for legal claims against the insured for damages or injuries caused to third parties, typically including general liability, automobile liability, and workers' compensation.
Long #
Term Care Insurance
Concept #
A type of insurance that provides coverage for long-term care services, such as nursing home care, home health care, and assisted living, typically used to protect against the financial impact of aging or disability.
Malpractice Insurance #
Malpractice Insurance
Concept #
A type of insurance that provides coverage for claims against professionals, such as doctors or lawyers, for alleged errors, omissions, or negligence in the performance of their duties.
Management Liability Insurance #
Management Liability Insurance
Concept #
A type of insurance that provides coverage for claims against directors, officers, and managers of a company for alleged wrongful acts, such as breach of fiduciary duty or employment practices violations.
Medicare #
Medicare
Concept #
A federal health insurance program that provides coverage for individuals aged 65 and older, as well as certain younger individuals with disabilities or end-stage renal disease.
Medicaid #
Medicaid
Concept #
A joint federal-state health insurance program that provides coverage for low-income individuals, including children, pregnant women, elderly adults, and individuals with disabilities.
Nursing Home Insurance #
Nursing Home Insurance
Concept #
A type of insurance that provides coverage for long-term care services in a nursing home, typically included in long-term care insurance policies.
Policy Limits #
Policy Limits
Concept #
The maximum amount of coverage provided by an insurance policy, typically specified in the policy contract.
Policyholder #
Policyholder
Concept #
An individual or entity that owns an insurance policy, typically referred to as the "insured."
Concept #
The amount of money paid by the insured to the insurer for insurance coverage, typically on a regular basis, such as monthly or annually.
Professional Liability Insurance #
Professional Liability Insurance
Concept #
A type of insurance that provides coverage for claims against professionals, such as doctors or lawyers, for alleged errors, omissions, or negligence in the performance of their duties.
Property and Casualty Insurance #
Property and Casualty Insurance
Concept #
A type of insurance that provides coverage for property damage, liability, and other losses, typically including homeowners, renters, and automobile insurance.
Reinsurance #
Reinsurance
Concept #
A type of insurance that provides coverage for insurance companies, typically used to manage risk and ensure