Class of Business

The process by which an insurer evaluates the risk of insuring a person or property and determines coverage terms and premium rates.

The amount paid by the policyholder to the insurance company for coverage, typically on a monthly, quarterly, or annual basis.

A business professional who analyzes probabilities of risk and risk management, including calculation of premiums, dividends, and other applicable insurance industry standards.

Coverage that compensates a business for lost income during periods when operations are suspended due to covered perils such as fire, natural disaster, or other insured events.

A bundled insurance package (BOP) that combines commercial property insurance, general liability coverage, and business interruption insurance at a discounted rate for small to medium-sized businesses.

Insurance that reimburses a business for lost income and continuing expenses during periods when operations are suspended due to covered property damage.