Loss Payee

An endorsement where an insurer makes claim payments to a third party instead of the named insured, often included when multiple parties have a financial interest in the insured property.

The person or entity designated to receive the benefits or proceeds from an insurance policy.

The person or entity specifically identified in an insurance policy as the insured, having full rights and responsibilities under the policy.

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

The basis of a claim for damages under the terms of an insurance policy.

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

Insurance purchased by insurance companies to transfer portions of their risk portfolios to other insurers, reducing the likelihood of large payouts from claims.