Insurance Terms - Dictionary Of

: A requirement that the person buying insurance must suffer a financial loss if the insured event occurs.

: A receipt for a premium payment that makes the policy effective from that date, provided the application is later approved. Dictionary of Insurance Terms

: The right of an insurer to pursue a third party that caused an insurance loss to the insured. Essential Policy Components : A requirement that the person buying insurance

: A fundamental principle requiring both the insurer and the insured to act with total honesty and disclose all material facts. Dictionary of Insurance Terms