Insurance Terminology

Insurance contract is a legal contract and has its own terminologies. Majority of these terminologies are global in nature; except the US and Canada Market, rest all predominantly follow the London Market. The Insurance terminologies have clear and distinctive meaning and application which a layman would find it difficult to understand. Majority of the insured usually don't read the policy wording which are the terms of the contract and depend heavy on the insurance broker to deal with it. This bring the importance of always having an insurance broker to represent insured's interest in the contract to forefront. BimaGenie^TM Insurance Brokers in an effort to educate and empower the insured compiled global insurance terminologies used by insurance carriers as well as insurance brokers.