Whether you're new to insurance or you've been in the business a long time, there may be some insurance terms that you haven't heard before. In some cases you may have heard them but you aren't completely certain of what they mean.
We've gathered some of those terms here along with their definitions. We invite you to add unusual terms you've encountered to this list in the comment section.
Captive Insurance Company. You may have heard of a "captive" insurance company, but you may not be completely clear on the definition. Generally, a captive insurance company is one that is owned and controlled by its shareholders; the policyholders and the shareholders are one and the same. Using a captive can be a form of self-insurance for some companies.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
