Glossary

The Insurance Institute for Highway Safety is a nonprofit research and communications organization funded by automobile insurers.

An insurance line is a type of insurance business that is grouped according to the reporting categories used when filing an insurer's statutory reports.

An insurance policy, in broad terms, is the entire printed insurance contract.

The Insurance Regulatory Information System is the mechanism developed by the National Association of Insurance Commissioners (NAIC) to assist states in overseeing the financial condition of insurance companies.

An insurance requirements clause is the part of a commercial contract in which the types and minimum amounts of insurance the parties agree to provide in connection with their performance of the contract are specified.

Insurance risk management is a term for the traditional risk management concept, which focuses primarily on pure risks rather than operational, market, credit, and other types of risk.

An insurance risk score is a measure developed by insurers based on credit information obtained from the three major US credit bureaus and used as an underwriting tool.

Insurance risk scoring is used by insurers to evaluate an applicant's credit rating as an underwriting tool to slot that applicant into a particular program.

The Insurance Services Office, Inc., is an organization that collects statistical data, promulgates rating information, develops standard policy forms, and files information with state regulators on behalf of insurance companies that purchase its services.

Insurance to value is written in an amount approximating the value of the subject of insurance or that meets coinsurance requirements.