Glossary

Insuratization is the process of using an insurance contract as a hedge against certain financial risks.

An insured is the person(s) or organization(s) protected under an insurance contract.

Insured contract is a defined term common in liability policies that provides limited exceptions to the contractually assumed liability exclusion by stating that the exclusion does not apply to liability assumed in an "insured contract."

Under the traditional environmental cleanup model, insured fixed-price cleanup refers to the situation where a contractor is hired to perform the cleanup, but the risk of cost overruns is borne largely if not entirely by the site owner or other entity(ies) originally responsible for the cleanup (owner).

An insured versus insured exclusion is found in directors and officers (D&O) liability policies (and to a lesser extent in other types of professional liability coverage).

Insurer-sponsored agency captives are enhanced profit-sharing schemes structured as offshore captive facilities.

An insurer is a professional risk bearer, which is an organization that undertakes to indemnify insureds for losses and perform other insurance-related operations.

An insurance insolvency exclusion is found in the majority of insurance agents and brokers errors and omissions (E&O) liability policies.

An insuring agreement is that portion of the insurance policy in which the insurer promises to make payment to or on behalf of the insured.

InsurTech involves the use of technology to bring efficiencies to the insurance industry.