a payment made by the insured to the insurance company in exchange for an insurance policy.

the amount of business an insurer is able to responsibly write and remain solvent.

an agency that is formed as a subsidiary of its parent company for the purpose of writing all of the insurance with the parent company.

a request from an individual, organization or business seeking to recover from the insurance company for a loss that may be covered by an existing insurance policy.

any person, organization or business that submits a claim.

a legally enforceable agreement between parties.

an event for which insurance pays.

the portion of a covered loss that is not paid by the insurer (company). Deductibles may be expressed in the form of a specific dollar amount or a percentage.

the allowance for wear and tear on an item that decreases in value over time. Can also refer to obsolescence regarding technological or economic value.

a non-admitted or “unlicensed insurer” for the state in which they are writing E&S business.