Insurance Law Terms

Claim repudiation

An insurer's decision to reject or decline an insurance claim, usually based on policy wording, exclusions, non-disclosure, premium issues, or disputed facts.

Insurance exclusion

A policy clause that removes or limits cover for certain losses, causes, conduct, items, periods, or circumstances.

Insurance premium

The amount paid to an insurer to keep an insurance policy active, usually monthly, annually, or according to the policy schedule.

Insurer

A licensed business that undertakes insurance risk and may accept premiums, issue policies, assess claims, and pay or reject claims according to the policy and law.

Long-term insurance

Insurance commonly linked to life, disability, income protection, funeral, investment-linked, or similar long-term risk products.

Policyholder

The person or entity that owns or holds rights under an insurance policy, subject to the policy terms and applicable insurance rules.

Policyholder Protection Rules

Market-conduct rules that regulate how insurers treat policyholders, including disclosure, communication, claims, complaints, and fair treatment duties.

Short-term insurance

Insurance commonly linked to property, vehicles, household contents, business assets, liability, travel, or other non-life risk cover.

Waiting period

A policy period during which certain insurance benefits, cover, or claims may be limited or unavailable after the policy starts or changes.

Core definitions

Core terms in this track

Insurance premium

The amount paid to an insurer to keep an insurance policy active, usually monthly, annually, or according to the policy schedule.

Insurer

A licensed business that undertakes insurance risk and may accept premiums, issue policies, assess claims, and pay or reject claims according to the policy and law.

Waiting period

A policy period during which certain insurance benefits, cover, or claims may be limited or unavailable after the policy starts or changes.

Claim repudiation

An insurer's decision to reject or decline an insurance claim, usually based on policy wording, exclusions, non-disclosure, premium issues, or disputed facts.

Insurance exclusion

A policy clause that removes or limits cover for certain losses, causes, conduct, items, periods, or circumstances.

Long-term insurance

Insurance commonly linked to life, disability, income protection, funeral, investment-linked, or similar long-term risk products.

Policyholder

The person or entity that owns or holds rights under an insurance policy, subject to the policy terms and applicable insurance rules.

Policyholder Protection Rules

Market-conduct rules that regulate how insurers treat policyholders, including disclosure, communication, claims, complaints, and fair treatment duties.

Short-term insurance

Insurance commonly linked to property, vehicles, household contents, business assets, liability, travel, or other non-life risk cover.

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Insurance premium

The amount paid to an insurer to keep an insurance policy active, usually monthly, annually, or according to the policy schedule.

Insurer

A licensed business that undertakes insurance risk and may accept premiums, issue policies, assess claims, and pay or reject claims according to the policy and law.

Waiting period

A policy period during which certain insurance benefits, cover, or claims may be limited or unavailable after the policy starts or changes.

Claim repudiation

An insurer's decision to reject or decline an insurance claim, usually based on policy wording, exclusions, non-disclosure, premium issues, or disputed facts.

Insurance exclusion

A policy clause that removes or limits cover for certain losses, causes, conduct, items, periods, or circumstances.

Long-term insurance

Insurance commonly linked to life, disability, income protection, funeral, investment-linked, or similar long-term risk products.

Policyholder

The person or entity that owns or holds rights under an insurance policy, subject to the policy terms and applicable insurance rules.

Policyholder Protection Rules

Market-conduct rules that regulate how insurers treat policyholders, including disclosure, communication, claims, complaints, and fair treatment duties.