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.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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].