The Ultimate Insurance Terminology Glossary

Understanding the nuances of insurance terminology is critical for any high-performing agent. This guide, derived from our internal knowledge base, covers the essential terms you need to master.

Key Terms

1. Actuary

A professional who uses math and statistics to calculate insurance risks and premiums. In the Bob.so platform, our AI augments actuary data with real-time sentiment analysis.

2. Binder

A temporary insurance contract that provides coverage until a formal policy is issued.

3. Claims Adjuster

A person who investigates insurance claims to determine the insurance company's liability. Bob's AI handles initial assessment, significantly speeding up this process.

4. Endorsement

An amendment to an insurance policy that changes the terms of the original contract.

5. Reinsurance

Insurance for insurance companies. A way for insurers to spread risk.

6. Underwriting

The process of evaluating a risk to determine if it should be insured and at what price.

More terms and deep dives available in the Bob.so Agent Portal.