The insurance industry is a major component of any economy by virtue of the amount of premiums it collects, the scale of its investments and, more fundamentally, the essential social and economic role it plays by covering personal and business risks. In the U.S. and most European countries, a significant portion of the population typically has various forms of insurance, including health, auto, and property insurance.

There are many terminologies within the insurance industry. This quick glossary, written by Franklin Okeke for TechRepublic Premium, will make it easier to learn and understand insurance concepts.

• Featured definition from the glossary:

  Subrogation

  The legal right of an insurer to pursue a third party responsible for a loss that the insurer has already paid.

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