Insurer

This is an organization or company that provides insurance to individuals or other organizations. This company's insurance can be in any form, ranging from auto insurance, life insurance, health insurance and others.

They are usually a lot of insurance providers across the globe. The terms and conditions as well as their requirements for the insured varies from one to the other according to law.

Insured

This is a qualified entity (person or organization) who is covered by an insurer after buying a policy from the insurer or insurance company through paid premiums.

As long as the individual or organization is covered by the insurance company he/she is bound by the terms of the company.

Insurance Fraud

It is an illegal act of exaggerating or falsifying the facts of a damage or accident to an insurer or insurance company in order to have a claim that would otherwise not been made. This is a criminal offence that could result in the termination or closure of a policy.

This may take the form of medical bills that are inflated, exaggerating injuries sustained in an accident, staged accidents. 

Insurance

This is a policy or system in which people who have the chance to suffer a loss pass the risk of loss involved, to an insurance company by paying money (premiums) to the insurer or company for any loss resulting from a damage or accident, which in turn this insurance company promises to pay back to this individuals as a reimbursement when there eventually occurs a casualty.

The method of operation and premiums paid as well as the legal requirements differ from one insurance company to the other according to local law.

Independent Agent

Also called independent adjuster; this is an individual who is a professional in insurance and calculate losses on behalf of an insurer or insurance company he represents, but is not an employer of the insurance company.

They are normally paid on commission basis from all policies sold by the insurance companies they are representing.