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The price (or premium) of insurance.
Rebuild value
Regular premium
premium that comes out at an agreed time, such as once a month or once a year.
Regulatory capital requirement

The amount of financial resources held by insurance companies to withstand the risks they are exposed to, such as falling asset prices or increased liabilities.

The minimum amount of capital that insurers need to hold in order to do business is determined by rules such as the European Union’s Solvency II Directive. These rules are enforced by financial regulators.

Insurers can buy cover from other insurers to protect themselves against large (or unexpected) losses.
Renewal notice
Amount set aside by organisations to cover unexpected expenses or all regular expenses for a certain time frame (often three to six months).
Responsible party
This is additional cover added to an existing policy.