LoginGet Started

Insurance Glossary

Clear definitions for insurance terms that affect provider roles, authority, financial evidence and policy responsibility.

1–9 of 13 definitions

What Is a Fronting Carrier?
How a licensed insurer can issue a policy as insurer of record and cede the risk while remaining liable to the policyholder.
What Is a Full-Stack Insurance Provider?
How one brand can both place business as a producer and carry the risk through affiliated entities, and what that means for the buyer.
What Is a Managing General Agent?
How an MGA can run part of an insurer's book, and why that role is not the same as being the issuing carrier.
What Is a National Producer Number?
How a National Producer Number identifies a producer record, and why it is not a current state license.
What Is Admitted vs Non-Admitted Insurance?
How a state's license differs from surplus-lines placement, and what that means for supervision and guaranty-fund protection.
What Is an AM Best Rating?
How AM Best financial-strength ratings differ from issuer credit ratings, outlooks, size categories, and MGA performance assessments, and what to check on the named insurer.
What Is an Insurance Broker?
How a broker shops coverage for the customer, and why that title does not identify the issuing insurer.
What Is an Insurance Carrier?
Who the risk-bearing insurer named on the policy is, and how a nonadmitted or surplus-lines company can still be that carrier.
What Is an Insurance Producer License?
What a state producer license covers, how it differs from an NPN, and what to check before buying insurance.

Let Spot Handle the Insurance Legwork.

Get help buying coverage and managing renewals, with less paperwork for your team. Start with a free consultation.