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Business Word/Phrase of the Day

word-phrase-descEvery day we publish a business word or phrase together with audio pronunciation, phonetics, definition and example sentences. This is a great way to improve your workplace vocabulary as well as your pronunciation. To receive 'Business Word/Phrase of the Day' by email, just subscribe to our newsletter from the link above. 

LOAN /loʊn/

25 Mar 2024

noun or verb

  • A loan is a written or oral agreement for a temporary transfer of a property (usually cash) from its owner (the lender) to a borrower who promises to return it according to the terms of the agreement, usually with interest for its use.
  • If you loan something, such as money, to someone, you lend it to them. You expect them to return it later to you.
Example Sentences:The bank gave me a loan of $3,000.
Can you loan me $10?


24 Mar 2024


  • in an insurance contract, a person who is not the insurance company or the insured person, but who will receive money if they suffer loss or damage caused by the insured person.
Example Sentence: The policyholder is covered if they cause injury or damage to a third party.



INSURANCE AGENT ɪnˈʃʊərəns eɪdʒənt

23 Mar 2024


  • a person or company who gives advice about and sells insurance for an insurance company or number of insurance companies.
Example Sentence: A good insurance agent can be a very useful guide to the policies available.



POLICYHOLDER pɒləsiˌhoʊldər

22 Mar 2024


  • a person or group that has made an agreement with an insurance company that it will provide insurance against particular risks.
Example Sentence: The sickness cover pays out a lump sum if the policyholder is diagnosed as suffering from a serious illness.



COVER kʌvər

21 Mar 2024


  • protect someone or something against loss, damage, accident, etc., by insurance.
Example Sentence: The policy covers employee and public liability, equipment loss, materials, and personal accidents.



EXCESS ɛksɛs

20 Mar 2024


  • a part of the cost of an accident, injury, etc. that you agree to pay yourself when you buy insurance:
Example Sentence: Cover would cost £239 a year with a £75 excess, or £215 a year with a £250 excess.



INSURANCE ASSESSMENT nˈʃʊərəns əˈsɛsmən

19 Mar 2024


  • the analysis done by the insurer to determine the specific costs of a claim.
Example Sentence: The assessment of these expenses will take approximately 2 weeks.



MEDICAL EXPENSES mɛdɪkəl ɪkˈspɛns

18 Mar 2024


  • the money spent in a hospital for medicine, doctors’ fees, tests, etc.
Example Sentence: Often medical expenses can be used when filing taxes each year.



REIMBURSE riɪmˈbɜrs

17 Mar 2024


  • the customer pays the expenses first and the insurance company pays the customer back after a claim is filed.
Example Sentence: I hope my insurance company reimburses those expenses soon—they totalled nearly $3,000!



MEDICAL COVERAGE mɛdɪkə kʌvərɪdʒ

16 Mar 2024


  • medical expenses which are covered by the insurance policy.
Example Sentence: My medical coverage won’t pay for medicine I get abroad.



TRAVEL INSURANCE trævəl ɪnˈʃʊərəns

15 Mar 2024


  • insurance which covers travellers in foreign countries, usually covers medical expenses, sometimes additional expenses.
Example Sentence: Travellers insurance is very important when traveling in developing or developed countries.



POLICY TERMS pɒləsi tɜrms

14 Mar 2024


  • the details of a policy including exclusions and premium information; terms can also refer to the time frame that the policy covers or includes.
Example Sentence: The terms of this policy are clearly explained at our website.



INSURANCE BENEFITS ɪnˈʃʊərəns bɛnəfɪts

13 Mar 2024


  • the amount of money the policy will pay after a claim.
Example Sentence: The insurance benefits of this life insurance policy are paid up to $100,000.



DAMAGE EVENT dæmɪdʒ ɪˈvɛnt

12 Mar 2024


  • an event such as a natural disaster, car accident, or injury which causes damage to a person or to property.
Example Sentence: Before you can receive your benefits, you need to write a page detailing the damage event.


11 Mar 2024


  • send paperwork in which details an event in order to get money from the insurance company.
Example Sentence: Once a claim is filed, you will receive your benefits within 90 days.