Okuzeka
Insurance vocabulary · Premiums & Pricing

Quote

Meaning in insurance, with examples

/kwoʊt/nounCore term

In insurance, quote means: A statement of how much a policy will cost and on what main terms, given to a customer before they decide to buy.

In Turkish: teklif, fiyat teklifi

How it is used

Customers get, request or compare quotes; agents and brokers prepare them, and insurers issue them. A quote is usually valid for a limited time. 'Quote' is also a verb: 'They quoted us 12,000 lira.' The formal noun is 'quotation'.

Example sentences

  1. I've attached quotes from three insurers so you can compare the cover.

  2. This quote is valid for 15 days and is based on the information you gave us.

Common collocations

  • get a quote
  • request a quote
  • compare quotes
  • online quote
  • quote reference
  • premiumThe amount of money a customer pays to an insurance company for a policy, usually once a year or in monthly instalments.
  • brokerAn independent intermediary who acts for the customer, compares offers from different insurance companies and helps arrange the most suitable policy.
  • proposal formThe form a customer fills in when applying for insurance, giving the facts the insurer needs to assess the risk.
  • underwritingThe process of studying a risk, deciding whether to insure it and setting the price and conditions of the policy.

This word in other fields

The same English word can have a different meaning in another field:

More terms: Premiums & Pricing

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This page explains English vocabulary for learners. It is not financial advice.