Definition: Insurance like progressive refers to a system or approach where an insurance company charges more money for a policy if it pays out less than expected, rather than only paying out when they anticipate the loss. This means that the insurer will charge more if they know their policy is not likely to cover all of your losses. The word comes from the German term "insulierung" which roughly translates as "growth" or "progress." In insurance terms, it describes a strategy where an insurer pays out less on claims when the actual cost of the claim exceeds what the policy covers. This can be seen as a proactive approach to risk management, where the insurer anticipates future losses and charges more to cover them. The word has several definitions depending on its context. In insurance terms, it refers to a process of assessing the likelihood of an event and adjusting premiums accordingly. However, in other contexts (such as legal or accounting), it can mean different things altogether - for example, "insurance like progressive" could refer to the use of accelerated depreciation to depreciate assets rather than just reducing their value. The word is often used in insurance industry jargon and has become more common in recent years.

insurance like progressive