These general definitions are provided for educational purposes. Most of the definitions below are provided courtesy of the insurance institute of canada. You can ask an insurance company or health maintenance organization for a copy of a plans disclosures before buying the plan. Glossary of insurance terms accident an unforeseen, unintended, and unexpected event, which occurs suddenly and at a definite place.
Glossary on general insurance terms a to z a policy coverage payment reimbursement of the following expenses visit to the doctor, medical surgeries, medicines and so on. You can ask an insurance company or health maintenance organization for a. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company. Health care services that help a person keep, learn or. Deductible the amount of loss paid by the policyholder. Insurance terms glossary understanding common insurance terms. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Glossary of risk management terms this is a comprehensive. The disclosures are part of your policy or evidence of coverage. Able able and available additional claim adjudication alien status alternate base period appeal appeals hearing approved training available back pay base period benefit year benefit year beginning date benefit year ending date between academic school terms. A person responsible for investigating and settling a claim.
Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london. This page provides an index of insurance terms and. Dictionary of insurance terms a absolute liability. A form of corporation, allowed by the irs for most companies with 35 or fewer shareholders, which enables the company to enjoy the benefits of incorporation but be taxed as if it were a partnership. When it comes to choosing the best automobile insurance, knowing industry terms and language gives you a good head start. Health insurance glossary texas department of insurance. You should also be aware that some preferred provider. Broad form coverage coverage for causes of loss due to falling objects trees or other objects that may fall onto a structure, sudden and accidental. An asset in insurance terms is something with monetary value that is covered by an insurance policy, such as a car or a property.
If you have any questions about the use or meaning of a term or expression in any particular product or literature, you. This coverage is subject to the terms, limits and conditions. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you should raise them with the provider concerned. Below are some commonly used insurance terms and their meanings. Insurance definitions, dictionary, glossary and terms. Glossary on general insurance terms starting with b. This limit never includes your premium, balance billed charges or health care your health insurance or plan doesnt cover. Every industry has its own jargon, and the property and casualty insurance business is.
Glossary of insurance terms actuary a professional trained in the mathematics of insurance and risk management, including the calculations of premiums, policy reserves and other values. The original glossary of insurance terms was compiled by john s. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. An independent agent represents more than one company. When youre ready to take the next step, compare quotes for free or talk to a policygenius expert. Coop plan a health insurance plan that will be sold by memberowned and operated nonprofit organizations through. These glossary terms and definitions are intended to be educational and may be different from the terms and definitions in your plan or health insurance. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention.
Disclosures a list of a health plans terms, including its benefits, exclusions, costsharing, service area, and preferred provider network. We intend to add more definitions as we find more terms that might useful to our users and insurance consumers. Ahps would compete on the basis of offering highquality, lowcost care and would offer insurance and health care as a single product. Accelerated death benefits a life insurance policy option that provides policy proceeds to insured individuals over their lifetimes, in the event of a terminal illness. Some health insurance or plans dont coun t all of your copayments, deductibles, coinsurance payments, out ofnetwork payments or other expenses. Both men served on operating commit tees of the commission on insurance terminology cit, which worked to develop more precise insurance definitions during 19581971, and both sought to continue the efforts of the commission. Under that policy, the insurer must compensate the policyholder in accordance with the policys terms and conditions if the asset is damaged or destroyed and the policyholder makes a claim. Insurance glossary understanding common insurance terms.
Under the affordable care act, rescission is illegal except in cases of fraud or intentional misrepresentation of material fact as prohibited by the terms of the plan or. Pays for damage to an insured vehicle when it hits or is hit by another car or object, or if the car overturns. Policythe legal document issued by an insurance company to a policyholder, which outlines the conditions and terms of the insurance, also called the policy contract or the contract. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies. No insurance website could be complete without offering and index of insurance terms and definitions. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Acquisition costs all expenses directly related to acquiring insurance or reinsurance. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions.
An event or occurrence which is unforeseen and unintended. This should be equivalent to paid premiums, in most instances. Agent the insurance company representative who sells policies on behalf of the insurer. In marine insurance, a term used to define the act of an insured giving up the proprietary rights in insured property to the underwriter in exchange for payment of a constructive total loss. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies for one company only. These matters are set forth in your summary plan description and you should read that carefully. In this life insurance glossary, we have defined many of these terms used throughout this website and, perhaps in your policy.
Glossary of health insurance terms december 12, 2008 prior insurance must have provided a minimum level of coverage. Insurance agent a legal representative of one or more insurers for which the representative has a contractual agreement to sell insurance. Either a specified dollar amount, a percentage of the claim amount, or a specified. The most comprehensive investing glossary on the web. Glossary of health coverage and medical terms omb control numbers 15452229, 12100147, and 09381146 page 1 of 6 glossary of health coverage and medical terms this glossary defines many commonly used terms, but isnt a full list. General insurance terminologies starting with b we have covered you for all the insurance words such as balance agents, balances aeging of, balances coinsurance etc. The term refers to the fact that the company carries or assumes certain risks for the policyholder. Term used in universal life policies to describe the total of all premiums and earnings credited to the account before deductions for any expenses, loans, and surrenders.
Ashare variable annuity a form of variable annuity contract where the contract holder pays sales charges up front rather than eventually having to pay a surrender charge. Insurance that must be maintained as a condition of the geico personal umbrella policy gpup. Request by an insured for the insurance company to cover an incurred loss. Property and casualty insurance glossary the bottom line. The difference reflects the insurers expenses for operating the plan. Insurance companies will sometimes retroactively cancel your entire policy if you made a mistake on your initial application when you buy an individual market insurance policy.
These definitions represent a common or general use of the term. Liability arising from extremely dangerous operations. Act of god an accident or event that is the result of natural causes, without human. Package policy a combination of two or more individual policies or coverage in a single policy e.
A claimant must be physically and mentally able to work at the time an unemployment claim is filed. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. Insurance glossary india a to z terms of insurance. Community rating a way of pricing insurance, where every policyholder pays the same premium, regardless of health status, age or other factors. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Form of life insurance allowing the owner to change the face amount, premium amount. Use this glossary of insurance definitions to better understand insurance.
Life insurance resource center glossary of life insurance terms agent an insurance company representative licensed by the state who solicits and negotiates contracts of insurance, and provides service to the policyholder for the insurer. Learn insurance industry vocabulary that will help you better understand your insurance policies. Use this informative property and casualty insurance glossary to better understand basic insurance terms and definitions. This document is for informational purposes only and is not intended to alter or replace the insurance policy. Definitions provided by insurance bureau of canada are indicated with an asterisk. Consumer glossary national association of insurance. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan or health insurance policy. Comprehensive loss underwriting exchange clue report. Actual cash value is the fair market value of your vehicle. Glossary of life insurance terms department of financial.
Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Not all concepts or coverages identified in this list are found at chapman university. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Definitions of health insurance terms in february 2002, the federal governments interdepartmental committee on employmentbased health insurance surveys approved the following set of definitions for use in federal surveys collecting employerbased health insurance data. Accountable health plan ahp under the managed competition act, providers and insurance companies would be encouraged through tax incentives to form ahps, similar to hmos, ppos, and other group practices. Glossary of insurance terms the az for insurance practitioners terms generally associated with reinsurance ab initio a term used to describe avoidance of a contract from its inception or its beginning. Primary insurance acts as the first layer of coverage on common types of losses. A complaint that you communicate to your health insurer or plan. Glossary of commercial insurance terms commercial insurance is divided into two main categories. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Agent an insurance company representative licensed by the state who solicits and negotiates contracts of insurance, and provides service to the policyholder for the insurer. Term definition cession the amount of insurance risk transferred to a reinsurer by a ceding company. Policy documents contain a number of insurance terms because they typically define the limitations of risk and liability on the insured and any exclusions of coverage. Binder an oral or written agreement to provide temporary insurance coverage until a form written policy is issued.
Its what you could expect to receive if you sold your car to a private buyer, and its what an insurer will base your payment on if your car is stolen or totaled. The term property insurance includes many lines of available insurance. We hope this article on property and casualty insurance glossary was informative. Liability for damages even though fault or negligence cannot be proven. This usually includes auto, motorcycle and homeowner insurance, but may also include boat insurance or some other policy. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. Glossary of reinsurance terminology term definition accident year experience reinsurance experience calculated by matching the total value of all losses occurring during a 12month period with premiums earned for the same period. Cessions limit the capped amount of catastropheexposed business ceded to the reinsurance contract. Life insurance glossary learning about life insurance can be a daunting task, especially if one doesnt know the meaning of the specialized words, of which there are many. Available and physically able to seek and accept work as outlined under the extended benefits program. Our insurance terms glossary is divided alphabetically by insurance terms in a quick reference guide to assist understanding the language commonly used by insurance companies. Declaration part of a property or liability insurance policy that states the name and address of policyholder, property insured, its location and description, the policy period, premiums, and supplemental information. This glossary is intended as a general aid to help you understand some of the commonly occurring phrases and jargon used in the insurance world.
Actuary a professional trained in the mathematics of insurance and risk management, including the calculations of. Glossary of risk management terms this is a comprehensive list of insurance terms. Insurance a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. Below are definitions for some of the more commonly used terms and how. The language of insurance can be quite complex and confusing. Insurance and indemnification requirements risk management division effective march 2007 1 d. Health care services that your health insurance or plan doesnt pay for or cover. Weve curated a list of advanced and basic insurance terms and their definitions to better help you understand the often confusing world of insurance. Motor package policy, householders package, office package. Our glossary of the most common terms, phrases, and concepts will help you brush up on life insurance definitions in no time.
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