Basis of a claim for indemnity under provisions of an insurance policy. Some of these terms also might not have exactly the same meaning. Infiniteam insurance comprehensive risk management. All are extremely important but on this first page, we have tried to explain in plain english what the most important and common terms mean. Glossary of insurance terms national insurance brokers association.
Deductible the amount of money the policyholder must pay on a loss. Agent a person or a group of people selling insurance on behalf of an insurance company. Accident insurance insurance for unforeseen bodily injury. 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. Insurance glossary understanding common insurance terms.
Indemnity basis or reinstatement basis see definitions in glossary. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of. Application a form you complete with information about you that an insurance company utilizes in determining whether to issue a policy and the premium amount to charge bodily injury liability bi a coverage that protects you in the event you cause injury to another person. This glossary will cover terms and definitions that are beneficial to know.
The legal transfer of one persons interest in an insurance policy to another person. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. A complaint that you communicate to your health insurer or plan. Coinsurance an insurance clause that defines the amount of each loss that the company pays according to the amount of insurance. These often take the form of glossaries, or lists of specialized terms relating to a special subject in this case, insurance with accompanying definitions. Generalinsurancedefinitions institute and faculty of. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Coop plan a health insurance plan that will be sold by memberowned and operated nonprofit organizations through. Term insurance definition of term insurance by merriam. Uniform consent to service of process for insurers pdf, 179kb. A group of health care providers who give coordinated care, chronic disease management, and thereby improve the quality of patient care. A loss is measured in terms of the reduced value of the property, the amount of medical and other related expenses, or the amount of the claim made against an insured.
The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non disclosed or fraudulently misrepresented information when applying for insurance. A statistician who computes insurance risks and premiums. Health care services that your health insurance or plan doesnt pay for or cover. Glossary of common insurance terms texas department of. Learn insurance terms with free interactive flashcards. 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. A company owned solely or in large part by one or more non insurance entities. Claims made a liability insurance policy where coverage applies to claims filed during the policy period no matter when the loss occurred subject to a retroactive inception date. If you need help in evaluating the different plans you are offered, contact the human resource representative at your work. 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. Community rating a way of pricing insurance, where every policyholder pays the same premium, regardless of health status, age or other factors. Dictionary of insurance terms barrons business guides.
Residual value the expected value of an asset at the end of a specified period, such as the value of a car at the end of the lease. A professional trained in the mathematics of insurance and risk management, including the calculations of premiums. Coverage that covers loss caused by all perils except those specifically excluded in a coverage document or agreement. An asset in insurance terms is something with monetary value that is covered by an insurance policy, such as a car or a property. Insurance terms and definitions have you come across a term used in your insurance policy that youve misunderstood or dont understand. Glossary of healthcare terms health insurance and reform. Understand terms like annuity purchase rate, absolute assignment, accumulation at interest dividend option, affinity sales. As used in property insurance, prohibits the insured from abandoning damaged property to the insurance company for. Term insurance definition is insurance for a specified period that provides for no payment to the insured except on losses during the period and that becomes void upon its expiration. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company. There is a large range of specific auto insurance terms. Basic insurance terms and definitions, life insurance terms and definitions, basic insurance terminology, insurance glossary pdf, important insurance terms, insurance terms and concepts, health insurance terminology and insurance terms for dummies. Insuredthe term insured refers to the person who has taken insurance against various risks and who pays a premium.
Declaration part of the insurance policy that identifies the named insured, policy period and limit of insurance. The insurers refusal to insure an individual after careful evaluation of the application for insurance and any other pertinent factors. Claim notice to an insurer that under the terms of a policy, a loss maybe covered. Occasionally some definitions get bogged down in legalese or financespeak, but if you read them carefully its pretty easy to get a good idea. This document is for informational purposes only and is not intended to alter or replace the insurance policy. Life insurance contracts include qualified accelerated death benefit riders, other than riders that are longterm care insurance contracts under section 7702b, under section 818g. Most insurance companies will not pay for acts of god or acts of. The content provided in this website may be changed at any time without notice.
As well, in the case of any inconsistency between the definitions in this. Health insurance glossary health insurance definitions. These general definitions are provided for educational purposes. Glossary of common auto insurance terms helpinsure.
For example, it reimburses for losses from specified perils, such as fire, hurricane, and earthquake. Below are some standard terms and definitions used when describing business and personal insurance coverages. In the early years after a block is opened, claims are generally low. A further premium payable by the insured as a result of policy amendment, that may have increased the risk or changed the policy conditions or sum insured. Browse a list of commonly used terms in the washington state office of the insurance commissioner s agent and company lookup tool. It is the highest rated bond that gives maximum returns at the time of maturity. The definitions appearing in this glossary are provided solely for general informational purposes. Banking terms that begin with a banking terms banking definitions aaa aaa is a term or a grade that is used to rate a particular bond. Liability for damages even though fault or negligence cannot be proven.
The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Glossary of healthcare terms health insurance and reform accountable care organization aco. They are not intended to be complete descriptions of all terms, conditions and exclusions applicable to the products and services defined. Some auto insurance companies offer guaranteed replacement cost coverage on new cars, if the loss occurs within the first 12 months of ownership or 12,000 miles driven. As someone who works with property and casualty insurance a lot, this has been a great reference. Texas department of insurance glossary of common insurance terms.
Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london. An amount which a policyholder agrees to pay, per claim or per accident, toward the total amount of an insured loss. Agent the insurance company representative who sells policies on behalf of the insurer. Nicb insurance acronym, organization and term list index. These definitions represent a common or general use of the term. Consumer glossary national association of insurance. Insurance pdf types of insurance, scope of insurance. Insurance terminology north american training group. The replacement cost of the item minus depreciation. The termination of insurance coverage during the policy period. Webmd provides definitions of terms related to health insurance, the affordable care act and medicare. Two such glossaries are of particular use to visitors and customers of insurancecanada. Choose from 500 different sets of insurance terms flashcards on quizlet.
Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. The cost of repairing or replacing damaged property with property of the same kind and quality, less depreciation i. Glossary of health insurance terms december 12, 2008 a active life reserves funds held by an insurer to pay future claims incurred by individuals covered by a nongroup policy. Insureris the company which accepts risks after receiving premiums and pays claims. It appears more focused on that than life or health insurance, but certainly has some terms from all areas. Classification, types, life insurance policy scope terms and conditions, best policy.
Glossary of commercial insurance terms commercial insurance is divided into two main categories. Initial terms the relationship between the insurer and the policyholder in relation to the insurance for general and product liability is. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. We provide easy to understand definitions of insurance terms and provide auto, homeowners, life, health, and other insurance quotes from wellrespected companies.
Irmi offers the most exhaustive resource of definitions and other help to insurance professionals found anywhere. Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. This specialty coverage is designed primarily for contractor risks whereby the general liability definition is enhanced to include. Accident only an insurance contract that provides coverage, singly or in combination, for death. Ab initio a term used to describe avoidance of a contract from its inception or its beginning.
Irmi update provides thoughtprovoking industry commentary every other week, including links to articles from industry experts. Life insurance glosspinion an opinionated glossary of life insurance terms with pictorials and a focus on terms relating to demutualization. An independent agent represents more than one company. 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. Flat cancellation is the cancellation of a policy as of its effective date, without any premium charge. Insuranceinsurance is a contract in which an insurance company promises to compensate an insured. A certificate of insurance coi is a nonnegotiable document issued by an insurance company or broker verifying the existence of an insurance policy. All funds, property, goods, securities, rights of action, or resources of any kind owned by someone. Such property must be used by the business operation. The term property insurance includes many lines of available insurance. Insurance terms and definitions it is important to understand the following definitions that insurance companies use when you are choosing your next insurance carrier. 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. Changes may be made to these terms and conditions at any time without notice by updating this posting.
566 278 1503 1605 942 89 1545 637 593 805 858 1530 404 1363 285 1450 575 1254 216 1075 1482 909 733 1278 1290 222 524 817 767 168 481 363 364 1418 1485 477 976