Conventional indemnity plan an indemnity that allows the participant the choice of any provider without effect on reimbursement. Am best, standard and poors, and moodys are three wellknown rating services. 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. 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. Weve curated a list of advanced and basic insurance terms and their definitions to better help you understand the often confusing world of insurance. Free look period a period of up to one month during which the purchaser of an annuity can cancel the contract with no penalty.
While the glossary is intended for use by the california department of education cde and its translators, the cde. Glossary of common auto insurance terms glossary of common. 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. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. 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. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. An explicit right of ownership and possession which is free from any restrictions or limitations, given to the insured. Here, youll find plainenglish definitions for 33 of the most common insurance terms. The glossary of terms is also geographically based, reflecting. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Dictionary of insurance terms a absolute liability.
Common health insurance terms and definitions wps health. Many of the terms included in this glossary were gleaned from several sources. Consumer glossary national association of insurance. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. Property and casualty insurance glossary the bottom line we hope this article on property and casualty insurance glossary was informative. If youre looking for a free download links of glossary of insurance terms pdf, epub, docx and torrent then this site is not for you. Period of time usually 10, 20 or 30 days during which a. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. A causes of loss form is combined with one or more coverage forms, the commercial property conditions form, the common policy conditions form, and the declarations to make up an iso. Terms claim a claim is a bill from your health care provider doctor or hospital. Acquisition costs all expenses directly related to acquiring insurance or reinsurance. Its okwe know as well as anyone that the language of health insurance can be hard to understand.
A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. 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. Education language glossary 2008 edition this is the second edition of a translations glossary developed to encourage more consistent use of words and terms that are commonly found in state and federal education communications. 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. Glossary of health insurance terms december 12, 2008 broker a salesperson who has obtained a state license to sell and service con tracts of multiple health plans or insurers, and who is considered to be an agent of.
The original glossary of insurance terms was compiled by john s. Insurance glossary understanding common insurance terms. Use this informative property and casualty insurance glossary to better understand basic insurance terms and definitions. Free look period an insurer may cancel an auto insurance policy for any reason during the free look period, which is usually the first 30 days of the policy. Title insurance provides coverage for losses that occur when a land title is not free and clear of defects e. Refers to the financial strength of an insurance company. Thank you for choosing to learn more about residential title insurance. Either a specified dollar amount, a percentage of the claim amount, or a specified. Form of life insurance allowing the owner to change the face amount, premium amount. Free torrent download glossary of insurance terms pdf ebook best new ebookee website alternative note.
In developing this glossary, many steps were taken to ensure the quality of the vi information. Insurance glossary the following list contains words you may see used on the federal benefits programs website. 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. Insurance a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. 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. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. An independent agent represents more than one company. A person responsible for investigating and settling a claim. Dictionary of insurance terms pdf free download epdf. Iso, commercial property insurance forms that establish and define the causes of loss or perils for which coverage is provided. A professional trained in the mathematics of insurance and risk management, including the calculations of premiums.
This page provides a glossary of insurance terms and definitions that are commonly used in. The term property insurance includes many lines of available insurance. Glossary of business terms adjective adj headwords for adjectives followed by information in square brackets only before a noun and not before a noun show any restrictions on where they can be used. Dig deep into important issues and trends in captive 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. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Webmd provides definitions of terms related to health insurance, the affordable care act and medicare. 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. Download the free pdf for glossary of important insurance terms here.
On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Our glossary of the most common terms, phrases, and concepts will help you brush up on life insurance definitions in no time. Liability for damages even though fault or negligence cannot be proven. Glossary of risk management terms this is a comprehensive list of insurance terms. Glossary of health insurance terms blue cross and blue. Pays for damage to an insured vehicle when it hits or is hit by another car or object, or if the car overturns. Glossary of important insurance terms download pdf oliveboard. Health insurance is full of terms you may not know. You can ask an insurance company or health maintenance organization for a. Deductible the amount of loss paid by the policyholder. They include our evidence of coverage, member letters, marketing materials and health education brochures. Every industry has its own jargon, and the property and casualty insurance business is. Glossary of risk management terms this is a comprehensive. Bodily injury as defined in many liability policies, any physical injury to a person, including sickness, disease, and death.
Reinsurance glossary reinsurance glossary compiled by the american council of life insurers reinsurance committee and provided by central security life insurance company cslic. Understanding your insurance policy can be overwhelming. Below are definitions for some of the more commonly used terms and how. Reinsurance glossary reinsurance glossary compiled by the american council of life insurers reinsurance committee and provided by central security life insurance company cslic primarily covering life and health reinsurance terms. 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. Learn insurance industry vocabulary that will help you better understand your insurance policies. Refers to a present state of condition and location of the goods at the time of sale. The definitions in this glossary are developed by the naic research and actuarial department staff based on. Insurance terms used in the area of residential title insurance.
To help you better understand health insurance, heres a list of the most commonly used health care terms and definitions. On the part of a reinsuring company it means that it is free to accept the reinsurance or not, and, if it does accept, on what terms. Insurance agent a legal representative of one or more insurers for which the representative has a contractual agreement to sell insurance. Trial period required in most states where policy owners have up to 20. Form of life insurance that provides a death benefit which declines. Insured the individual whose property or liability is covered by an insurance policy. Complete glossary of insurance coverage insurance coverage terms. An event or occurrence which is unforeseen and unintended. Liability arising from extremely dangerous operations.
A glossary of life insurance and financial terms a glossary of life insurance and financial terms a to b. Indemnity basis or reinstatement basis see definitions in glossary. Complete glossary of insurance coverage insurance coverage terms acli. Comprehensive loss underwriting exchange clue report. 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. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Insurance definitions, dictionary, glossary and terms. These general definitions are provided for educational purposes.
Not all concepts or coverages identified in this list are found at chapman university. We intend to add more definitions as we find more terms that might useful to our users and insurance consumers. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies. Many term policies only cover periods of 5, 10 or 20 years but can be renewed, usually for a higher cost, at the end of the policy. Disclosures a list of a health plans terms, including its benefits, exclusions, costsharing, service area, and preferred provider network. This page provides an index of insurance terms and. Insurance terms glossary understanding common insurance terms. This coverage is subject to the terms, limits and conditions. Auto insurance, what follows are terms specific to au to coverage. Health insurance glossary texas department of insurance. The following terms are commonly used in the insurance market and may well appear in your insurance policy arranged by us. 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. 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.
When youre ready to take the next step, compare quotes for free or talk to a policygenius expert. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. The disclosures are part of your policy or evidence of coverage. 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. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. This fact sheet defines various insurancerelated terms. These definitions represent a common or general use of the term. Glossary of life insurance terms department of financial. 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. 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. Agent the insurance company representative who sells policies on behalf of the insurer. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you. Binder an oral or written agreement to provide temporary insurance coverage until a form written policy is issued.
No insurance website could be complete without offering and index of insurance terms and definitions. Dec 27, 2019 our glossary of the most common terms, phrases, and concepts will help you brush up on life insurance definitions in no time. The insurance contracts act allows an insurer to avoid a policy ab. The insurance contracts act allows an insurer to avoid. Noun n the codes c and u show whether a noun, or a particular sense of a noun, is countable an agenda, two agendas or uncountable. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Yet every day, its becoming more and more important for health care consumers to have at least a basic knowledge of the industrys terminology. Policies issued at a higher rate than standard due to impairment of the insured. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. You can ask an insurance company or health maintenance organization for a copy of a plans disclosures before buying the plan. One of the criteria used in calculating premium rates.
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