An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies. This document is for informational purposes only and is not intended to alter or replace the insurance policy. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. Definitions provided by insurance bureau of canada are indicated with an asterisk.
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. An individual plan can cover you andor any of your eligible family members. Health care services that help a person keep, learn or. With just a few clicks you can access the geico insurance agency partner your boat insurance policy is with to find your policy service options and contact information. With accident forgiveness not available in ca, ct, and ma on your geico auto insurance policy, your insurance rate wont go up as a result of your first atfault accident actual cash value. Our glossary of homeowners insurance terms will get you up to speed on language that will help you better understand your coverages and how they help you protect what matters most. 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.
A health insurance policy you buy directly from a health insurance company or broker rather than through an employer. 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. The terms of an insurance contract are embodied in a w ritten document called the. Commercial insurance is divided into two main categories. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company. 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. Bold blue text indicates a term defined in this glossary. Glossary of dental insurance and dental care terms.
Glossary of insurance terms accident an unforeseen, unintended, and unexpected event, which occurs suddenly and at a definite place. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. These definitions do not alter or modify the terms of any insurance contract. Contract of insurance an agreement between the insurer and one or more parties, called the insured, whereby the insurer undertakes in return for the payment of a certain consideration, called the premium, to pay to the insured a certain sum of money or to grant certain compensation on the happening of a specified event. The language of insurance can be quite complex and confusing. The liability of a wrongdoers automobile insurance company to pay someone harmed by the wrongdoer, even if the wrongdoer has violated the terms of the insurance policy, for example, by driving with an expired license. The current commercial time element coverage forms are. Auto insurance premiums are quoted for either 6 month or annual policy periods. The tendency of those exposed to a higher risk to seek more insurance coverage than those at a lower risk. 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.
Please read your official policy for full details about coverages. The guide is an important resource that will help to create a much greater understanding of. See page 4 for an example showing how deductibles, coinsurance and outofpocket limits work. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Property damage liability coverage part of a standard auto insurance policy that covers you, up to the policy limit, for losses that result when you damage or destroy someone elses personal property. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Texas department of insurance glossary of common insurance terms. The insurers refusal to insure an individual after careful evaluation of the application for insurance and any other pertinent factors. Before you sign your name and make your first payment, though, you want to be sure you understand what youre getting. Insurance glossary understanding common insurance terms. Act of god an accident or event that is the result of natural causes, without human. 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. Accident only an insurance contract that provides coverage, singly or in combination, for death.
Insurance definitions, dictionary, glossary and terms. This page provides an index of insurance terms and. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance.
The a to z guide to legal phrases this is only a basic guide. Term used in universal life policies to describe the total of all premiums and earnings credited to the. If, at any time you come across an insurance term in you dont understand, come back to this glossary and look up the definition. To get even more confident in your coverage, take a look at our homeowners insurance checklist we designed this step by step guide to help you understand how the. 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. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world. Insurance and indemnification requirements risk management division effective march 2007 1 d. No insurance website could be complete without offering and index of insurance terms and definitions. The term property insurance includes many lines of available insurance. Accident insurance insurance for unforeseen bodily injury. National association of insurance commissioners naic. 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. 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.
Insurance agent a legal representative of one or more insurers for which the representative has a contractual agreement to sell insurance. Words associated with surety and bonds and title insurance are listed separately at the end of this list. Consumer glossary national association of insurance. When youre ready to take the next step, compare quotes for free or talk to a policygenius expert.
A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. Insurance terminology north american training group. In this life insurance glossary, we have defined many of these terms used throughout this website and, perhaps in your policy. The cost of repairing or replacing damaged property with property of the same kind and quality, less depreciation i. Most of the definitions below are provided courtesy of the insurance institute of canada. Glossary of health coverage and medical terms page 1 of 4 glossary of health coverage and medical terms this glossary has many commonly used terms, but isnt a full list. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. The payment required for an insurance policy to remain in force. Agent the insurance company representative who sells policies on behalf of the insurer. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells. Actual loss an insurance term which means that the insured item. Glossary of commercial insurance terms commercial insurance is divided into two main categories. The insurer is required to renew the policy regardless of the health of the insured subject to policy conditions.
A statistician who computes insurance risks and premiums. 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. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Not all concepts or coverages identified in this list are found at chapman university.
Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Underwriter an insurer employee who evaluates applicants for insurance, selects those that are acceptable to the insurer, prices coverage, and determines policy terms and conditions. The terms and explanations are for the law in england and wales. 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. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Our glossary of the most common terms, phrases, and concepts will help you brush up on life insurance definitions in no time. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. The a to z guide to legal phrases plain english campaign. 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.
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. 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. 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. Gatekeeper under some health insurance arrangements, a gatekeeper is responsible for the administration of the patients treatment. Glossary of common auto insurance terms helpinsure. Read more call us at 888 5325433 to make changes to your life insurance policy. Glossary of insurance terms this list is not meant to be all inclusive, but should help with your understanding some insurance terms used in our website. An insurance plan thats certified by the health insurance marketplace, provides essential health benefits, follows established limits on costsharing like deductibles, copayments, and outofpocket maximum amounts, and meets other requirements under the affordable care act. An entity or person, other than the one in whose name coverage is written, protected against loss by an insurance policy or. Underwriting the process of selecting insureds, pricing coverage, determining insurance policy terms and conditions, and then monitoring the underwriting. A professional trained in the mathematics of insurance and risk management, including the calculations of premiums.
Glossary of insurance terms national insurance brokers association. Statespecific statutory and regulatory information updated in the wrapup guide april 2020. Glossary of common auto insurance terms glossary of common. Also see the health and life insurance glossary, small business insurance glossary and terminologies used in insurance and their meanings. Below are some commonly used insurance terms and their meanings. Glossary of risk management terms this is a comprehensive list of insurance terms. We intend to add more definitions as we find more terms that might useful to our users and insurance consumers. 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. 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. Coinsurance a form of medical cost sharing in a health insurance plan that. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book. Homeowners insurance terms made simple american family. Health care services that your health insurance or plan doesnt pay for or cover.
Term insurance that provides coverage for one year and allows the policy owner to renew his or her coverage each year. If youre feeling baffled by all the new terminology, read through our glossary of life insurance terms. A complaint that you communicate to your health insurer or plan. Below are definitions for some of the more commonly used terms and how ppaca. Glossary of life insurance terms department of financial. Insurance glossary india a to z terms of insurance. A guide to dental ppos, hmos and other managed plans, don mayes, revised edition, 2002. 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. 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. 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.
The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Convertible term insurance policy an insurance policy that can be converted into permanent insurance without a medical assessment. Weve curated a list of advanced and basic insurance terms and their definitions to better help you understand the often confusing world of insurance. Although various definitions have been offered, one of the most helpful is to. An amount which a policyholder agrees to pay, per claim or per accident, toward the total amount of an insured loss. Primary wording means that if a contractor or owner of a project is partially responsible for damage or injury that occurs on a project, the sub contractors policy will pay out first. Insurance a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
Auto insurance, what follows are terms specific to au to coverage. Actuary a professional trained in the mathematics of insurance and risk management, including the calculations of. Insured the individual whose property or liability is covered by an insurance policy. These general definitions are provided for educational purposes. Need help with insurance terms and insurance definitions, see the insurance dictionary and glossary.
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