Agent the insurance company representative who sells policies on behalf of the insurer. After the out of pocket maximum has been met, the insurance company and policy will pick up 100% of all medical costs. Such terms and availability may vary by state and exclusions may apply. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Sep 17, 2019 out of pocket maximums generally do not include the monthly premiums paid for insurance.
Insurance terms and definitions have you come across a term used in your insurance policy that youve misunderstood or dont understand. However, since banking is a significant part of our business and personal life, it is useful for consumers to learn some common banking terms. These terms and definitions are available in additional languages via this page. The insurance contracts act allows an insurer to avoid. Insurance terms and glossary learn some most used terms here. Need help with insurance terms and insurance definitions, see the insurance dictionary and glossary. Accident only an insurance contract that provides coverage, singly or in combination, for death. Student insurance package international aon student 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. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company.
This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. This specialty coverage is designed primarily for contractor risks whereby the general liability definition is enhanced to include. Banking terms list of important banking terminology pdf. You can find some most used terms here at our insurance terms and glossary. 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 reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. Out of pocket maximums generally do not include the monthly premiums paid for insurance. Glossary of insurance terms california department of insurance.
These general definitions are provided for educational purposes. These definitions do not alter or modify the terms of any insurance contract. 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. Please read your official policy for full details about coverages. Insurance pdf types of insurance, scope of insurance. Webmd provides definitions of terms related to health insurance, the affordable care act and medicare. Accident enforceable and unexpected unfortunate event that may cause destruction of property, bodily injury, or death. Term insurance definition of term insurance by merriamwebster. Not all concepts or coverages identified in this list are found at chapman university. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Medical insurance terminology and acronyms 2019 health. To help you make sense of the jargon thats often used to describe insurance, here is our handy guide to the most commonly used key words and phrases. Glossary of risk management terms this is a comprehensive.
These glossary terms and definitions are intended to be educational and may be different from the terms and. We have covered you for all the az insurance words and their meanings. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book. Insurance definitions, dictionary, glossary and terms. Nicb insurance acronym, organization and term list index. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. 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. These glossary terms and definitions are medicare basics. Insurance terminology north american training group. 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. Jan 07, 2014 this document contains a list of commonly used health insurance terms and their definitions to help consumers better understand how health insurance coverage works. Weve curated a list of advanced and basic insurance terms and their definitions to better help you understand the often confusing world of insurance. An asset in insurance terms is something with monetary value that is covered by an insurance policy, such as a car or a property.
Accident insurance insurance for unforeseen bodily injury. 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. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Glossary of insurance terms national insurance brokers association. An independent agent represents more than one company. Insurance glossary understanding common insurance terms. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. This document contains a list of commonly used health insurance terms and their definitions to help consumers better understand how health insurance coverage works. 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. We provide easy to understand definitions of insurance terms and provide auto, homeowners, life, health, and other insurance quotes from wellrespected companies.
The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. The terms of an insurance contract are embodied in a w ritten document called the. Learn insurance terms with free interactive flashcards. Some of these terms also might not have exactly the same meaning when. The purpose of liability insurance is to cover bodily injury to a third party resulting from the negligent or unintentional acts of an insured. Dictionary of insurance terms pdf free download epdf. 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. Irmi update provides thoughtprovoking industry commentary every other week, including links to articles from industry experts.
Below are definitions for some of the more commonly used terms and how. Title insurance provides coverage for losses that occur when a land title is not free and clear of defects e. Liability arising from extremely dangerous operations. Insweb insurance glossary of insurance terms need to know what those insurance words mean. Glossary of risk management terms this is a comprehensive list of insurance terms. 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. This document is for informational purposes only and is not intended to alter or replace the insurance policy. No insurance website could be complete without offering and index of insurance terms and definitions. National insurance crime bureau october 12, 2015 1 nicb insurance acronym, organization and term list the following is a list of insurance related acronyms, organizations, and terms that may be encountered during an investigation. Texas department of insurance glossary of common insurance terms. 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. Acquisition costs all expenses directly related to acquiring insurance or reinsurance.
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. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. With just a few clicks you can access the geico insurance agency partner your boat insurance policy is with to find your. Accounting introduction naccounting is the art of identifying, measuring, recording, and communicating economic information about an organisation or other entity, in. Health insurance terms and definitions valuepenguin. 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. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non disclosed or fraudulently misrepresented. Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which are controlling. If there is any conflict between these definitions and the provisions of the. The guide is an important resource that will help to create a much greater understanding of. There is a large range of specific auto insurance terms.
Consumer glossary national association of insurance. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies. A company owned solely or in large part by one or more non insurance entities. Glossary of health coverage and medical terms this glossary defines many commonly used terms, but isnt a full list. This page provides an index of insurance terms and.
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. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Insurance terms used in the area of residential title insurance. Thank you for choosing to learn more about residential title insurance. The tendency of those exposed to a higher risk to seek more insurance coverage than those at a lower risk. This glossary has many commonly used terms, but isnt a full list. The insurance company representative who sells policies on behalf of the insurer.
Insurance pdf types of insurance, scope of insurance,classification hello friends welcome to. Choose from 500 different sets of insurance terms flashcards on quizlet. It is not meant to be all inclusive or provide legally binding definitions. 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.
Compiled from the academys five insurance and risk management book plus many other sources, this extensive glossary defines, describes and details 282 insurance and risk management terms and concepts from a posteriori data to zone of danger. The term property insurance includes many lines of available insurance. Additional terms are available through the glossary page. Coinsurance a form of medical cost sharing in a health insurance plan that requires an insured person to pay a. Different insurance providers may have varying ideas about what constitutes full coverage, but it will always include the insurance legally required by your state. 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 policy.