Insurance is a very important topic mba, bcom,mcom and other finance related degrees. Bold blue text indicates a term defined in this glossary. Glossary of insurance terms replacement cost a property insurance term that refers to one of the two primary valuation methods for establishing the value of insured property for purposes of determining the amount the insurer will pay in the event of loss. Glossary of insurance terms pennsylvania dental association. 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. Insurance terms and glossary learn some most used terms here. Glossary of insurance terms actuarial value the percentage of an average enrollees medical costs that an insurance provider is expected to cover. Disability insurance covers wage loss for the disabled person. Term insurance definition of term insurance by merriamwebster.
Insurance pdf types of insurance, scope of insurance,classification hello friends welcome to. Glossary of medical insurance terminology pdf uc merced. A complaint that you communicate to your health insurer or plan. 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. We intend to add more definitions as we find more terms that might useful to our users and insurance consumers.
This fact sheet defines various insurancerelated terms. Two such glossaries are of particular use to visitors and customers of insurance canada. Term insurance definition of term insurance by merriam. Insurance policies designed to pay ransoms demanded by kidnappers. 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 insurer agrees, for a consideration, to assume, to a specified extent, the losses suffered by the insured. Glossary of title insurance terms abstract of title the condensed history of the title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete. A material circumstance in this context is the full detailed response to questions which might influence the insurers decision on whether to underwrite the risk at all, or the terms. Glossary of insurance terms university health services. Health care services that help a person keep, learn or. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. Glossary of risk management terms this is a comprehensive list of insurance terms. On a motor insurance policy comprehensive cover insures against accidental damage fire and.
As a prospective insurance customer, some terms used by the insurance industry can be confusing. 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. 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. Consumer glossary national association of insurance. A claimant must be physically and mentally able to work at the time an unemployment claim is filed. Insurance terms used in the area of residential title insurance. The formal request by a policy holder or claimant to be paid under the terms of the insurance policy.
Accident enforceable and unexpected unfortunate event that may cause destruction of property, bodily injury, or death. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into. Glossary of insurance terms navigating the insurance world can be confusing, so here are some definitions of terms and types of insurance products to help make sense of it all. Annual deductible is the amount you must pay each year for medical and mental health expenses. 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. As used in property insurance, prohibits the insured from.
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. Insurance a formal social device for reducing risk by transferring the risks of several individual entities to an insurer. Insurance originally evolved as a commercial instrument, and it was not until after 1666, as a result of the great fire of london, that insurance for households, aptly named fire insurance, emerged. Declaration part of the insurance policy that identifies the named insured, policy period and limit of insurance. Bodily injury bodily harm, sickness, or disease, including resulting death. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. In order to make a well informed decision regarding your insurance needs, we have included this list of basic insurance terms. Glossary of common insurance terms state of alabama. If you have personal property replacement cost coverage, your insurance will pay the full cost to repair an item or buy a new one.
Insurance policy legal document issued to the insured setting out the terms of the contract of insurance. The aftermath of the great fire saw the creation by dr. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Not all concepts or coverages identified in this list are found at chapman university.
See page 4 for an example showing how deductibles, coinsurance and outofpocket limits work. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. 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. Ex gratia payment any payment made by an insurance company which is not strictly necessary, under the terms of the policy. Understanding your insurance policy can be overwhelming. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Agent the insurance company representative who sells policies on behalf of the insurer. 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. Liability arising from extremely dangerous operations.
Vermont health benefit exchange august 21, 2012 glossary of insurance terms actuarial value the percentage of an average enrollees medical costs that an insurance provider is expected to cover. Accidental injury does not include illness or infection, except infection of a cut or wound. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Costsharing all costs to the consumer beyond premiums, includes deductible, copays, and coinsurance. Health care services that your health insurance or plan doesnt pay for or cover. 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. Glossary of risk management terms this is a comprehensive. Additional insured a person or organization not automatically included as an insured under an insurance policy that is included or added as an insured under the policy at the request of the named insured. An asset in insurance terms is something with monetary value that is covered by an insurance policy, such as a car or a property. Glossary of health insurance terms national health policy forum. Available and physically able to seek and accept work as outlined under the extended benefits program. A statistician who computes insurance risks and premiums. Insurance terms and glossary learn some most used terms.
Insurance holding company system consists of two or more affiliated persons, one or more of which is an insurer. The center for consumer information insurance oversight. Insurance pdf types of insurance, scope of insurance. Homeowners insurance is an insurance policy that protects a homeowner against losses that occur to their home. The term property insurance includes many lines of available insurance. Nicb insurance acronym, organization and term list index. Insurance terminology north american training group. It also typically includes liability and medical payments coverage. Excess an amount of money that the policyholder has to pay towards the cost of a claim, for example, the first. Insurance agent an insurance agent is responsible for providing insurance consultation services and is required to be licensed in the states they are selling insurance in. The percentage of costs of a covered health care service you pay after youve paid your deductible. Physical harm or disability which is the result of a specific unexpected incident caused by an outside force.
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. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Thank you for choosing to learn more about residential title insurance. Childrens health insurance program chip an insurance program jointly funded by a state and the federal government that provides health insurance to lowincome children and, in some states, pregnant women in families who earn too much income to qualify for medicaid but who cannot afford to purchase private health insurance coverage.
Coop plan a health insurance plan that will be sold by memberowned and operated nonprofit organizations through. You can find some most used terms here at our insurance terms and glossary. The defined terms and coverage provisions in your policy or certificate of insurance, such as reasonable and customary, may be different from the general information provided below, and the policy or certificate language will prevail. Additional living expenses if you cant live in your home because of a covered loss, your insurance company may pay the necessary increase in living expenses while damage is. Glossary of health insurance terms december 12, 2008 experimental or investigational services. Community rating a way of pricing insurance, where every policyholder pays the same premium, regardless of health status, age or other factors. Its better to know some insurance terms before asking for a quotes. Some insurance only pays the actual cash or market value of the item at the time of the loss, not what it would cost to fix or replace it.
A fixed amount you pay for a covered health care service after youve paid your deductible. Life insurance contracts include qualified accelerated death benefit riders, other than riders that are longterm care insurance contracts under section 7702b, under section 818g. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. Those can be found in your insurance policy or certificate. It is not meant to be all inclusive or provide legally binding definitions. Webmd provides definitions of terms related to health insurance, the affordable care act and medicare. Terms claim a claim is a bill from your health care provider doctor or hospital. Some of these terms also might not have exactly the same meaning.
There is also a comprehensive glossary of insurance and risk management terms available from the international risk management institute. Insurance glossary definitions of common insurance related terms. Two such glossaries are of particular use to visitors and customers of insurancecanada. Glossary of insurance terms npbagus00348 expiry january 2022 coinsurance. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Deductible the amount of money the policyholder must pay on a loss. Glossary of health insurance and medical terms page 1 of 4 glossary of health insurance and medical terms this glossary has many commonly used terms, but it isnt a full list. Costsharing all costs to the consumer beyond premiums, includes deductible, copays, and co insurance. A method of providing liability insurance in which the insurer agrees to cover all claims asserted against the insured during a specified date period regardless of when the claim occurred. An insurance purchased by a company or organization on key employees and naming the company as beneficiary. 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. Direct loss a loss which is a direct consequence of a peril. Insurance an economic device transferring risk from an individual to a company and reducing the uncertainty of risk via pooling.
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. Term insurance that provides coverage for one year and. Fee for service a health plan that allows you to go to any physician or provider you choose, but requires that you pay for the services yourself and file claims for. Glossary of insurance terms vermont health connect. This page provides a glossary of insurance terms and definitions that are. An independent agent represents more than one company. The maximum dollar amount a benefits plan will pay for a procedure. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world. 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. Glossary of insurance terms cdr insurance group, inc.
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