If you have personal property replacement cost coverage, your insurance will pay the full cost to repair an item or buy a new one. See all formats and editions hide other formats and editions. Pays for damage to an insured vehicle when it hits or is hit by another car or object, or if the car overturns. 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. A form of insurance that pays damages equal to the replacement value of damaged property minus depreciation. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. An insurance purchased by a company or organization on key employees and naming the company as beneficiary. 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 general definitions are provided for educational purposes. Insurance terms glossary understanding common insurance terms.
This coverage is subject to the terms, limits and conditions. By earning and maintaining the cic designation, she has demonstrated professional the rains agency congratulates jessica parrott, certified insurance counselor cic. Glossary of risk management terms this is a comprehensive list of insurance terms. Liability arising from extremely dangerous operations. The individual has certain other rights including the right subject to some restrictions to see. Civil authority an insurance policy provision that will typically extend coverage for business interruption and necessary extra expense caused by action of civil authority that prohibits access to the described premises due to direct physical loss of or damage to property. You can find some most used terms here at our insurance terms and glossary. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company.
Accelerated death benefits an insurance policy with an accelerated death benefits provision will pay under certain conditions all or part of the policy death benefits while the policyholder is still alive. Insurance company a company that takes on risks under the policies it sells in return for the payment of premiums. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Not all concepts or coverages identified in this list are found at chapman university. The term refers to the fact that the company carries or assumes certain risks for the policyholder. Glossary of insurance terms michigan insurance 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. The original glossary of insurance terms was compiled by john s. When it comes to choosing the best automobile insurance, knowing industry terms and language gives you a good head start. It is not meant to be all inclusive or provide legally binding definitions. A document detailing the terms and conditions applicable to an insurance contract and constituting legal evidence of the agreement to insure. An event or occurrence which is unforeseen and unintended. Below are definitions for some of the more commonly used terms and how.
Bodily injury bodily harm, sickness, or disease, including resulting death. Actual cash value is the fair market value of your vehicle. Here we have listed some of the more commonly found examples, and provide an everyday definition of their meaning. Pc insurancea document or other presentation, prepared as a formal means of conveying to the state regulatory authority and the board of directors, or its equivalent, the actuarys professional conclusions and recommendations, of recording and communicating the methods and procedures, of assuring that the parties addressed are aware of the significance of the actuarys opinion or findings. Glossary of commercial insurance terms commercial insurance is divided into two main categories. The amount that an insured person must pay upfront at the time of service for a covered benefit. If your insurance company or independent agent is throwing complicated insurance terms your way, use this insurance glossary to make better sense of it all. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. A statistician who computes insurance risks and premiums. 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. There may be additional charges coinsurance for additional services performed. The percentage of costs of a covered health care service you pay after youve paid your deductible.
Liability for damages even though fault or negligence cannot be proven. 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 rains agency congratulates jessica parrott for attaining the designation of ciccertified insurance counselor. A person responsible for investigating and settling a claim. Title insurance provides coverage for losses that occur when a land title is not free and clear of defects e.
Request by an insured for the insurance company to cover an incurred loss. Insurance company that actually underwrites and issues the insurance policy. In brief, the agreements describe the conditions under which the company will identify the insured in. The code is a selfregulatory form of regulation, that is, the insurance industry, not the government, is. Life insurance designed to cover the insured for a specified period of time or term. 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. Pulmonary hypertension association 801 roeder road, ste. An insurance professional skilled in the analysis, evaluation and management of statistical information. Property insurance claims terms explained and dictionary.
These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. In order to make a well informed decision regarding your insurance needs, we have included this list of basic insurance terms and definitions for your convenience. 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. Insurance glossary understanding common insurance terms. Dictionary of insurance terms a absolute liability. For example, a plan may pay 90% of the charges and the insurer pay 10%. Household safety tips change with the season as days get shorter and nights get longer, our habits begin to change. Definitions provided by insurance bureau of canada are indicated with an asterisk. Glossary of insurance terms insurance answers for life. Its better to know some insurance terms before asking for a quotes. There may be additional charges co insurance for additional services performed. Agent the insurance company representative who sells policies on behalf of the insurer. Webmd provides definitions of terms related to health insurance, the affordable care act and medicare.
Insurance terms glossary learn the meanings of insurance. The insurance contracts act allows an insurer to avoid. Insurance terms used in the area of residential title insurance. 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. The language of insurance can be quite complex and confusing. In long term care policies, how long the benefits will last, usually stated in terms of a maximum number of days, years, or visits binder. An independent agent represents more than one company. The portion of the insurance policy which sets forth the terms under which the insurance company agrees to indemnify the insured for loss suffered from specified perils or to pay benefits upon the occurrence of certain events as described. Most of the definitions below are provided courtesy of the insurance institute of canada. If the insured fails to maintain the amount specified in the clause usually at least 80%, the insured shares a higher proportion of the loss.
Insurance policy legal document issued to the insured setting out the terms of the contract of insurance. 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. Glossary of health insurance terms december 12, 2008 experimental or investigational services. A valid and collectible policy of bodily injury liability and property damage liability insurance or bond with applicable limits at least equal to those specified in section 311 of the vehicle and traffic law. A clause contained in most property insurance policies to encourage policy holders to carry a reasonable amount of insurance. Accident enforceable and unexpected unfortunate event that may cause destruction of property, bodily injury, or death. It is typically renewed on an annual basis and terms, pricing and conditions are based on the loss experience of the insurers book of business, market. Able able and available additional claim adjudication alien status alternate base period appeal appeals hearing approved training available back pay base period benefit year benefit year beginning date benefit year ending date between academic school terms. The insurance council of australia, as a response to the needs of the insurance industry and with the assistance of the insurance enquiries and complaints ltd. Glossary of insurance terms paperback january 1, 1996 by merritt publishing editor 5.
Nicb insurance acronym, organization and term list index. 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. A temporary or preliminary agreement which provides coverage until a policy can be written or delivered. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Glossary of insurance terms 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. 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 plan of insurance covering certain lines of insurance which is offered under the auspices of a large employer or other homogeneous group, such as a labor union or fraternal organization, where a large number of persons are covered by one insurance company with the idea of convenience principally payroll deduction and economy. As a prospective insurance customer, some terms used by the insurance industry can be confusing. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. A percentage of the cost of services that the insured person have to pay. Nov 01, 2017 when it comes to choosing the best automobile insurance, knowing industry terms and language gives you a good head start. This information is provided for general informational purposes only and does not alter or replace any insurance policy issued by us. 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 insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Iec, developed the general insurance code of practice the code. In a wider context casualty insurance may cover all nonlife insurances. Originally the term assurance was generally used for life insurance, but now the two words are interchangeable. Term insurance generally offers the most protection for your premium dollars.
Comprehensive loss underwriting exchange clue report. Glossary of insurance terms crissie insurance group. Below are some commonly used insurance terms and their meanings. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Evaluates insurance firms reserves, determines rates and rating methods, and determines other business and financial risks. Glossary of insurance terms npbagus00348 expiry january 2022 coinsurance. Its what you could expect to receive if you sold your car to a private buyer, and its what an insurer will base your payment on if your car is stolen or totaled. Fired vessels, steam generators, mechanical and or electrical objects and turbines, are all examples of objects that might be listed for coverage under a boiler and machinery policy.
Insurance policies are full of technical phrases, and jargon. The terms of this act require an insurance company to obtain prior written consent from an individual before approaching any medical practitioner for a medical report pertaining to them. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. The maximum dollar amount a benefits plan will pay for a procedure.
A publication used for the determination of values for used automobiles and trucks. Insurance a service that offers financial compensation for something that may or may not happen. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you. 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. Thank you for choosing to learn more about residential title insurance. Study 215 terms glossary of insurance terms flashcards. A fixed amount you pay for a covered health care service after youve paid your deductible. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. This document is for informational purposes only and is not intended to alter or replace the insurance policy.
Insurance a formal social device for reducing risk by transferring the risks of several individual entities to an insurer. Insurance terms and glossary learn some most used terms. If the term warrants it, there will be an extended definition on a separate page. Glossary of insurance terms university health services. Insurance policies designed to pay ransoms demanded by kidnappers. 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. In medical insurance a percentage of each claim that the insured will bear. Term policies provide life insurance protection without any cash value features which can increase the cost of the coverage.
A period of time in which you pay higher cost sharing for prescription drugs until you. Below is a glossary of insurance terms for your convenience. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. It is issued by an insurer or his representative for the first period of risk. Glossary of insurance terms the information presented on this glossary is not an insurance policy, declarations page or endorsement. Consumer glossary national association of insurance. The insurer agrees, for a consideration, to assume, to a specified extent, the losses suffered by the insured. The requirements for coverage under this provision are the existence of an order of civil authority which prohibits access. These conditions include proof that the policyholder is terminally ill with a life expectancy of less than 12 months, has a specified lifethreatening disease or is in a longterm.675 632 1058 649 1024 1079 1516 171 924 705 433 399 475 639 785 155 770 820 909 67 669 1137 377 69 894 174 278 944 227 537 104 222 873 1025 484 335 1202 28 1193 738 1074 554 115 1108 977 71