Technical terms that appear elsewhere in this glossary are marked in green. 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. A guide to dental ppos, hmos and other managed plans, don mayes, revised edition, 2002. Remove confusion from your health insurance shopping. Actuary an individual who analyzes data to calculate insurance premiums. These are not typically mailed out anymore, but are available in pdf format on your carriers website or by request from the insurance carrier. Before you sign your name and make your first payment, though, you want to be sure you understand what youre getting. Use this glossary of insurance definitions to better understand insurance. Glossary of insurance terms npbagus00348 expiry january 2022 coinsurance. 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.
The basis of accounting under which revenues are re corded when earned and expenditures are recorded as soon as they. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. From accidental damage to vacant possession, insurance terms can be confusing. A statistician who computes insurance risks and premiums. If the policy is approved, this binds the company to make the policy effective from the date of the receipt. Insurance glossary india a to z terms of insurance. Some auto insurance companies offer guaranteed replacement cost coverage on new cars, if the loss occurs within the first 12 months of ownership or 12,000 miles driven. 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. Bodily injury bodily harm, sickness, or disease, including resulting death. A term referring to the refund of previously paid prop erty taxes due to the overvaluation of property. Need help with insurance terms and insurance definitions, see the insurance dictionary and glossary. Most of the definitions below are provided courtesy of the insurance institute of canada. Also see the health and life insurance glossary, property and casualty insurance glossary, small business insurance glossary and terminologies used in insurance and their meanings.
These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. You can find more terms in the the insurance bureau of canadas glossary actual cash value acv. Bold text indicates a term defined in this glossary. 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. Glossary of insurance policy terms iso translations. 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. Used in predicting losses upon which premiums are based.
Homeowners insurance terms made simple american family. 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. Replacement cost of damaged or lost property less depreciation. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. An independent agent represents more than one company. Agent the insurance company representative who sells policies on behalf of the insurer. A group of health care providers who give coordinated care, chronic disease management, and thereby improve the quality of patient care. Units where net income is automatically used to purchase more underlying stocks and shares for the fund. These general definitions are provided for educational purposes. This page provides an index of insurance terms and. Definitions provided by insurance bureau of canada are indicated with an asterisk. This is a short list of key insurance terms, listed in alphabetical order.
The language of insurance can be quite complex and confusing. A receipt given for a premium payment accompanying the application for insurance. Plain english explanations of insurance terms used by agents, companies and lawyers and found in your insurance policies. There is also a comprehensive glossary of insurance and risk management terms available from the international risk management institute. Accident frequency the number of times an accident occurs.
Property insurance covering loss arising from all causes of loss except those that are specifically excluded. Accident an unexpected, unforeseen event not under the control of an insured and resulting in a loss. Glossary of healthcare terms health insurance and reform. There is no deduction from the employees wages for this insurance.
Insurance jargon can seem complicated thats why were here to help. Glossary of dental insurance and dental care terms. National association of insurance commissioners naic. 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. Words associated with surety and bonds and title insurance are listed separately at the end of this list. Weve curated a list of advanced and basic insurance terms and their definitions to better help you understand the often confusing world of insurance. Glossary of health insurance and medical terms this glossary has many commonly used terms, but it isnt a full list. 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. Weve curated additional glossaries of insurance terms and definitions to help you better understand the often confusing legal language of insurance. Not all concepts or coverages identified in this list are found at. Covered employment is any employment from an employer as defined by the nevada revised statutes.
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. 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. It is not meant to be all inclusive or provide legally binding definitions. In insurance terminology the first party is the insurer and the second party is. Glossary of healthcare terms health insurance and reform accountable care organization aco. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. A fixed amount you pay for a covered health care service after youve paid your deductible. No insurance website could be complete without offering and index of insurance terms and definitions. The payment required for an insurance policy to remain in force. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list.
Admitted insurer although other states may define the terms admitted there is no definition of this terms in the new york insurance law, even though the term is used in the insurance business. Those can be found in your insurance policy or certificate. 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. Glossary of life insurance terms department of financial. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world.
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 glossary of health coverage and medical terms this glossary has many commonly used terms, but isnt a full list. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Our glossary will help you to understand some of the jargon so you can know more about the policies we offer.
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. This is a glossary of shipping terms and marine terminology as it pertains to marine insurance. Additional terms are defined within the discussions of the main terms and appear in boldfaced, italicised type. 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. Auto insurance premiums are quoted for either 6 month or annual policy periods. The table of contents lists the main insurance terms defined by this glossary and which are shown in boldfaced type. Click the letter that the word begins with or use the search bar.
Defining the basics at preferred mutual insurance company, we believe in giving you the tools and resources you need to make confident decisions and live assured. Acquisition costs all expenses directly related to acquiring insurance or reinsurance. See if you qualify for a special enrollment period. The insurance contracts act allows an insurer to avoid. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells. The terms and conditions of coverage are determined by the limit of insurance chosen by the policyholder. These definitions represent a common or general use of the term. Statespecific statutory and regulatory information updated in the wrapup guide april 2020. 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.
On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Below are some commonly used insurance terms and their meanings. If you have any questions about these phrases or the wording of your policy contact us to speak to a specialist adviser. Guide to understanding insurance terminology 101 defining. 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. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. The term property insurance includes many lines of available insurance. Two such glossaries are of particular use to visitors and customers of insurance canada. Not all concepts or coverages identified in this list are found at chapman university. The limit is based on the items that the policyholder wishes to insure. If you find yourself confused by insurance terms, youre not alone. In nevada, unemployment insurance is funded entirely by a payroll tax on employers. A form of individual risk rating which takes into consideration the loss experience of the particular risk as a credit or a debit to the manual rate. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company.
The percentage of costs of a covered health care service you pay after youve paid your deductible. Generalinsurancedefinitions institute and faculty of. Understanding insurance terminology 101 insurance terminology 101. An insurance contract under which the insurer agrees to pay the insured a stated. 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. Consumer glossary national association of insurance. 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. This is reflected in the unit price and unit holders will generally benefit from not having to pay an initial charge on the reinvested income. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london. Terms are given their most common definition, with variations provided. Glossary of insurance terms national insurance brokers association. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book. Insurance glossary understanding common insurance terms. Protects against physical damage to buildings, contents, stock, and equipment.
A binder is subject to the premium and all the terms of the policy to be issued. Insurance definitions, dictionary, glossary and terms. Act of god natural occurrence beyond human control or influence. Glossary of risk management terms this is a comprehensive list of insurance terms. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. This should be equivalent to paid premiums, in most instances. Insurance glossary insurance gobbledygook made simple. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company.
A description of the healthcare coverage included in an insurance companys plan sometimes called benefits book. 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. A health insurance policy you buy directly from a health insurance company or broker rather than through an employer. Texas department of insurance glossary of common insurance terms.
Term used in universal life policies to describe the total of all premiums and earnings credited to the. 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. The information has been gathered from many sources believed to be reliable, but the association assumes no responsibility for the accuracy of the information. A form of corporation, allowed by the irs for most companies with 35 or fewer shareholders, which enables the company to enjoy the benefits of incorporation but be taxed as if. The guide is an important resource that will help to create a much greater understanding of. Nicb insurance acronym, organization and term list index. A professional trained in the mathematics of insurance and risk management, including the calculations of premiums. A term interchangeable with insurance but generally used in connection with life. When making decisions about health coverage, consumers should know the specific meanings of terms used to. 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.
If youre feeling baffled by all the new terminology, read through our glossary of life insurance terms. 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. Insurance terminology north american training group. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. Some of these terms also might not have exactly the same meaning. Some words andor phrases may be defined differently by other entities, or used in a context. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Glossary association of marine underwriters of san francisco. An individual plan can cover you andor any of your eligible family members. The difference reflects the insurers expenses for operating the plan. 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. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. These definitions do not alter or modify the terms of any insurance contract. 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.