Property and casualty insurance glossary the bottom line. 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 michigan insurance company. 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 the insurance company representative who sells policies on behalf of the insurer. The guide is an important resource that will help to create a much greater understanding of. For your very own copy, download the marine protect glossary ebook here. 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. Durable medical equipment dme early and periodic screening, diagnostic, and treatment services epsdt eligibility assessment. Iso pap compared with 7 private insurer personal auto forms in personal risk management and insurance may 2020 cancellation, statespecific endorsements, and arizona, south carolina, and michigan updates in personal risk management and insurance. Dictionary of insurance terms barrons business guides. The insurance business encompasses a daunting array of industry jargon.
Please read your official policy for full details about coverages. Glossary of insurance terms npbagus00348 expiry january 2022 coinsurance. When making decisions about health coverage, consumers should know the specific meanings of terms used to. It provides excellent definitions in brief but very understandable detail. If you have any questions about the use or meaning of a term or expression in any particular. Book of business, an expression of long standing meaning all insurance accounts of a particular agent, producer, marketing representative, general agent. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book. The language of insurance can be quite complex and confusing. 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. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. By understanding the relevant terms, you can make informed decisions about protecting your business. See all formats and editions hide other formats and editions. 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 often take the form of glossaries, or lists of specialized terms relating to a special subject in this case, insurance with accompanying definitions. Osler, robert willard, 1911 glossary of insurance terms. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. The formal request by a policy holder or claimant to be paid under the terms of the insurance policy. Irmi offers the most exhaustive resource of definitions and other help to insurance professionals found anywhere. 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. The insurer is required to renew the policy regardless of the health of the insured subject to policy conditions. Insured the individual whose property or liability is covered by an insurance policy.
Convertible term insurance policy an insurance policy that can be converted into permanent insurance without a medical assessment. This handy guide is designed to assist insurance agents and consumers by explaining these complicated and confusing terms in jargonfree. Glossary of insurance terms university health services. Below are some commonly used insurance terms and their meanings. Book value original cost, including capitalized acquisition costs and accumulated depreciation, unamortized premium and discount, deferred origination and commitment fees, direct writedowns, and increasedecrease by adjustment. Claims made 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. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world.
This glossary provides business insurance definitions for terms you might encounter while researching policies for your business and maintaining existing coverage. Gains loss excess deficiency of the sales price of an asset over its book value. 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. Inspired by the einstein quote, the xkcd comic and book, the simple english wikipedia and a few very useful tools we gave ourselves the challenge of building a glossary of insurance terms written in simple english, using only the 1,000 most common words in the english language. This book is a very handy reference guide to a large variety of insurance terms. Glossary of insurance terms the information presented on this glossary is not an insurance policy, declarations page or endorsement. Spanish glossary of insurance terms 2nd edition isbn. A percentage of the cost of services that the insured person have to pay. Insurance agent a legal representative of one or more insurers for which the representative has a contractual agreement to sell insurance. Glossary of insurance terms mutual of omaha insurance company united benefit life insurance company. The amount that an insured person must pay upfront at the time of service for a covered benefit. Glossary of insurance terms crissie insurance group.
This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. The complete dictionary of insurance terms explained simply. Thankfully, there are resources to help consumers navigate the maze of unfamiliar terms. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. The percentage of costs of a covered health care service you pay after youve paid your deductible. The complete dictionary of insurance terms explained simply samaroo. Insurance glossary understanding common insurance terms. No insurance website could be complete without offering and index of insurance terms and definitions. Over 2,500 definitions of the most commonly used words in the industry. Most of the definitions below are provided courtesy of the insurance institute of canada.
These definitions do not alter or modify the terms of any insurance contract. Weve curated a list of advanced and basic insurance terms and their definitions to better help you understand the often confusing world of insurance. This page provides an index of insurance terms and. There may be additional charges co insurance for additional services performed. Department of health and human services hhs dependent coverage. The amount of insurance, usually found on the face page, provided by the terms of an insurance contract, i. Acquisition costs all expenses directly related to acquiring insurance or reinsurance. For example, a claims cooperation condition may require an insured to make its books of account available for inspection should a loss occur. As australias leading specialist marine insurer, weve developed a glossary of terms as an expert guide to navigate the language of marine insurance. A professional trained in the mathematics of insurance and risk management, including the calculations of premiums. Insurance company that actually underwrites and issues the insurance policy. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. The payments made while the insured is living are deducted from any death benefits paid to beneficiaries.
For example, a plan may pay 90% of the charges and the insurer pay 10%. A fundamental tool to understanding the insurance industry, th. We intend to add more definitions as we find more terms that might useful to our users and insurance consumers. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. 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. The term property insurance includes many lines of available insurance. Glossary of health insurance terms december 12, 2008 prior insurance must have provided a minimum level of coverage.
Words associated with surety and bonds and title insurance are listed separately at the end of this list. Consumer glossary national association of insurance. Over 2,500 definitions of the most commonly used words in the industry by green, thomas e. Insurance definitions, dictionary, glossary and terms. A comprehensive resource of insurance terms and definitions compiled from the academy of insurances five insurance and risk management books. Health insurance glossary health insurance definitions and. Please register here to download industry data and book tickets to our events. 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. This book is particularly effective for someone new to insurance or for someone starting in the risk management field. Definitions provided by insurance bureau of canada are indicated with an asterisk. Group when more than one practitioner is insured under one policy.
We hope this article on property and casualty insurance glossary was informative. 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 making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. Over the years our books have won dozens of book awards for content, cover. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. Request by an insured for the insurance company to cover an incurred loss. Glossary of business insurance terms for small businesses.
The term refers to the fact that the company carries or assumes certain risks for the policyholder. Pulmonary hypertension association 801 roeder road, ste. Glossary of commercial insurance terms commercial insurance is divided into two main categories. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. This page provides a glossary of insurance terms and definitions that are. Insurance a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
The dollar limit for how much of a homes value can be used to determine the amount of money you can get from a federally insured home equity conversion mortgage reverse mortgage. This information is provided for general informational purposes only and does not alter or replace any insurance policy issued by us. Below are definitions for some of the more commonly used terms and how. 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. Glossary of insurance terms paperback january 1, 1996 by merritt publishing editor 5. 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. A glossary of marine insurance and shipping terms marine.
1327 213 525 522 1163 146 284 576 1344 1551 1276 702 1555 785 600 1206 1191 655 460 89 51 1367 166 1130 460 1048 1107 1375 287 1309 799 1363 750