The terms in this glossary have been carefully selected from the myriad of terms one can encounter in the shipping business. The insurance contracts act allows an insurer to avoid. 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. Actuary a professional trained in the mathematics of insurance and risk management, including the calculations of.
Insurance glossary understanding common insurance terms. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you. 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. Houston astros cheating scandal, seyfarth shaw workplace class action report, and more in employment practices liability insurance consultant april 2020 covid19, actuaries, vermont success, total cost of risk, and microcaptives in cicr. If available, some optional coverages and benefits might be offered at an additional charge. Department of health and human services hhs dependent coverage. Durable medical equipment dme early and periodic screening, diagnostic, and treatment services epsdt eligibility assessment. Use these insurance terms and definitions to help you understand your policy. The language of insurance can be quite complex and confusing. The companys stock is controlled by one interest or a group of related interests so. 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. Generalinsurancedefinitions institute and faculty of. Covid19, actuaries, vermont success, total cost of risk, and microcaptives in. An asset in insurance terms is something with monetary value that is covered by an insurance policy, such as a car or a property.
When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. A captive insurance company is an insurance company that has been set up to provide coverage at a lower cost than available by going through the general insurance market. It is a contract between two people or companies wherein one of the persons agrees to cover the risk of the former and promises to compensate him in the case of any loss. 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. They are not intended to be complete descriptions of all terms, conditions and exclusions applicable to the products and services defined. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Some words andor phrases may be defined differently by other entities, or used in a context. Disclosures a list of a health plans terms, including its benefits, exclusions, costsharing, service area, and preferred provider network. We intend to add more definitions as we find more terms that might useful to our users and insurance consumers. Glossary of commercial insurance terms commercial insurance is divided into two main categories. 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. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril.
Requires the department of motor vehicles dmv to automatically suspend or cancel the drivers license of a driver whose blood. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Glossary ibc public assets insurance bureau of canada. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Please read your official policy for full details about coverages. Department of transportation in the interest of information exchange. Coverages and benefits listed below may not be available in your state. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance.
These general definitions are provided for educational purposes. Report general insurance glossary please fill this form, we will try to respond as soon as possible. The definitions appearing in this glossary are provided solely for general informational purposes. The essential glossary of group benefits terminology. Health care services that help a person keep, learn or.
Disclaimer this information is disseminated under the sponsorship of the u. Every industry has its own jargon, and the property and casualty insurance business is. An independent agent represents more than one company. 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. There is also a comprehensive glossary of insurance and risk management terms available from the international risk management institute. Renters insurance liability coverage for contents within a renters residence. With just a few clicks you can look up the geico insurance agency partner your general liability policy is with to find policy service options and contact information. 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. 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 discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. An insurance contract is the legal agreement with your insurance company that sets out the terms of your coverage. 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.
We have covered you for all the az insurance words and their meanings. 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. A company owned solely or in large part by one or more non insurance entities. Agent the insurance company representative who sells policies on behalf of the insurer. Ahps would compete on the basis of offering highquality, lowcost care and would offer insurance and health care as a single product. Usually sold in connection with a government flood insurance plan.
Gain a deeper understanding of how insurance works and get definitions for common industry terms in our comprehensive insurance terms glossary. Adjudication the judges decision in a case or action. 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. Definitions provided by insurance bureau of canada are indicated with an asterisk. 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. A term, mostly used in automobile insurance, meaning physical injury as a result of a car collision. Some of these terms also might not have exactly the same meaning. Managing general agency mga an independent business or organization that appoints and supervises independent agents for insurers that use the independent agency system. Usually associated with motor vehicle insurance provides specified cover for damage to insured car as well as damage the insured car may cause to the property. The general insurance code of practice is a voluntary code that sets minimum standards for the way in which consumers can expect their insurer to behave from the start of a policy to claim. Accountable health plan ahp under the managed competition act, providers and insurance companies would be encouraged through tax incentives to form ahps, similar to hmos, ppos, and other group practices. If there is any conflict between these definitions and the provisions of the. Glossary on general insurance terms a to z a policy coverage payment reimbursement of the following expenses visit to the doctor, medical surgeries, medicines and so on.
Most of the definitions below are provided courtesy of the insurance institute of canada. Learn insurance industry vocabulary that will help you better understand your insurance policies. Consumer glossary national association of insurance. Insurance glossary india a to z terms of insurance. 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. Below are definitions for some of the more commonly used terms and how. Insuredthe term insured refers to the person who has taken insurance against various risks and who pays a premium. Glossary of insurance policy terms the oecd has produced a unique glossary of insurance policy terms which covers selected topics ranging from insurance policy regulationsupervision to general trade issues. Insurance terminology north american training group. Insurance and indemnification requirements risk management division effective march 2007 1 d. Use this informative property and casualty insurance glossary to better understand basic insurance terms and definitions. Insurance glossary insurance terms and definitions from union general. Matrix used to determine which type of risk treatment is appropriate for a risk. Two such glossaries are of particular use to visitors and customers of insurancecanada.
General insurance common general insurance terms you should be aware of here are some of the terms commonly used in case of general insurance. You can ask an insurance company or health maintenance organization for a. General liability claims gl bodily injury andor property damage claims. Protection for the insured against financial loss because of legal liability for carrelated injuries to. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Many travelers find it difficult to understand certain travel insurance terms found in their travel insurance policies. They are not intended to be complete descriptions of all terms.
These definitions represent a common or general use of the term. Health insurance glossary texas department of insurance. 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. Glossary of insurance terms accident an unforeseen, unintended, and unexpected event, which occurs suddenly and at a definite place.
A complaint that you communicate to your health insurer or plan. Insuranceinsurance is a contract in which an insurance company promises to compensate an insured. The essential glossary of group benefits words and terms. Health care services that your health insurance or plan doesnt pay for or cover. Renewable term insurance insurance that is renewable for a limited number of successive terms by the policyholder and is not contingent upon medical examination.
The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Words associated with surety and bonds and title insurance are listed separately at the end of this list. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. It is important for insurance holders to have a complete understanding of their policies, so they will know what the policies cover and how they will be compensated when emergencies happen. Insureris the company which accepts risks after receiving premiums and pays claims. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. The disclosures are part of your policy or evidence of coverage. General liability insurance insurance designed to protect business owners and operators from a wide variety of liability exposures. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london. Houston astros cheating scandal, seyfarth shaw workplace class action report, and more in employment practices liability insurance consultant april 2020. These definitions do not alter or modify the terms of any insurance contract. Agent a person or a group of people selling insurance on behalf of an insurance company. The term property insurance includes many lines of available insurance. Grace period the length of time usually 31 days after a premium is due and unpaid during which the policy, including all riders, remains in force.
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