A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. Insurance holding company system consists of two or more affiliated persons, one or more of which is an insurer. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Contact new england insurance group today to learn more. Glossary of reinsurance terms insurance and reinsurance. If available, some optional coverages and benefits might be offered at an additional charge. Marine insurance provision which limits the liability of an insurance company to only those losses that exceed a specified percentage of the value of the goods. Definitions provided by insurance bureau of canada are indicated with an asterisk. Insurance terminology north american training group. Glossary of health insurance terms december 12, 2008 experimental or investigational services.
Coinsurance a form of medical cost sharing in a health insurance plan that. The term property insurance includes many lines of available insurance. Glossary of common insurance terms texas department of. Acquisition costs all expenses directly related to acquiring insurance or reinsurance. Webmd provides definitions of terms related to health insurance, the affordable care act and medicare. Auto insurance premiums are quoted for either 6 month or annual policy periods. The insurance company representative who sells policies on behalf of the insurer. When making decisions about health coverage, consumers should know the specific meanings of terms used to. Insurance terms glossary below is an explanation of the most commonly used insurance terms encountered when purchasing shortterm insurance in south africa.
These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Accidental death benefits if a life insurance policy. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. Contact isu northwest insurance services today to learn more.
Because our agents represent nationwide insurance one of the largest multipleline insurers in the nation they can satisfy the financial protection needs of individuals, families, businesses, and groups through nationwides comprehensive portfolio of insurance products and financial services. The payment required for an insurance policy to remain in force. Understanding business insurance terminology trusted choice. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you. Accident only an insurance contract that provides coverage, singly or in combination, for death, dismemberment, disability, or hospital and medical care caused.
A guide to dental ppos, hmos and other managed plans, don mayes, revised edition, 2002. Actual cash value an amount equivalent to the fair market value of the stolen or damaged property immediately preceding the loss. From portside to starboard, and everything in between. The essential glossary of group benefits terminology. Cobra the consolidated omnibus budget reconciliation act cobra is a law that lets you keep your.
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Texas department of insurance glossary of common insurance terms. Insurance definitions, dictionary, glossary and terms. The information has been gathered from many sources believed to be reliable, but the association assumes no responsibility for the accuracy of the information. 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. Here we have listed and defined a few common terms used in health insurance. Terms claim a claim is a bill from your health care provider doctor or hospital. Insurance glossary insurance terms and definitions from advantage 1. The most comprehensive investing glossary on the web. 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. Collision coverage pays for damage to your car with out regard to who caused an accident. Glossary of dental insurance and dental care terms. Contract of insurance an agreement between the insurer and one or more parties, called the insured, whereby the insurer undertakes in return for the payment of a certain consideration, called the premium, to pay to the insured a certain sum of money or to grant.
Kentucky insurance agents rudd insurance insurance glossary. Two such glossaries are of particular use to visitors and customers of insurance canada. Health insurance glossary health insurance definitions. 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. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Automobile medical payments coverage medical payments coverage pays for medical bills sustained by you or anyone else riding in your automobile up to your policy limit. The glossary of insurance and risk management terms was first published by the international risk management institute irmi in 1978 to help those within and outside the insurance industry to communicate effectively. In marine insurance, a term used to define the act of an insured giving up the proprietary rights in insured property to the underwriter in exchange for payment of a constructive total loss. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Glossary of common auto insurance terms glossary of common. An individual plan can cover you andor any of your eligible family members. Insurance glossary a isu northwest insurance services.
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. Glossary of insurance terms in shortterm insurance industry. Getting to know and understand the terms can go a long way to help you understand the plan and thus choosing the best one. 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. Our insurance glossary will help you to better understand the vast array of industryspecific terminology used in transportation coverages. It is similar to the deductible clause included in other types of insurance, but is not applicable where a cover for total loss is in force. 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. There is also a comprehensive glossary of insurance and risk management terms available from the international risk management institute. Auto insurance, what follows are terms specific to au to coverage. Insurance glossary understanding common insurance terms. Insurance glossary insurance terms and definitions from isu northwest insurance services. 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. A term referring to the refund of previously paid prop erty taxes due to the overvaluation of property. Consumer glossary national association of insurance.
Claim a demand received by an insured for money or services including the service of suit. Insurance glossary insurance terms and definitions from new england insurance group. The language of insurance can be quite complex and confusing. Every industry has its distinctive jargon and terminology, but few are as unique and languageintensive as group benefits and health insurance. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world. The essential glossary of group benefits words and terms. Most of the definitions below are provided courtesy of the insurance institute of canada. The issuance of bonds or notes to thirdparty investors directly or indirectly by an insurance or reinsurance company or a pooling entity as a means of raising money to cover risks. Your health care provider sends a clam to your insurer to be reimbursed. Here youll find explanations for the most commonly used terms related to business insurance.
The insurance contracts act allows an insurer to avoid. Whether youre looking for a specific term or simply trying to brush up on your home insurance knowledge, we can help. 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. A glossary of marine insurance and shipping terms marine. Insurance glossary insurance terms and definitions from pni agency.
Business terminology shouldnt be reserved for insurance agents. Please enter your address to find the agents closest to you. Coverages and benefits listed below may not be available in your state. 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 insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. As australias leading specialist marine insurer, weve developed a glossary of terms as an expert guide to navigate the language of marine insurance. The hartford s glossary of terms can help you better understand auto and homeowners insurance terminology as you research the right coverage for you. 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. Check out our glossary for home insurance definitions from our experts. 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. Insurance glossary insurance terms and definitions from nse insurance agencies, inc.
An insurance plan thats certified by the health insurance marketplace, provides essential health benefits, follows established limits on costsharing like deductibles, copayments, and outofpocket maximum amounts, and meets other requirements under the affordable care act. 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. Compare plans side by side, get health insurance quotes, apply online and find affordable health insurance today. An independent agent represents more than one company. For real property, this amount can be based on a determination of the fair market value of the property before and after the loss. Agent the insurance company representative who sells policies on behalf of the insurer.
The difference reflects the insurers expenses for operating the plan. Ashare variable annuity a form of variable annuity contract where the contract holder pays sales charges up front rather than eventually having to pay a surrender charge accelerated death benefits a life insurance policy option that provides policy proceeds to insured individuals over their lifetimes, in the event of a terminal illness. We have created a glossary to provide visitors with an accessible dictionary of of insurance related terms. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Health insurance glossary insurance compare insurance. As well, in the case of any inconsistency between the definitions in this glossary and the definitions appearing in the actual policy, the definitions contained in the actual policy shall govern. An estimate of the cost of insurance, based on information supplied to the insurance company by the applicant. Insurance regulatory information system iris a baseline solvency screening system for the national association of insurance commissioners naic and state insurance regulators established in. Accidentonly policies policies that pay only in cases arising from an accident or injury. The tendency of those exposed to a higher risk to seek more insurance coverage than those at a lower risk. Insurance glossary india a to z terms of insurance. This should be equivalent to paid premiums, in most instances. As an informed customer, you can better understand your home insurance protection. 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.
They are not intended to be complete descriptions of all terms, conditions and exclusions applicable to the products and services defined. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london. Words associated with surety and bonds and title insurance are listed separately at the end of this list. Glossary terms business insurance uses many terms, acronyms, and jargon. Insurance in which the risk insured against is the death of a particular person known as the insured, upon whose death within a stated term for term insurance, or whenever death occurs for permanent insurance, the insurance company agrees to pay a stated sum or income to the beneficiary. Medical payments coverage is paid out regardless of fault or legal liability. Contact nse insurance agencies, inc today to learn more. The basis of accounting under which revenues are re corded when earned and expenditures are recorded as soon as they.
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. Justia insurance glossary free legal information laws, blogs, legal services and more. 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. Glossary association of marine underwriters of san francisco. 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. There are many insurance terms, words and phrases you should know.
Claims made policy a policy providing liability coverage only if a written claim is made during the policy period. 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. These health insurance terminologies will give you a better understanding of health. Glossary of reinsurance terms citation this glossary is reproduced from reinsurance, 1997 and reinsurance contract wording, 1996 by preferred reinsurance intermediaries, inc.
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