A legal definition of insurance that appears in many insurance laws is the. Refund an amount of money returned to the policyholder for overpayment of premium or if the policyholder is due unearned premium. Term insurance definition of term insurance by merriam. Webmd provides definitions of terms related to health insurance, the affordable care act and medicare. Thank you for choosing to learn more about residential title insurance. Start studying basic insurance terms and definitions. Portugal there is there has never been a legal definition of insurance contract article 1 of the legal regime states. No insurance website could be complete without offering and index of insurance terms and definitions. 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. These glossary terms and definitions are intended to be educational and may be different from the terms and definitions in your plan. 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.
Glossary of insurance terms by alphabet insuranceqna. Simply having the basic understanding of insurance definitions can make the difference between having a plan that will cover you for the majority of your medical expenses and one that. The commercial property forms that define the covered causes of loss for which coverage is provided. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Broad form coverage coverage for causes of loss due to falling objects trees or other objects that may fall onto a structure, sudden and accidental. Glossary of health insurance terms blue cross and blue.
A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. Insurance is an agreement where, for a stipulated payment called the premium, one party the insurer agrees to pay to the other the policyholder or his designated beneficiary a defined amount the claim payment or benefit upon the occurrence of a specific loss. Important insurance terms finding an affordable student health insurance plan can be difficult, especially if there are insurance terms you dont understand. Words associated with surety and bonds and title insurance are listed separately at the end of this list. A glossary of insurance terms and definitions learn the insurance terminology and be an educated insured in order to make better decisions for your insurance coverage and policies. With just a few clicks you can access the geico insurance agency partner your boat insurance policy is with to find your. To help you better understand health insurance, heres a list of the most commonly used health care terms and definitions. Direct loss a loss which is a direct consequence of a peril.
Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london. 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 form people fill out that helps ndia identify if a person is eligible to become a participant. Glossary of commercial insurance terms commercial insurance is divided into two main categories. A federal government website managed and paid for by the u. Declaration part of the insurance policy that identifies the named insured, policy period and limit of insurance. 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. 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.
Sep 17, 2019 out of pocket maximums generally do not include the monthly premiums paid for insurance. This page provides an index of insurance terms and. A professional trained in the mathematics of insurance and risk management, including the calculations of premiums. Personal accident insurance by paying an annual premium. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Homeowners insurance is an insurance policy that protects a homeowner against losses that occur to their home. After the out of pocket maximum has been met, the insurance company and policy will pick up 100% of all medical costs. For example, if a plan has an actuarial value of 70%, on average, you would be responsible for 30% of the costs of all covered benefits. A further premium payable by the insured as a result of policy amendment, that may have increased the risk or changed the policy conditions or sum insured. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. List of insurance terms and definitions for uniform. 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. Understand terms like annuity purchase rate, absolute assignment, accumulation at interest dividend option, affinity sales, and etc.
Insurance pdf types of insurance, scope of insurance,classification. Insurance pdf types of insurance, scope of insurance,classification hello friends welcome to. Subscribe to get email or text updates with important deadline reminders, useful tips, and other information about your health insurance. However, this coverage is being limited each year as insurers begin to recognize the risk of advertising claims related to internet activities. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company. This document is for informational purposes only and is not intended to alter or replace the insurance policy. A financial risk management tool in which the insured transfers a risk of potential financial loss to the insurance company that mitigates it in exchange for monetary compensation known as the premium. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Name and describe the various kinds of business insurance. Under that policy, the insurer must compensate the policyholder in accordance with the policys terms and conditions if the asset is damaged or destroyed and the policyholder makes a claim.
Some words andor phrases may be defined differently by other entities, or used in a context. Insurance pdf types of insurance, scope of insurance. It is not meant to be all inclusive or provide legally binding definitions. Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which are controlling.
Glossary of insurance and medical billing terms a accept assignment provider has agreed to accept the insurance company allowed amount as full payment for the covered services. Glossary of insurance terms national insurance brokers association. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. Insurance definitions, dictionary, glossary and terms. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Indemnity basis or reinstatement basis see definitions in glossary. These definitions represent a common or general use of the term. 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 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. 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. Page 4 of 18 term definition cession the amount of insurance risk transferred to a reinsurer by a ceding company.
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. Post insurance claim terms question below normally boring insurance claim terms and jargon are defined below and spiced up with editorial by contributor ron cercone, a semi retired licensed public adjuster and owner of where there is currently a free 2nd insurance claim advice ebook offer. Such terms and availability may vary by state and exclusions may apply. Weve curated a list of advanced and basic insurance terms and their definitions to better help you understand the often confusing world of insurance. With just a few clicks you can access the geico insurance agency partner your boat insurance policy is with to find your policy service options and contact information. Glossary of life insurance terms department of financial. Glossary centers for medicare and medicaid services. Coinsurance a form of medical cost sharing in a health insurance plan that requires an insured person to pay a. A person licensed by the state insurance authority to sell insurance products. Gatekeeper under some health insurance arrangements, a gatekeeper is responsible for the administration of the patients treatment. Nicb insurance acronym, organization and term list index. Texas department of insurance glossary of common insurance terms.
Insurance glossary understanding common insurance terms. Renewable term insurance insurance that is renewable for a limited number of successive terms by the policyholder and is not contingent upon medical examination. To help you make sense of the jargon thats often used to describe insurance, here is our handy guide to the most commonly used key words and phrases. The following glossary of common terms related to automobile insurance may give you a better idea of what is being said. Accountants professional liability insurance accounts receivable coverage accreditation accredited adviser in insurance aai accumulation. A complaint that you communicate to your health insurer or plan. Insurance terms and definitions have you come across a term used in your insurance policy that youve misunderstood or dont understand. Adjudication the final determination of the issues involving settlement of an insurance claim. Health care services that help a person keep, learn or. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Learn vocabulary, terms, and more with flashcards, games, and other study tools.
Binder an oral or written agreement to provide temporary insurance coverage until a form written policy is issued. As an informed customer, you can better understand your home insurance protection. Acquisition costs all expenses directly related to acquiring insurance or reinsurance. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells. The insurance contracts act allows an insurer to avoid. Agent the insurance company representative who sells policies on behalf of the insurer. The term property insurance includes many lines of available insurance. Definition of insurance contract1 european commission. Deductible the amount of money the policyholder must pay on a loss. Although various definitions have been offered, one of the most helpful is to. The agent represents the insurance company in all transactions.
Irmi update provides thoughtprovoking industry commentary every other week, including links to articles from industry experts. 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. 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. It also typically includes liability and medical payments coverage. Health insurance terms and definitions valuepenguin. The current commercial time element coverage forms are.
An asset in insurance terms is something with monetary value that is covered by an insurance policy, such as a car or a property. Declaration part of a property or liability insurance policy that states the name and address of policyholder, property insured, its location and description, the policy period, premiums, and supplemental information. Bodily injury as defined in many liability policies, any physical injury to a person, including sickness, disease, and death. 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. Renters insurance liability coverage for contents within a renters residence. File anduse states states where insurers must file rate. Insurance terminology north american training group. The terms of an insurance contract are embodied in a w ritten document called the. The commissioner of insurance may file a receivership against an insurance company that doesnt meet the states financial requirements. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources.
Glossary of reinsurance terminology term definition accident year. A beneficiaryof a life insurance policy can exclude proceeds of the policy if the contract qualifiesas life insurance and 1 section 816aflush language. Typical content under the terms of a contract of insurance, the insures covers a specific risk of the policyholder or of another party, and undertakes to make the agreed payment should. 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. Health care services that your health insurance or plan doesnt pay for or cover. 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. Coop plan a health insurance plan that will be sold by memberowned and operated nonprofit organizations through. 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. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Glossary of health care terms health insurance texas blue. Notification to the insurance company that a loss has occurred and a demand of payment for the loss, as provided by the terms of the insurance policy. Title insurance provides coverage for losses that occur when a land title is not free and clear of defects e. Insurance terms used in the area of residential title insurance.
Need help with insurance terms and insurance definitions, see the insurance dictionary and glossary. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Below are definitions for some of the more commonly used terms and how. Check out our glossary for home insurance definitions from our experts. Basic insurance terms and definitions flashcards quizlet. Generalinsurancedefinitions institute and faculty of. All are extremely important but on this first page, we have tried to explain in plain english what the most important and. Who is responsible for the cost of transporting the goods, including insurance. These general definitions are provided for educational purposes.
Health insurance is full of terms you may not know. The definition of insurance company under section 816a is addressed on pages 6768. Consumer glossary national association of insurance. Insurance pdf types of insurance, scope of insurance,classification vehicle insurance on buses, cars, trucks, motorcycles, etc. Whether youre looking for a specific term or simply trying to brush up on your home insurance knowledge, we can help. Please further note that definitions and plan options may vary by state and plan. 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. List of insurance terms and definitions for uniform translation term definition actuarial value the percentage of total average costs for covered benefits that a plan will cover.698 565 1165 355 1665 584 349 1155 1231 1691 306 1038 1130 480 1020 914 1691 839 1064 935 1129 1421 719 816 266 1614 630 38 227 254 1479 326 392