Select from the list of glossary words below or use the search box to help find what you are looking for. Insurance glossary insurance terms and definitions from regency insurance agency. Liability arising from extremely dangerous operations. Claim a demand received by an insured for money or services including the service of suit.
Please enter your address to find the agents closest to you. A benefit your employer, union or other group sponsor provides to you to pay for your health care services. Insurance glossary a isu northwest insurance services. Dictionary of insurance terms a absolute liability. 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 page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Glossary of terms links to external websites are provided solely for the users convenience. For example, a claim made in the current year could be charged against the current policy even.
Payatthepump a system proposed in the 1990s in which auto insurance premiums would be paid to state governments through a pergallon surcharge on gasoline. In both cases, the owner and insured may not change or the annuity remains payable to the same person. Insurance glossary insurance terms and definitions from isu northwest insurance services. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Insurance glossary insurance terms and definitions from new england insurance group.
Our glossary defines all the key terms when it comes to fleet and vehicle insurance. An example is the insurance regulatory information system iris, which uses financial ratios to. An independent agent represents more than one company. 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. Adjudication the final determination of the issues involving settlement of an insurance claim. Whorton insurance services 11200 jollyville rd austin, tx 78759. 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. Agent the insurance company representative who sells policies on behalf of the insurer. When you lodge your claim, the assessor who is acting for the insurer, helps approve the claim by checking the details to see if its valid and meets the terms and conditions of your policy. You can find some most used terms here at our insurance terms and glossary. Insurance glossary insurance terms and definitions from union general. 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. 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. A system of measuring insurers financial stability set up by insurance industry regulators.
Glossary of risk management terms this is a comprehensive list of insurance terms. This indicates the initial amount of any claim that you will pay. Dental glossary maximum out of pocket cost the most money you will be required pay a year for deductibles and coinsurance. The term property insurance includes many lines of available insurance. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. Health care cost sharing between you and your health insurance company.
The insurance contracts act allows an insurer to avoid. Beneficiary the person or persons eligible to receive the life insurance proceeds upon the death of the insured. Get up to speed with this helpful glossary of important life insurance terms. If youve ever read the terms and conditions of your home insurance policy, you could be forgiven for. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance.
Glossary 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 amount an insurer may offer you to settle and close your. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Insurance terminology north american training group, inc. If available, some optional coverages and benefits might be offered at an additional charge. An event causing loss, which occurs without being expected or designed, usually specific in time and place. Liability for damages even though fault or negligence cannot be proven. Sometimes the assessor will need to ask more questions, inspect the property, or talk to whoever else is involved in the claim, such as another driver, a.
Conditions include proof that the policyholder is terminally ill with a life expectancy of less than 12 months, has a specified life. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Accident enforceable and unexpected unfortunate event that may cause destruction of property, bodily injury, or death. Glossary of risk management terms this is a comprehensive. Insurance concerned with the insiders legal liability for injuries to others or damage to other persons property. The bondholder is entitled to the proceeds of the bond. A formal document providing evidence that an insurance policy has been issued by an insurer containing the details of the type of insurance cover, its value, any exclusion or excess limits, the premium and the period of the insurance cover how long it is in force.
All are extremely important but on this first page, we have tried to explain in plain english what the most important and. Glossary of aig terms federal reserve bank of new york. Event which causes a loss of extraordinary magnitude, such as a hurricane or tornado. For example, if your coinsurance is 8020, that means that, after the deductible if any is paid, your insurance company pays 80% of the covered. Coverages and benefits listed below may not be available in your state. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. An example is the insurance regulatory information system iris, which uses financial ratios to identify insurers in need of regulatory attention. A single insurance policy that combines several coverages previously sold separately. Segment of the financial market in which financial instruments with high liquidity and very short maturities are traded.
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A person or persons other than the original named insured, who are protected under the terms of a policy. Industry jargon and unfamiliar terminology can be confusing. A passive antitheft system meeting the standards described in category iii a but which also includes a motion detection device which cannot be disarmed independently from the remainder of the system b. For example, if the value of your claim is deemed to be. No insurance resource would be complete without a helpful menu of terms and concepts.
Below are definitions for some of the more commonly used terms and how. We explain the different levels of cover and insurance relating to the world of purchasing vehicle cover including things like excess, no claims bonus and the different levels available. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. This informationrich list will help you make sense of the solutions you are considering. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Generally a policy will have an excess applied to it. Contact isu northwest insurance services today to learn more. Glossary of benefit terms 2017 page 1 last updated. 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. Consumer glossary national association of insurance. An event or occurrence which is unforeseen and unintended. Actual cash value acv the value of your property, based on the current cost to replace it minus depreciation. For example, a surety bond holder would be entitled to the value. Insurance glossary understanding common insurance terms.
Ask us a questionemail glossary of terms links to external websites are provided solely for the users convenience. This can be, and frequently is, different from the personcorporation that purchased the bond. A decision by your health insurer or plan that a health care service, treatment plan, prescription drug or durable medical equipment is medically. Staebler place, 871 victoria street north, kitchener, on, n2b3s4, canada. Its better to know some insurance terms before asking for a quotes. It is a stated dollar amount set by the health insurance company, in addition to regular premiums. Claims made policy a policy providing liability coverage only if a written claim is made during the policy period. Insurance terms and glossary learn some most used terms. Accidental death benefits if a life insurance policy includes an accidental death benefit, the cause of death will be examined to determine whether the insured. Like any form of insurance, it may seem like people are speaking a different language when talking about life 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. Insurance glossary insurance terms and definitions from advantage 1. Not all concepts or coverages identified in this list are found at chapman university.
On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Examples include homeowners insurance and commercial multiple peril insurance. A provision that will pay all or part of the policy death benefits while the policyholder is still alive. Home insurance glossary home insurance made simpler with our glossary. Minimum participation minimum number of employees that must enroll in the product before the carrier will offer the product. Glossary of health insurance terms december 12, 2008 experimental or investigational services. Early warning system a system of measuring insurers financial stability set up by insurance industry regulators. Acuity is an award winning personal and business insurance provider. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention.