This specialty coverage is designed primarily for contractor risks whereby the general liability definition is enhanced to include. 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. If you have any questions about the use or meaning of a term or expression in any particular. Weve curated a list of advanced and basic insurance terms and their definitions to better help you understand the often confusing world of insurance. Incurred loss ratio the ratio of losses incurred to premiums earned. Consumer glossary national association of insurance. Glossary of health coverage and medical terms this glossary defines many commonly used terms, but isnt a full list. Here are definitions of the most common terms and phrases youll find in a policy. A legal definition of insurance that appears in many insurance laws is the. Community rating a way of pricing insurance, where every policyholder pays the same premium, regardless of health status, age or other factors. The insurance contracts act allows an insurer to avoid. Accident only an insurance contract that provides coverage, singly or in combination, for death.
Need help with insurance terms and insurance definitions, see the insurance dictionary and glossary. Accident insurance insurance for unforeseen bodily injury. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. The payment required for an insurance policy to remain in force. Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company.
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. If you feel like you need to take a foreign language course to speak insurance dont worry, youre not alone. These general definitions are provided for educational purposes. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Dec 27, 2019 life insurance terminology doesnt have to be confusing. Texas department of insurance glossary of common insurance terms. Agent the insurance company representative who sells policies on behalf of the insurer. Mar 25, 2020 insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. A term interchangeable with insurance but generally used in connection with life cover as assurance. Declaration part of the insurance policy that identifies the named insured, policy period and limit of insurance. Not sure where to start when it comes to learning about and shopping for life insurance. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company.
List of insurance terms and definitions for uniform. An event or occurrence which is unforeseen and unintended. Glossary of insurance terms national insurance brokers association. Glossary of health insurance terms december 12, 2008 experimental or investigational services. 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. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. 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. Insurance terminology north american training group. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. A guide to dental ppos, hmos and other managed plans, don mayes, revised edition, 2002. Below are some commonly used insurance terms and their meanings. Jan 07, 2014 this document contains a list of commonly used health insurance terms and their definitions to help consumers better understand how health insurance coverage works.
Insurance glossary understanding common insurance terms. Glossary of dental insurance and dental care terms. This document is for informational purposes only and is not intended to alter or replace the insurance policy. 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.
Coop plan a health insurance plan that will be sold by memberowned and operated nonprofit organizations through. Any request or demand for payment under the terms of the insurance policy. Here is a translation of some basic insurance lingo. 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 definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Indemnity basis or reinstatement basis see definitions in glossary.
Intrastate operating authority and insurance filing by state in commercial auto insurance april 2020 business income loss from the coronavirus in the risk report april 2020 intellectual property and media liability insurance market survey2020 in the betterley report april 2020. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world. No insurance website could be complete without offering and index of insurance terms and definitions. An insurance contract under which the insurer agrees to pay the insured a stated amount in the event of the total. A professional trained in the mathematics of insurance and risk management, including the calculations of premiums. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Our glossary of the most common terms, phrases, and concepts will help you brush up on life insurance definitions in. Below are definitions for some of the more commonly used terms and how. Glossary of commercial insurance terms commercial insurance is divided into two main categories.
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. These definitions do not alter or modify the terms of any insurance contract. Definitions provided by insurance bureau of canada are indicated with an asterisk. 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. This coverage is subject to the terms, limits and conditions. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies. 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. But, you need to at least understand the basic auto insurance terms because they spell out what you are and arent covered for in your policy. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Dictionary of insurance terms a absolute liability. The language of insurance can be quite complex and confusing. Glossary of common auto insurance terms helpinsure.
Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. This page provides an index of insurance terms and. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Comprehensive loss underwriting exchange clue report. Please further note that definitions and plan options may vary by state and plan. 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. Acquisition costs all expenses directly related to acquiring insurance or reinsurance.
Pays for damage to an insured vehicle when it hits or is hit by another car or object, or if the car overturns. 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. The cost of repairing or replacing damaged property with property of the same kind and quality, less depreciation i. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. Liability for damages even though fault or negligence cannot be proven. Insurance definitions, dictionary, glossary and terms. Term insurance that provides coverage for one year. Learning about life insurance can be a daunting task, especially if one doesnt know the meaning of the specialized words, of which there are many. 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. 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 policy. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources.
The terms of an insurance contract are embodied in a w ritten document called the. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Insurance professionals with whom you may come into contact should be prepared to explain these terms. Deductible the amount of money the policyholder must pay on a loss. The term property insurance includes many lines of available insurance. 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.
Common health insurance terms and definitions wps health. Also see the health and life insurance glossary, small business insurance glossary and terminologies used in insurance and their meanings. In this life insurance glossary, we have defined many of these terms used throughout this website and, perhaps in your policy. Glossary of life insurance terms department of financial. A person responsible for investigating and settling a claim. Please read your official policy for full details about coverages.
897 569 98 854 1305 1538 1323 1694 1671 834 748 1135 382 357 671 1432 1159 87 870 1183 232 443 895 532 323 1484 121 372 1625 187 840 528 80 1182 1687 17 610 887 1334 808 1119 864 364 1153 122