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. Coverage that covers loss caused by all perils except those specifically excluded in a coverage document or agreement. Health insurance glossary health insurance definitions. A professional trained in the mathematics of insurance and risk management, including the.
Agent the insurance company representative who sells policies on behalf of the insurer. Liability insurance coverage for all sums that the insured becomes legally obligated to pay because of bodily injury or property damage. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Captive insurance companies will no doubt feel the impacts of the novel coronavirus pandemic and the covid19 disease it causes, both in the near term and possibly in the future as captive owners look to close holes the outbreak is revealing in insurance programs. Coinsurance is a percentage of the plans allowance for the service you pay 20% for example. 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 glossary of life insurance and financial terms a glossary of life insurance and financial terms a to b. Insurers use mpl definitions in order to arrange their reinsurance and decide how much of a risk. A policy provision in which the company agrees not to contest the validity of the contract after it has been in force for a certain period of time, usually two years. Capacity depends on the industrys financial ability to accept risk. Defining the basics at preferred mutual insurance company, we believe in giving you the tools and resources you need to make confident decisions and live assured. A decision by your health insurer or plan that a health care service, treatment plan, prescription drug or durable medical equipment is medically. Understanding insurance terminology 101 insurance terminology 101. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Insurance definitions, dictionary, glossary and terms. Nicb insurance acronym, organization and term list index. 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.
A fixed amount you pay for a covered health care service after youve paid your deductible. The term property insurance includes many lines of available insurance. Policy assignment under which the assignee person to whom the policy is assigned receives full control over the policy and also full rights to its benefits. Browse the list of 7 574 insurance abbreviations with their meanings and definitions. A period of time in which you pay higher cost sharing for prescription drugs until you. Actual cash value repayment value for indemnification due to loss or damage of property. Your health care provider sends a clam to your insurer to be reimbursed. These general definitions are provided for educational purposes. These often take the form of glossaries, or lists of specialized terms relating to a special subject in this case, insurance with accompanying definitions. Coverages and benefits listed below may not be available in your state. Liability for damages even though fault or negligence cannot be proven. The insurance contracts act allows an insurer to avoid. An agreement in which an insurance agent agrees to do business on behalf of an insurance agency. When a company was authorized to sell insurance in washington state.
Indemnity basis or reinstatement basis see definitions in glossary. Terms claim a claim is a bill from your health care provider doctor or hospital. Prepaid legal insurance coverage plan sold on a group basis. 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. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. Bold text indicates a term defined in this glossary. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Some words and phrases may be defined differently by other individuals or organizations. An event or occurrence which is unforeseen and unintended.
Consumer glossary national association of insurance. If available, some optional coverages and benefits might be offered at an additional charge. Other definitions assume that these items will function normally. Glossary of insurance terms npbagus00348 expiry january 2022 coinsurance. Reinsurance glossary reinsurance glossary compiled by the american council of life insurers reinsurance committee and provided by central security life insurance company cslic. Compensationer general an employee or former employee who is entitled to compensation and whom the department of labor determines is unable to return to duty. Below are some commonly used insurance terms and their meanings.
Glossary of health insurance terms december 12, 2008 broker a salesperson who has obtained a state license to sell and service con tracts of multiple health plans. List of all most popular abbreviated insurance terms defined. The share of costs covered by your insurance that you pay out of your own pocket. The insurance business encompasses a daunting array of industry jargon. This can be, and frequently is, different from the personcorporation that purchased the bond. Compare plans side by side, get health insurance quotes, apply online and find affordable health insurance today. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. If you continue, well assume you are happy for your web browser to receive all cookies from our website. The definitions are based on various insurance references. Adjuster a person who investigates claims and recommends settlement options based on estimates of damage and insurance policies held.
The bondholder is entitled to the proceeds of the bond. 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. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. Complete glossary of insurance coverage insurance coverage terms acli. Cobra the consolidated omnibus budget reconciliation act cobra is a law that lets you keep your. The policyholder the person s protected in case of a loss or claim. For example, a surety bond holder would be entitled to the value. For an individual insurer, the maximum amount of risk it can underwrite based on its financial condition. Depending on the insurance company issuing the policy, and the policy form involved, these benefits are paid either on diagnosis of a terminal illnesses, such as aids, certain organ. As used in property insurance, prohibits the insured from abandoning damaged property to the insurance company for. During the accumulation phase, the annuitant pays periodic premiums into the annuity and the annuity accrues interest. The original glossary of insurance terms was compiled by john s. While purchasing an insurance policy is the firststep to protecting yourself and your property against potential.
Most of the definitions below are provided courtesy of the insurance institute of canada. Insurance glossary insurance terms and definitions from nse insurance agencies, inc. This page provides a glossary of insurance terms and definitions that are commonly. It has been continuously updated and expanded since the original publication and, with definitions of more than 3,200 risk and insurance terms, is probably the most.
We have covered you for all the az insurance words and their meanings. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. Accident only an insurance contract that provides coverage, singly or in. The percentage of costs of a covered health care service you pay after youve paid your deductible. 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. Glossary of health insurance and medical terms this glossary has many commonly used terms, but it isnt a full list. This term generally includes deductibles, coinsurance, and copayments, or similar charges, but it doesnt include premiums, balance billing amounts for nonnetwork providers, or the cost of noncovered services. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan.
On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Those can be found in your insurance policy or certificate. Generally, when a policy is assigned to secure a debt, the owner retains all rights in the policy in excess of the debt, even though the. A accelerated death benefit a provision or rider that allows you the policyowner to receive all or part of the benefits of your life insurance policy while you are alive in the event of a terminal illness. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london. 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. Use our online glossary to help you look up any terms you may not understand when using our website we use cookies to give you the best possible online experience.
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. Represents the interests of the insured in searching for insurance coverage at the lowest. Insurance glossary a isu northwest insurance services. Insurance terminology north american training group, inc. 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. Thankfully, there are resources to help consumers navigate the maze of unfamiliar terms. Agent john doe agrees to do business on behalf of abc insurance agency in sales presentations to potential clients. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Deductible the amount of loss paid by the policyholder.
Coinsurance a form of medical cost sharing in a health insurance plan that requires an insured person to pay a. 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. Insurance terminology north american training group. Either a specified dollar amount, a percentage of the claim amount, or a specified. Below are definitions for some of the more commonly used terms and how. Insurance glossary insurance terms and definitions from isu northwest insurance services. 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.
Legal insurance prepaid legal insurance coverage plan sold on a group basis liability auto coverage for a policyholders legal liability resulting from injuries to other persons or damage to their property as a result of an auto accident. Glossary of healthcare terms health insurance and reform. Free insurance comparison compare quotes from the top insurance companies and save. Auto insurance, what follows are terms specific to au to coverage. A benefit your employer, union or other group sponsor provides to you to pay for your health care services. These definitions represent a common or general insurance andor legal use of the term.
Insurance glossary understanding common insurance terms. Use this glossary of insurance definitions to better understand insurance. Definitions provided by insurance bureau of canada are indicated with an asterisk. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. The amount you pay as your share for services you receive, such as a doctors visit. Glossary of healthcare terms health insurance and reform accountable care organization aco. Your health coverage will start on january 1, 2016. An independent agent represents more than one company. Glossary of common auto insurance terms glossary of common. The language of insurance can be quite complex and confusing. Learn more in the cambridge englisharabic dictionary. A group of health care providers who give coordinated care, chronic disease management, and thereby improve the quality of patient care. The adequacy of an insurers capital relative to its exposure to loss is an. See page 4 for an example showing how deductibles, coinsurance and.