Insurance terms glossary understanding common insurance terms. 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. Insweb insurance glossary of insurance terms need to know what those insurance words mean. Therefore, some firms within the industry may use definitions which vary somewhat from those contained herein. Agent the insurance company representative who sells policies on behalf of the insurer. Glossary of risk management terms this is a comprehensive list of insurance terms. Compiled from the academys five insurance and risk management book plus many other sources, this extensive glossary defines, describes and details 282 insurance and risk management terms and concepts from a posteriori data to zone of danger.
Glossary of insurance policy terms iso translations. Terms claim a claim is a bill from your health care provider doctor or hospital. Download this free special report featuring practical knowledge and insights from 11 respected captive insurance thought leaders. If available, some optional coverages and benefits might be offered at an additional charge. Bodily injury bodily harm, sickness, or disease, including resulting death. 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. We hope this small pdf file of insurance terminology glossary will help you getting good marks in upcoming lic aao and united india insurance ao exams. Glossary of insurance terms additional insured a person or organization not automatically included as an insured under an insurance policy that is included or added as an insured under the policy at the request of the named insured. Contact nse insurance agencies, inc today to learn more. Below are definitions for some of the more commonly used terms and how. 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. 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.
Insurance glossary of terms actual cash value acv in property and auto physical damage insurance, one of several possible methods of establishing the value of insured property to determine the amount the insurer will pay in the event of loss. Insurance company that actually underwrites and issues the insurance policy. Complete glossary of insurance coverage insurance coverage terms. The term property insurance includes many lines of available insurance. Download the free pdf for glossary of important insurance terms here. Glossary of healthcare terms health insurance and reform. So that you will get a good idea and understanding of the basic lic terms. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions.
These general definitions are provided for educational purposes. Insurance glossary understanding common insurance terms. Glossary of healthcare terms health insurance and reform accountable care organization aco. Accountable health plan ahp under the managed competition act, providers and insurance companies would be encouraged through tax incentives to form ahps, similar to hmos, ppos, and other group practices. An independent agent represents more than one company. 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. 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. The definitions are based on various insurance references.
The percentage of costs of a covered health care service you pay after youve paid your deductible. Personal insurance protects individuals and families from risk of loss to their assets. Its what you could expect to receive if you sold your car to a private buyer, and its what an insurer will base your payment on if your car is stolen or totaled. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. When it comes to choosing the best automobile insurance, knowing industry terms and language gives you a good head start. It includes several terms for which there is no single, commonly accepted definition in the petroleum industry. If youre looking for a free download links of glossary of insurance and risk management terms pdf, epub, docx and torrent then this site is not for you. 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.
They also may be used in a different context where the definition shown may not be applicable to insurance. All are extremely important but on this first page, we have tried to explain in plain english what the most important and. This glossary lists each term that was defined for use in one or more of nercs continentwide or regional reliability standards and adopted by the nerc board of trustees from february 8, 2005 through february 24, 2020. 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. The insurance contracts act allows an insurer to avoid. Actual cash value is the fair market value of your vehicle.
Technical terms that appear elsewhere in this glossary are marked in green. 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. The individual has certain other rights including the right subject to some restrictions to see. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book. Glossary of risk management terms this is a comprehensive. Insurance is a very important topic mba, bcom,mcom and other finance related degrees. Glossary of terms used in nerc reliability standards. We provide easy to understand definitions of insurance terms and provide auto, homeowners, life, health, and. Nicb insurance acronym, organization and term list index. Insurance pdf types of insurance, scope of insurance. Accused the person charged with a criminal offence. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. 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.
You pay the deductible when you get the car repaired or replaced. Acknowledgement admitting that someone has a claim or admitting that a debt exists. Glossary of insurance terms npbagus00348 expiry january 2022 coinsurance. 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. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. 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 or insurers, and who is considered to be an agent of. Accumulation reinvesting income generated by a fund back into the fund. Increasing the flow of oil from a well by pumping hydrochloric acid into the well under high.
The oecd glossary of statistical terms may be downloaded directly to your computer as either a pdf or word file. Request by an insured for the insurance company to cover an incurred loss. Acknowledgment saying, testifying, or assuring that something is true. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. Insurance pdf types of insurance, scope of insurance,classification hello friends welcome to. 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 it were a partnership. 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. 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. Actuaries use mathematics and statistics to evaluate the risk of something happening, how much it costs to finance that risk, and how much your premium. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril.
Banking terms and concepts are many and can sometimes be difficult to figure out, even for the industry professionals. 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. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you. The terms of an insurance contract are embodied in a w ritten document called the.
Those can be found in your insurance policy or certificate. Acknowledgement of service when a defendant agrees that a writ or originating summons claim form since april 1999 has been received. Terms are given their most common definition, with variations provided. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. 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. 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 health insurance and medical terms page 1 of 4 glossary of health insurance and medical terms this glossary has many commonly used terms, but it isnt a full list. All terms are indexed at the end of the glossary, enabling. Insurance glossary insurance terms and definitions from nse insurance agencies, inc.
The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Where more than a single term may be frequently used for the definition, the other terms are noted. A loss is measured in terms of the reduced value of the property, the amount of medical and other related expenses, or the amount of the claim made against an insured. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Accused the person that is charged with a crime and has to go to criminal court. Coverages and benefits listed below may not be available in your state. A term referring to the refund of previously paid prop erty taxes due to the overvaluation of property. Comprehensive coverage pays for damage caused by hazards other than collision, such as fire, theft, explosion, windstorm, hail, water or contact with an animal. The most comprehensive investing glossary on the web. 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. A fixed amount you pay for a covered health care service after youve paid your deductible. Gas leasing terminology a to z this is by no means a complete list of terms used.
Insurance definitions, dictionary, glossary and terms. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. The terms of this act require an insurance company to obtain prior written consent from an individual before approaching any medical practitioner for a medical report pertaining to them. It is not meant to be all inclusive or provide legally binding definitions. The guide is an important resource that will help to create a much greater understanding of. Adjudication the final determination of the issues involving settlement of an insurance claim. Noun n the codes c and u show whether a noun, or a particular sense of a noun, is countable an agenda, two agendas or uncountable. While the update of the content of the internet database version is an ongoing activity, the pdf, and word versions currently available are snapshots of.
Consumer glossary national association of insurance. Words associated with surety and bonds and title insurance are listed separately at the end of this list. Ahps would compete on the basis of offering highquality, lowcost care and would offer insurance and health care as a single product. Download glossary of insurance and risk management terms. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. To permanently plug a dry hole or well that no longer produces. Form of life insurance allowing the owner to change the face amount, premium amount.
A group of health care providers who give coordinated care, chronic disease management, and thereby improve the quality of patient care. Additional terms are defined within the discussions of the main terms and appear in boldfaced, italicised type. Glossary of important insurance terms download pdf. The beneficiary of a life insurance policy is the person who receives the payment of the amount of insurance after the death of the insured. The basis of accounting under which revenues are recorded when earned and expenditures are recorded as soon as they result in liabilities for benefits received.
Dig deep into important issues and trends in captive insurance. Acknowledgment of satisfaction of judgment a court form that the person who wins the case must fill out, sign. The synthesis of those terms into a cohesive glossary, presented in a format that is organized and easy to reference was an inhouse effort by dedicated nahrep staff members who, time and again, impress us with their work ethic. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london.
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. F riends, with this post we are giving you the pdf file of the terms commonly associated with insurance especially life insurance. Insurance terms substantial 711 terms 10302016 html insurance glossary. 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 definitionsare intended to be educational and may be different from the terms and definitions in your plan. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources.
If youre looking for a free download links of glossary of insurance terms pdf, epub, docx and torrent then this site is not for you. Glossary of business terms adjective adj headwords for adjectives followed by information in square brackets only before a noun and not before a noun show any restrictions on where they can be used. Some words and phrases may be defined differently by other individuals or organizations. Liability for damages even though fault or negligence cannot be proven. Able able and available additional claim adjudication alien status alternate base period appeal appeals hearing approved training available back pay base period benefit year benefit year beginning date benefit year ending date between academic school terms. The term refers to the fact that the company carries or assumes certain risks for the policyholder.
Health care cost sharing between you and your health insurance company. 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. Glossary of health insurance terms december 12, 2008 prior insurance must have provided a minimum level of coverage. Click the letter that the word begins with or use the search bar. The a to z guide to legal phrases plain english campaign. Insurance terminology north american training group, inc. Reinsurance glossary reinsurance glossary compiled by the american council of life insurers reinsurance committee and provided by central security life insurance company cslic primarily covering life and health reinsurance terms. Your health care provider sends a clam to your insurer to be reimbursed. Liability arising from extremely dangerous operations. Not all concepts or coverages identified in this list are found at chapman university. Glossary of commercial insurance terms commercial insurance is divided into two main categories. The health insurance company is referred to as a carrier. A chronological history of ownership of a tract of land. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world.
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