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We have covered you for all the az insurance words and their meanings. 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. Theyre especially useful if you are in the market for a few insurance. Learn insurance industry vocabulary that will help you better understand your insurance policies.
On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Glossary of life insurance terms department of financial. The term refers to the fact that the company carries or assumes certain risks for the policyholder. The definitions are based on various insurance references. A glossary of life insurance and financial terms a glossary of life insurance and financial terms a to b. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. The dollar limit for how much of a homes value can be used to determine the amount of money you can get from a federally insured home equity. Supplemental healthcare services such as laboratory work, xrays or physical therapy that are provided in conjunction with medical or hospital care. The insurance contracts act allows an insurer to avoid. Accumulation reinvesting income generated by a fund back into the fund. 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. The a to z guide to legal phrases plain english campaign.
An event or occurrence which is unforeseen and unintended. Brokers know the market well, so on your behalf they get the quotes, read the fine print, negotiate deals and explain what it means for you. 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. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Property and casualty insurance glossary the bottom line we hope this article on property and casualty insurance glossary was informative. The information has been gathered from many sources believed to be reliable, but the association assumes no responsibility for the accuracy of the information. These definitions provide a brief description of the coverages progressive offers and some of the terms and phrases used in connection with homeowners insurance. We provide easy to understand definitions of insurance terms and provide auto, homeowners, life, health, and. The information has been gathered from many sources believed to be reliable, but the. Glossary of title insurance terms abstract of title the condensed history of the title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate. Insurance terms substantial 711 terms 10302016 html insurance glossary. Definitions provided by insurance bureau of canada are indicated with an asterisk.
Glossary of commercial insurance terms commercial insurance is divided into two main categories. Insurance companies that use exclusive or captive agents are called. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. Additional health insurance products such as vision or dental insurance that may be added to a medical insurance plan for an additional fee. Glossary of risk management terms this is a comprehensive list of insurance terms. The language of insurance can be quite complex and confusing. An insurance broker is a specialist who works for you to find the most appropriate insurance products to suit your needs. There are approximately 1,700 terms in this edition and its an invaluable resource for your insurance. We provide quick answers and easytounderstand auto and homeowners definitions. An independent agent represents more than one company.
They also may be used in a different context where the definition shown may not be applicable to insurance. Many of the insurance and risk management terms defined in this glossary are crossreferenced to one or more of irmis reference manuals where additional information on the topic may be found. The website of jordan insurance federation jif offers its visitors a new unique service which enables them to identify insurance terms in english and their arabic equivalent, supported by explanations and examples as presented in the dictionary of insurance terms. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world. The share of costs covered by your insurance that you pay out of your own pocket. 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. Most of the definitions below are provided courtesy of the insurance institute of canada. The crossreference lists the abbreviation for the publication followed by the chapter number and section in which the information may be found. A provision in an insurance policy that states that the validity of the insurance contract cannot be contested after two or sometimes three years. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. The insurance covers losses to the insureds property and losses for which the insured is liable as a result of owning or operating a car. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies. 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. 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.
These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan or health insurance. Agent the insurance company representative who sells policies on behalf of the insurer. Insweb insurance glossary of insurance terms need to know what those insurance words mean. Request by an insured for the insurance company to cover an incurred loss. A professional trained in the mathematics of insurance and risk management, including the. Thank you for choosing to learn more about residential title insurance. When youre ready to take the next step, compare quotes for free or talk to a policygenius expert. An agent can be independent agent who represents at least two insurance. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Also called feeforservice plans, indemnity plans typically allow you to direct your own health care and visit whatever doctors or hospitals you like. Coverage on property left in the care of the insured for storage, repair or servicing. Insurance glossary the following list contains words you may see used on the federal benefits programs website. Glossary of title insurance terms abstract of title the condensed history of the title to a particular parcel of real estate, consisting of a summary of the original grant and all.
Accused the person charged with a criminal offence. Insurance definitions, dictionary, glossary and terms. Acquisition costs all expenses directly related to acquiring insurance or reinsurance. 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. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. Bodily injury as defined in many liability policies, any physical injury to a. Sea fever pdf format this is a glossary of shipping terms and marine terminology as it pertains to marine insurance. Liability for damages even though fault or negligence cannot be proven. 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. Reinsurance glossary reinsurance glossary compiled by the american council of life insurers reinsurance committee and provided by central security life insurance.
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. 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. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions. Not all concepts or coverages identified in this list are found at chapman university. The most comprehensive investing glossary on the web. Insurance glossary understanding common insurance terms. A term referring to the refund of previously paid prop erty taxes due to the overvaluation of property. Having launched it originally in 2004 we have now updated it with.
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Glossary association of marine underwriters of san francisco. In marine insurance, a term used to define the act of an insured giving up the. 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. We offer insurance by phone, online and through independent agents. Title insurance provides coverage for losses that occur when a land title is not free and clear of defects e. Consumer glossary national association of insurance. Glossary of insurance terms am bests consumer insurance. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. Below are definitions for some of the more commonly used terms and how. Glossary of health insurance terms december 12, 2008 experimental or investigational services. A form of insurance that protects against losses involving cars. Life insurance glossary 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. These definitions represent a common or general insurance andor legal use of the term.
Dec 27, 2019 our glossary of the most common terms, phrases, and concepts will help you brush up on life insurance definitions in no time. Represents the interests of the insured in searching for insurance coverage at the lowest. This term generally includes deductibles, coinsurance, and copayments, or similar charges, but it doesnt. 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. Also see the health and life insurance glossary, property and casualty insurance glossary, small business insurance glossary and terminologies used in insurance and their meanings. Insurance terms used in the area of residential title insurance. Insurance glossary irmi publication crossreference key. Every industry has its own jargon, and the property and casualty insurance. Dictionary of insurance terms a absolute liability. Insurance terminology north american training group. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. Complete glossary of insurance coverage insurance coverage terms acli. The guide is an important resource that will help to create a much greater understanding of.
A guide to dental ppos, hmos and other managed plans, don mayes, revised edition, 2002. 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. Car insurance provides protection from losses resulting from owning and operating a car or vehicle. Below are some commonly used insurance terms and their meanings. 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. Acquisition costs all expenses directly related to acquiring insurance. The dictionary of insurance presents words and expressions that are found in common use in the property and casualty insurance industry. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book.