The policy tenure can be any period ranging from 1 year to 100 years or whole life, depending on the type of life insurance plan and its terms and conditions. Simply having the basic understanding of insurance definitions can make the difference between having a plan that will cover you for the majority of your medical expenses and one that. The amount covered by the terms of an insurance contract. Declarations page the declaration is the part of the written insurance policy that states all the policys specifics, including the name of the policyholder, the type of. Irmi offers the most exhaustive resource of definitions and other help to insurance professionals found anywhere. Read all about 20 life insurance terms that will help you understand various life. Not all concepts or coverages identified in this list are found at chapman university. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies.
A federal law that guarantees up to 12 weeks of job protected leave for. A vocabulary list featuring insurance related words. General insurance common general insurance terms you should be aware of here are some of the terms commonly used in case of general insurance. 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. Liability arising from extremely dangerous operations.
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. Glossary of commonly used healthcare terms 340b program. This page provides a glossary of insurance terms and definitions that are. An insurance policy that a person must renew every year, such as health or car insurance annual management charge a charge or fee that a person must pay each year to the manager of an insurance policy, investment or pension fund, based on the value of a persons fund annual service a check made once a year on a piece of equipment to make sure. This best 500 insurance awareness mcqs consist of questions from all important insurance topics such as, history of lic, insurance acts, types of insurance, about various insurance companies heads hqs, various insurance products, insurance abbreviations, insurance policies and more, candidates can use this for the preparation and we can expect maximum questions from this pdf.
Insurance agent a legal representative of one or more insurers for which the representative has a contractual agreement to sell insurance. With reference to estate tax, it refers to the the sum total value of the decedents assets plus additions, less the total. Agent the insurance company representative who sells policies on behalf of the insurer. Statelevel requirement that insurance licensees periodically complete a minimum number of hours of insurance related education in order to be eligible for license renewal. Insurance insurance is a contract in which an insurance company promises to compensate an insured. These are a liability to the company and not included in written premium or the. Insurance company that actually underwrites and issues the insurance policy. 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. Common general insurance terms you should be aware of securenow. Broad form coverage coverage for causes of loss due to falling objects trees or other objects that may fall onto a structure, sudden and accidental. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non disclosed or fraudulently misrepresented. Here are some of the terms commonly used in case of general insurance insurance.
On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. An insurance company that accepts the risk transferred from another insurance company in a reinsurance transaction. Promote the reliability, solvency and financial solidity of insurance institutions. Insurance glossary understanding common insurance terms. Insurer is the company which accepts risks after receiving premiums and pays claims.
When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. Please read your official policy for full details about coverages. Insureris the company which accepts risks after receiving premiums and pays claims. It is a contract between two people or companies wherein one of the persons agrees to cover the risk of the former and promises to compensate him in the case of any loss proposal. An life insurance policy whereby the policyholder has the right to change any of the following parameters premium amount, premium frequency, policy term, death benefit. Insuredthe term insured refers to the person who has taken insurance against various. Important insurance terms finding an affordable student health insurance plan can be difficult, especially if there are insurance terms you dont understand. A comprehensive law passed in 2010, aimed at reforming americas health care system to improve access and affordability for more americans.
It is called 340b since that is the section of the public health service act that establishes the program. Insured the individual whose property or liability is covered by an insurance policy. The term refers to the fact that the company carries or assumes certain risks for the policyholder. Facilitate the fair and equitable treatment of insurance consumers. Insurance is a very important topic mba, bcom,mcom and other finance related degrees. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Quizlet flashcards, activities and games help you improve your grades. 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. Questions and answers on grace period and coronavirus special enrollment period spanish. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. 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.
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. Conventional indemnity plan an indemnity that allows the participant the choice of any provider without effect on reimbursement. Since 1977, cicr has been educating captive practitioners on diverse captive topics such as fronting and reinsurance, collateral pressures and options, tax, legal matters and claims, domicile challenges and issues, regulatory developments, and so forth. Glossary of risk management terms this is a comprehensive list of insurance terms. The terms of an insurance contract are embodied in a w ritten document called the insurance policy. These definitions do not alter or modify the terms of any insurance contract. Indemnity insurance is an insurance policy designed to protect professionals and business owners when they are found to be at fault for a specific event such as misjudgment. The 340b drug pricing program enables eligible health care organizations known as covered entities to purchase drugs from manufacturers at reduced prices. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Policyholders are willing to pay a gross premium for an insurance contract, which exceeds the. Request by an insured for the insurance company to cover an incurred loss.
Principles of general insurance principles of insurance 58 b in motor insurance. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. All are extremely important but on this first page, we have tried to explain in plain english what the most important and. Although the direct advantages and related costs arising out of the existence of. It is the application form for applying for an insurance cover insurance agent. Actuaries assemble and examine data to estimate the probability and likely cost of the occurrence of an event such as death, sickness, injury, disability, or loss of property. 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. In this case 750% 975 would be the gross premium for a policy. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. Personal insurance protects individuals and families from risk of loss to their assets.
Glossary of commonly used healthcare acronyms and 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. Dictionary of insurance terms a absolute liability. 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 type of vehicle, the purpose of its use, its age model, cubic capacity and the fact that the driver has a consistently bad driving record. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Even if your claim is accepted there may be delays or other problems. Insurance courses for agents, producers, adjusters. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells. It is a contract between two people or companies wherein one of the persons agrees to cover the risk of the former and promises to compensate him in the case of any loss. This document contains a list of commonly used health insurance terms and their definitions to help consumers better understand how health insurance coverage works. Glossary of life insurance terms department of financial. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance.
The following terms are commonly used in the insurance market and may well. Policies also protect the company when its memorandum and articles of. If other benefits related to the sum insured are payable, these benefits will now. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. One or more claims related to the same error or omission in a professional service. Items or services that arent covered under a contract for insurance and which an insurance company wont pay. Statelevel requirement that insurance licensees periodically complete a minimum number of hours of insurancerelated education in order to be eligible for license renewal.
To help you better understand health insurance, heres a list of the most commonly used health care terms and definitions. Below are definitions for some of the more commonly used terms and how. 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. Insurance terms glossary understanding common insurance terms. Health insurance is full of terms you may not know. Agent a person or a group of people selling insurance on behalf of an insurance company. 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. An event or occurrence which is unforeseen and unintended. 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. An independent agent represents more than one company.
A claim in which the insurance company agrees your injury or illness is covered by workers compensation. Glossary of risk management terms this is a comprehensive. Policy forms vary i n complexity depending upon the type of. Pdf this chapter examines the characteristics of insurance contracts.
Coinsurance a form of medical cost sharing in a health insurance plan that requires an. 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. Evaluates insurance firms reserves, determines rates and rating methods, and determines other business and financial risks. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Insurance a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. 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. Deliberate suppression by a proposer for insurance of a material fact relating to the risk. The items on a balance sheet showing the value of property owned. An insurance professional skilled in the analysis, evaluation and management of statistical information. Insurance smart thesaurus cloud with synonyms and related words. An insurance broker is an independent agent, who represents the buyer rather than the insurance company, and tries to find the buyer the best policy by comparison shopping. Liability for damages even though fault or negligence cannot be proven. Type of packing, mode of carriage, name of carrier, nature of goods, the route. Auto insurance glossary of terms if you feel like you need to take a foreign language course to speak insurance dont worry, youre not alone.
Page 2 gao15740 general aviation liability insurance. Consumer glossary national association of insurance. An insurance company that accepts the risk transferred from. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Insurance awareness pdf capsule for mains exam best 500 mcqs. An insurance underwriter is an insurance company that underwrites insurance policies. An insurance company is termed admitted within a given state when licensed by the states regulatory authority to do. Insurance pdf types of insurance, scope of insurance,classification hello friends welcome to. He did not mean to hit the identify key terms associated with insurance and risks. Insurance terms and related concepts flashcards quizlet. The amount covered by the terms of an insurance contract, usually found on the first. Glossary of workers compensation terms for injured workers.
Bodily injury as defined in many liability policies, any physical injury to a person, including sickness, disease, and death. A form of insurance that pays damages equal to the replacement value of damaged property minus depreciation. Glossary of health insurance terms blue cross and blue. An insurance contract under which the insurer agrees to pay the insured a stated amount in the event of the total loss of the property insured without adjustment to. Insurance synonyms, antonyms, and related words and phrases cambridge english thesaurus. Binder an oral or written agreement to provide temporary insurance coverage until a form written policy is issued. Jun 01, 2019 indemnity insurance is an insurance policy designed to protect professionals and business owners when they are found to be at fault for a specific event such as misjudgment. Insurance pdf types of insurance, scope of insurance. Property insurance covering loss arising from all causes of loss. Insuranceinsurance is a contract in which an insurance company promises to compensate an insured. Glossary of healthcare terms health insurance and reform. Act of god an event or happening which is generally considered as being beyond human control earthquake, lightning, flood, cyclone or.
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