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. In marine insurance, a term used to define the act of an insured giving up the. Glossary of life insurance terms department of financial. 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. We intend to add more definitions as we find more terms that might useful to our users and insurance consumers. Sea fever pdf format this is a glossary of shipping terms and marine terminology as it pertains to marine insurance. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Learn insurance industry vocabulary that will help you better understand your insurance policies. Use this informative property and casualty insurance glossary to better understand basic insurance terms and definitions. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance.
These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Insurance terminology north american training group. 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. 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. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. Insurance glossary understanding common insurance terms. Car insurance provides protection from losses resulting from owning and operating a car or vehicle. Use this glossary of insurance definitions to better understand insurance. 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. Some words and phrases may be defined differently by other individuals or organizations. The language of insurance can be quite complex and confusing.
These definitions provide a brief description of the coverages progressive offers and some of the terms and phrases used in connection with homeowners insurance. Department of health and human services hhs dependent coverage. Accumulation reinvesting income generated by a fund back into the fund. An independent agent represents more than one company. Theyre especially useful if you are in the market for a few insurance. When youre ready to take the next step, compare quotes for free or talk to a policygenius expert.
Dictionary of insurance terms a absolute liability. Represents the interests of the insured in searching for insurance coverage at the lowest. Coinsurance a form of medical cost sharing in a health insurance plan that requires an insured person to pay a. Insurance terminology north american training group, inc.
Below are definitions for some of the more commonly used terms and how. 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. Acquisition costs all expenses directly related to acquiring insurance or reinsurance. 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. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Glossary of insurance terms am bests consumer insurance. This is a glossary of shipping terms and marine terminology as it pertains to marine insurance. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world. Insurance terms substantial 711 terms 10302016 html insurance glossary. The share of costs covered by your insurance that you pay out of your own pocket. Thank you for choosing to learn more about residential title insurance.
We offer insurance by phone, online and through independent agents. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Insweb insurance glossary of insurance terms need to know what those insurance words mean. Insurance companies that use exclusive or captive agents are called. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. 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. 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. The definitions are based on various insurance references.
An insurance broker is a specialist who works for you to find the most appropriate insurance products to suit your needs. Health insurance glossary health insurance definitions and. 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. 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. 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. The dictionary of insurance presents words and expressions that are found in common use in the property and casualty insurance industry. Weve curated additional glossaries of insurance terms and definitions to help you better understand the often confusing legal language of insurance. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. The term property insurance includes many lines of available insurance. A glossary of life insurance and financial terms a glossary of life insurance and financial terms a to b. The most comprehensive investing glossary on the web. Below are some commonly used insurance terms and their meanings.
Having launched it originally in 2004 we have now updated it with. The information has been gathered from many sources believed to be reliable, but the association assumes no responsibility for the accuracy of the information. This term generally includes deductibles, coinsurance, and copayments, or similar charges, but it doesnt. The term refers to the fact that the company carries or assumes certain risks for the policyholder. 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. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book. 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. Additional health insurance products such as vision or dental insurance that may be added to a medical insurance plan for an additional fee. Supplemental healthcare services such as laboratory work, xrays or physical therapy that are provided in conjunction with medical or hospital care. The hartford s glossary of terms can help you better understand auto and homeowners insurance terminology as you research the right coverage for you. There are approximately 1,700 terms in this edition and its an invaluable resource for your insurance education and professional development. Most of the definitions below are provided courtesy of the insurance institute of canada. 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.
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. Glossary of health insurance terms december 12, 2008 experimental or investigational services. Glossary association of marine underwriters of san francisco. A guide to dental ppos, hmos and other managed plans, don mayes, revised edition, 2002.
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. 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. 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. Our glossary of the most common terms, phrases, and concepts will help you brush up on life insurance definitions in no time. Glossary of dental insurance and dental care terms. Acknowledgement admitting that someone has a claim or. Title insurance provides coverage for losses that occur when a land title is not free and clear of defects e. 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. 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. A form of insurance that protects against losses involving cars. Insurance terms used in the area of residential title insurance. Insurance glossary irmi publication crossreference key. Bodily injury as defined in many liability policies, any physical injury to a.
The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Insurance definitions, dictionary, glossary and terms. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan or health insurance. Accused the person charged with a criminal offence.
A provision in an insurance policy that states that the validity of the insurance contract cannot be contested after two or sometimes three years. Health insurance glossary health insurance definitions. Glossary of commercial insurance terms commercial insurance is divided into two main categories. They also may be used in a different context where the definition shown may not be applicable to 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. 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. Not all concepts or coverages identified in this list are found at chapman university. Binder an oral or written agreement to provide temporary insurance coverage until a form written policy is issued.
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. Consumer glossary national association of insurance. An event or occurrence which is unforeseen and unintended. We have covered you for all the az insurance words and their meanings. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. Definitions provided by insurance bureau of canada are indicated with an asterisk. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. 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. We provide easy to understand definitions of insurance terms and provide auto, homeowners, life, health, and. Liability for damages even though fault or negligence cannot be proven.
We provide quick answers and easytounderstand auto and homeowners definitions. Acquisition costs all expenses directly related to acquiring insurance. Also called feeforservice plans, indemnity plans typically allow you to direct your own health care and visit whatever doctors or hospitals you like. Agent the insurance company representative who sells policies on behalf of the insurer. A professional trained in the mathematics of insurance and risk management, including the. Insurance company that actually underwrites and issues the insurance policy. The current commercial time element coverage forms are.
These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions. The guide is an important resource that will help to create a much greater understanding of. Glossary of risk management terms this is a comprehensive list of insurance terms. Property and casualty insurance glossary the bottom line we hope this article on property and casualty insurance glossary was informative. Every industry has its own jargon, and the property and casualty insurance. The a to z guide to legal phrases plain english campaign. Reinsurance glossary reinsurance glossary compiled by the american council of life insurers reinsurance committee and provided by central security life insurance. Request by an insured for the insurance company to cover an incurred loss. The crossreference lists the abbreviation for the publication followed by the chapter number and section in which the information may be found. An agent can be independent agent who represents at least two insurance. 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. The information has been gathered from many sources believed to be reliable, but the. Complete glossary of insurance coverage insurance coverage terms acli. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list.
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