Two such glossaries are of particular use to visitors and customers of insurancecanada. 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. A company owned solely or in large part by one or more non insurance entities. Health care services that your health insurance or plan doesnt pay for or cover. These general definitions are provided for educational purposes. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Managing general agency mga an independent business or organization that appoints and supervises independent agents for insurers that use the independent agency system. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Below are definitions for some of the more commonly used terms and how. They are not intended to be complete descriptions of all terms. Basic insurance terms and definitions, life insurance terms and definitions, basic insurance terminology, insurance glossary pdf, important insurance terms, insurance terms and concepts, health insurance terminology and insurance.
Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt 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. General insurance common general insurance terms you should be aware of here are some of the terms commonly used in case of general insurance. It is important for insurance holders to have a complete understanding of their policies, so they will know what the policies cover and how they will be compensated when emergencies happen. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. 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. 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. The general insurance code of practice is a voluntary code that sets minimum standards for the way in which consumers can expect their insurer to behave from the start of a policy to claim. The term property insurance includes many lines of available insurance. Generalinsurancedefinitions institute and faculty of. Glossary of insurance terms accident an unforeseen, unintended, and unexpected event, which occurs suddenly and at a definite place. If there is any conflict between these definitions and the provisions of the.
These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. 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. An independent agent represents more than one company. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. General liability claims gl bodily injury andor property damage claims. Glossary of insurance policy terms the oecd has produced a unique glossary of insurance policy terms which covers selected topics ranging from insurance policy regulationsupervision to general trade issues. Insurance and indemnification requirements risk management division effective march 2007 1 d. Houston astros cheating scandal, seyfarth shaw workplace class action report, and more in employment practices liability insurance consultant april 2020. Department of health and human services hhs dependent coverage. The disclosures are part of your policy or evidence of coverage. 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.
Grace period the length of time usually 31 days after a premium is due and unpaid during which the policy, including all riders, remains in force. 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 definitions appearing in this glossary are provided solely for general informational purposes. Learn insurance industry vocabulary that will help you better understand your insurance policies. A captive insurance company is an insurance company that has been set up to provide coverage at a lower cost than available by going through the general insurance market. Insuranceinsurance is a contract in which an insurance company promises to compensate an insured. Disclosures a list of a health plans terms, including its benefits, exclusions, costsharing, service area, and preferred provider network.
Renewable term insurance insurance that is renewable for a limited number of successive terms by the policyholder and is not contingent upon medical examination. 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. An insurance contract is the legal agreement with your insurance company that sets out the terms of your coverage. Protection for the insured against financial loss because of legal liability for carrelated injuries to. Disclaimer this information is disseminated under the sponsorship of the u. The companys stock is controlled by one interest or a group of related interests so. Use these insurance terms and definitions to help you understand your policy. An asset in insurance terms is something with monetary value that is covered by an insurance policy, such as a car or a property. These definitions do not alter or modify the terms of any insurance contract. They are not intended to be complete descriptions of all terms, conditions and exclusions applicable to the products and services defined.
Consumer glossary national association of insurance. Actuary a professional trained in the mathematics of insurance and risk management, including the calculations of. Insurance glossary india a to z terms of insurance. Insurance terminology north american training group. Requires the department of motor vehicles dmv to automatically suspend or cancel the drivers license of a driver whose blood.
Insureris the company which accepts risks after receiving premiums and pays claims. 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. Definitions provided by insurance bureau of canada are indicated with an asterisk. 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. You can ask an insurance company or health maintenance organization for a. The terms in this glossary have been carefully selected from the myriad of terms one can encounter in the shipping business. The essential glossary of group benefits words and terms. Covid19, actuaries, vermont success, total cost of risk, and microcaptives in. Please read your official policy for full details about coverages. Most of the definitions below are provided courtesy of the insurance institute of canada. Insurance glossary insurance terms and definitions from union general. General liability insurance insurance designed to protect business owners and operators from a wide variety of liability exposures.
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. Agent the insurance company representative who sells policies on behalf of the insurer. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Words associated with surety and bonds and title insurance are listed separately at the end of this list.
We intend to add more definitions as we find more terms that might useful to our users and insurance consumers. The contract usually includes your application, the policy, and any changes made later to. With just a few clicks you can look up the geico insurance agency partner your general liability policy is with to find policy service options and contact information. A complaint that you communicate to your health insurer or plan. Many travelers find it difficult to understand certain travel insurance terms found in their travel insurance policies. Insuredthe term insured refers to the person who has taken insurance against various risks and who pays a premium. 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. Coverages and benefits listed below may not be available in your state.
If you have any questions about the use or meaning of a term or expression in any particular product or literature, you. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Some words andor phrases may be defined differently by other entities, or used in a context. Usually sold in connection with a government flood insurance plan. Ahps would compete on the basis of offering highquality, lowcost care and would offer insurance and health care as a single product. Some of these terms also might not have exactly the same meaning. Health care services that help a person keep, learn or. Health insurance glossary texas department of insurance. 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. Department of transportation in the interest of information exchange. Policythe legal document issued by an insurance company to a policyholder, which outlines the conditions and terms of the insurance, also called the policy contract or the contract. Usually associated with motor vehicle insurance provides specified cover for damage to insured car as well as damage the insured car may cause to the property.
When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. There is also a comprehensive glossary of insurance and risk management terms available from the international risk management institute. Adjudication the judges decision in a case or action. Renters insurance liability coverage for contents within a renters residence. A term, mostly used in automobile insurance, meaning physical injury as a result of a car collision. Durable medical equipment dme early and periodic screening, diagnostic, and treatment services epsdt eligibility assessment. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Gain a deeper understanding of how insurance works and get definitions for common industry terms in our comprehensive insurance terms glossary. Matrix used to determine which type of risk treatment is appropriate for a risk. These definitions represent a common or general use of the term. Use this informative property and casualty insurance glossary to better understand basic insurance terms and definitions. We have covered you for all the az insurance words and their meanings. Insurance glossary understanding common insurance terms. Houston astros cheating scandal, seyfarth shaw workplace class action report, and more in employment practices liability insurance consultant april 2020 covid19, actuaries, vermont success, total cost of risk, and microcaptives in cicr.
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