If available, some optional coverages and benefits might be offered at an additional charge. Some words and phrases may be defined differently by other individuals or organizations. 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. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. These definitions represent a common or general insurance andor legal use of the term. Represents the interests of the insured in searching for insurance coverage at the lowest.
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. Insurance terminology north american training group. A benefit your employer, union or other group sponsor provides to you to pay for your health care services. These general definitions are provided for educational purposes. Thankfully, there are resources to help consumers navigate the maze of unfamiliar terms. Prepaid legal insurance coverage plan sold on a group basis. A professional trained in the mathematics of insurance and risk management, including the. Compensationer general an employee or former employee who is entitled to compensation and whom the department of labor determines is unable to return to duty.
Glossary of insurance terms npbagus00348 expiry january 2022 coinsurance. Deductible the amount of loss paid by the policyholder. A decision by your health insurer or plan that a health care service, treatment plan, prescription drug or durable medical equipment is medically. As used in property insurance, prohibits the insured from abandoning damaged property to the insurance company for. 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. Other definitions assume that these items will function normally.
Browse the list of 7 574 insurance abbreviations with their meanings and definitions. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london. Actual cash value repayment value for indemnification due to loss or damage of property. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Insurance glossary insurance terms and definitions from isu northwest insurance services. The share of costs covered by your insurance that you pay out of your own pocket. Liability insurance coverage for all sums that the insured becomes legally obligated to pay because of bodily injury or property damage. Compare plans side by side, get health insurance quotes, apply online and find affordable health insurance today.
Insurance glossary insurance terms and definitions from nse insurance agencies, inc. If you continue, well assume you are happy for your web browser to receive all cookies from our website. Glossary of healthcare terms health insurance and reform accountable care organization aco. Depending on the insurance company issuing the policy, and the policy form involved, these benefits are paid either on diagnosis of a terminal illnesses, such as aids, certain organ. 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 supplemental information. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list.
List of all most popular abbreviated insurance terms defined. Adjuster a person who investigates claims and recommends settlement options based on estimates of damage and insurance policies held. Bold text indicates a term defined in this glossary. The definitions are based on various insurance references. We have created a glossary to provide visitors with an accessible dictionary of of insurance related 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 policy. Terms claim a claim is a bill from your health care provider doctor or hospital. When a company was authorized to sell insurance in washington state. Generally, when a policy is assigned to secure a debt, the owner retains all rights in the policy in excess of the debt, even though the. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Indemnity basis or reinstatement basis see definitions in glossary.
The insurance contracts act allows an insurer to avoid. For an individual insurer, the maximum amount of risk it can underwrite based on its financial condition. A accelerated death benefit a provision or rider that allows you the policyowner to receive all or part of the benefits of your life insurance policy while you are alive in the event of a terminal illness. The percentage of costs of a covered health care service you pay after youve paid your deductible. They also may be used in a different context where the definition shown may not be applicable to insurance. Glossary of healthcare terms health insurance and reform. Learn more in the cambridge englisharabic dictionary. 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 language of insurance can be quite complex and confusing. For example, a surety bond holder would be entitled to the value. A fixed amount you pay for a covered health care service after youve paid your deductible. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. This can be, and frequently is, different from the personcorporation that purchased the bond.
The insurance business encompasses a daunting array of industry jargon. Insurance glossary a isu northwest insurance services. Sometimes the assessor will need to ask more questions, inspect the property, or talk to whoever else is involved in the claim, such as another driver, a. An event or occurrence which is unforeseen and unintended. The glossary of insurance and risk management terms was first published by the international risk management institute irmi in 1978 to help those within and outside the insurance industry to communicate effectively. Policy assignment under which the assignee person to whom the policy is assigned receives full control over the policy and also full rights to its benefits. Insurers use mpl definitions in order to arrange their reinsurance and decide how much of a risk. The policyholder the person s protected in case of a loss or claim. Use this glossary of insurance definitions to better understand insurance. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Consumer glossary national association of insurance.
Either a specified dollar amount, a percentage of the claim amount, or a specified. Glossary of health insurance and medical terms this glossary has many commonly used terms, but it isnt a full list. Understanding insurance terminology 101 insurance terminology 101. Complete glossary of insurance coverage insurance coverage terms acli. Your health coverage will start on january 1, 2016. This page provides a glossary of insurance terms and definitions that are commonly. Accident only an insurance contract that provides coverage, singly or in. An agreement in which an insurance agent agrees to do business on behalf of an insurance agency. See page 4 for an example showing how deductibles, coinsurance and. Legal insurance prepaid legal insurance coverage plan sold on a group basis liability auto coverage for a policyholders legal liability resulting from injuries to other persons or damage to their property as a result of an auto accident.
Use our online glossary to help you look up any terms you may not understand when using our website we use cookies to give you the best possible online experience. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. The adequacy of an insurers capital relative to its exposure to loss is an. Capacity depends on the industrys financial ability to accept risk. When you lodge your claim, the assessor who is acting for the insurer, helps approve the claim by checking the details to see if its valid and meets the terms and conditions of your policy. A policy provision in which the company agrees not to contest the validity of the contract after it has been in force for a certain period of time, usually two years.
Insurance terminology north american training group, inc. Your health care provider sends a clam to your insurer to be reimbursed. Coinsurance a form of medical cost sharing in a health insurance plan that requires an insured person to pay a. Captive insurance companies will no doubt feel the impacts of the novel coronavirus pandemic and the covid19 disease it causes, both in the near term and possibly in the future as captive owners look to close holes the outbreak is revealing in insurance programs. Agent john doe agrees to do business on behalf of abc insurance agency in sales presentations to potential clients.
Below are some commonly used insurance terms and their meanings. Insurance glossary understanding common insurance terms. Liability for damages even though fault or negligence cannot be proven. Protection for loss incurred through legal liability for bodily injury and damage to property of others caused by accidents arising out. A group of health care providers who give coordinated care, chronic disease management, and thereby improve the quality of patient care. 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. It has been continuously updated and expanded since the original publication and, with definitions of more than 3,200 risk and insurance terms, is probably the most. Health insurance glossary health insurance definitions. The original glossary of insurance terms was compiled by john s. Coverages and benefits listed below may not be available in your state. The amount you pay as your share for services you receive, such as a doctors visit. These often take the form of glossaries, or lists of specialized terms relating to a special subject in this case, insurance with accompanying definitions. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law.
Auto insurance, what follows are terms specific to au to coverage. While purchasing an insurance policy is the firststep to protecting yourself and your property against potential. Below are definitions for some of the more commonly used terms and how. The bondholder is entitled to the proceeds of the bond. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Glossary of common auto insurance terms glossary of common. 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. An independent agent represents more than one company. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. Nicb insurance acronym, organization and term list index. Coverage that covers loss caused by all perils except those specifically excluded in a coverage document or agreement. Insurance definitions, dictionary, glossary and terms. We have covered you for all the az insurance words and their meanings.
Dictionary of insurance terms a absolute liability. During the accumulation phase, the annuitant pays periodic premiums into the annuity and the annuity accrues interest. Those can be found in your insurance policy or certificate. A glossary of life insurance and financial terms a glossary of life insurance and financial terms a to b. Both men served on operating commit tees of the commission on insurance terminology cit, which worked to develop more precise insurance definitions during 19581971, and both.
Commercial property insurance covering loss of income suffered by a business when damage to its premises by a covered cause of loss causes a slowdown or. Free insurance comparison compare quotes from the top insurance companies and save. Agent the insurance company representative who sells policies on behalf of the insurer. A period of time in which you pay higher cost sharing for prescription drugs until you. 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. Definitions provided by insurance bureau of canada are indicated with an asterisk. 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. 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. Cobra the consolidated omnibus budget reconciliation act cobra is a law that lets you keep your. Most of the definitions below are provided courtesy of the insurance institute of canada. Reinsurance glossary reinsurance glossary compiled by the american council of life insurers reinsurance committee and provided by central security life insurance company cslic.
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