A professional trained in the mathematics of insurance and risk management, including the calculations of premiums. These definitions represent a common or general use of the term. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. Disclosures a list of a health plans terms, including its benefits, exclusions, costsharing, service area, and preferred provider network. The term property insurance includes many lines of available insurance. This content was uploaded by our users and we assume good faith they have the permission to share this book. While the update of the content of the internet database version is an ongoing activity, the pdf, and word versions currently available are snapshots of the internet database version as of december 2007. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you. Glossary of insurance terms california department of insurance. These glossary terms and definitions are intended to be educational and may be different from the terms and definitions in your plan or health insurance. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list.
Acquisition costs all expenses directly related to acquiring insurance or reinsurance. Glossary of business terms adjective adj headwords for adjectives followed by information in square brackets only before a noun and not before a noun show any restrictions on where they can be used. Compiled from the academys five insurance and risk management book plus many other sources, this extensive glossary defines, describes and details 282 insurance and risk management terms and concepts from a posteriori data to zone of danger. 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 modern terminology to meet with the increasing demand for the book. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance.
While the update of the content of the internet database version is an ongoing activity, the pdf, and word versions currently available are snapshots of. Glossary of risk management terms this is a comprehensive list of insurance terms. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. The a to z guide to legal phrases plain english campaign. Mcqa glossary of terms texas department of insurance. Words associated with surety and bonds and title insurance are listed separately at the end of this list. Dictionary of insurance terms a absolute liability. 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.
These glossary terms and definitions are intended to be educational and may be different from the terms and definitions in your plan. If youre looking for a free download links of glossary of insurance and risk management terms pdf, epub, docx and torrent then this site is not for you. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non disclosed or fraudulently misrepresented. 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. Bshare variable annuity a form of variable annuity contract with no initial sales charge but if the contract is cancelled the holder pays deferred sales charges usually from 5 to 7 percent the first year, declining to zero after from 5 to 7 years. The terms have been defined in a simplified and nontechnical manner. The disclosures are part of your policy or evidence of coverage. Accused the person charged with a criminal offence. Dictionary of insurance terms pdf free download epdf.
The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Agent the insurance company representative who sells policies on behalf of the insurer. Its what you could expect to receive if you sold your car to a private buyer, and its what an insurer will base your payment on if your car is stolen or totaled. Glossary of health coverage and medical terms omb control numbers 15452229, 12100147, and 09381146 page 1 of 6 glossary of health coverage and medical terms this glossary defines many commonly used terms, but isnt a full list. Ashare variable annuity a form of variable annuity contract where the contract holder pays sales charges up front rather than eventually having to pay a surrender charge. This glossary has many commonly used terms, but isnt a full list.
These definitions do not alter or modify the terms of any insurance contract. 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. When it comes to choosing the best automobile insurance, knowing industry terms and language gives you a good head start. No insurance website could be complete without offering and index of insurance terms and definitions. See page 4 of the pdf download for an example showing how deductibles, co insurance and out of pocket limits work together in a real life situation. Acknowledgement of service when a defendant agrees that a writ or originating summons claim form since april 1999 has been received. Liability for damages even though fault or negligence cannot be proven. Health insurance glossary texas department of insurance. Agent a person or a group of people selling insurance on behalf of an insurance company. Consumer glossary national association of insurance. A person responsible for investigating and settling a claim. In marine insurance, a term used to define the act of an insured giving up the proprietary rights in insured property to the underwriter in exchange for payment of a constructive total loss. Thankfully, there are resources to help consumers navigate the maze of unfamiliar terms.
The original glossary of insurance terms was compiled by john s. 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. Glossary of insurance and risk management terms pdf,, download ebookee alternative reliable tips for a best ebook reading. Insureris the company which accepts risks after receiving premiums and pays claims. Texas department of insurance 333 guadalupe, austin tx 78701 p. Please read your official policy for full details about coverages. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Comprehensive loss underwriting exchange clue report. The terms of an insurance contract are embodied in a w ritten document called the.
An independent agent represents more than one company. The fsr legislation defines advice as a statement made which influences or is intended to influence a person to purchase a particular financial product or service. Insurance insurance is a contract in which an insurance company promises to compensate an insured. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. These often take the form of glossaries, or lists of specialized terms relating to a special subject in this case, insurance with accompanying definitions. This specialty coverage is designed primarily for contractor risks whereby the general liability definition is enhanced to include. A form of corporation, allowed by the irs for most companies with 35 or fewer shareholders, which enables the company to enjoy the benefits of incorporation but be taxed as if it were a partnership. Insurance terms glossary understanding common insurance terms. The most comprehensive investing glossary on the web. This coverage is subject to the terms, limits and conditions.
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 sought to continue the efforts of the commission. Glossary of important insurance terms download pdf oliveboard. The purpose of liability insurance is to cover bodily injury to a third party resulting from the negligent or unintentional acts of an insured. This page provides an index of insurance terms and.
This page provides a glossary of insurance terms and definitions that are commonly used in. These glossary terms and definitions are intended to be educational and may be different from the. Insuredthe term insured refers to the person who has taken insurance against various risks and who pays a premium. Medical insurance glossary of terms 2018 health medicare pdfs. 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.
Liability arising from extremely dangerous operations. 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. The insurance contracts act allows an insurer to avoid. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Glossary of important insurance terms download pdf. Not all concepts or coverages identified in this list are found at chapman university.
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. Weve curated a list of advanced and basic insurance terms and their definitions to better help you understand the often confusing world of insurance. As industry needs change, we also intend to update this glossary in future editions. Insurance definitions, dictionary, glossary and terms. Insurance glossary understanding common insurance terms. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. You can ask an insurance company or health maintenance organization for a copy of a plans disclosures before buying the plan. We hope this small pdf file of insurance terminology glossary will help you getting good marks in upcoming lic aao and united india insurance ao exams. Form of life insurance allowing the owner to change the face amount, premium amount.
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. Download the free pdf for glossary of important insurance terms here. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. Box 149104, austin, tx 78714 5126766000 8005784677.
Weve curated additional glossaries of insurance terms and definitions to help you better understand the often confusing legal language of insurance. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Reinsurance glossary reinsurance glossary compiled by the american council of life insurers reinsurance committee and provided by central security life insurance company cslic primarily covering life and health reinsurance terms. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Glossary of health insurance terms december 12, 2008 prior insurance must have provided a minimum level of coverage. These general definitions are provided for educational purposes.
Ahps would compete on the basis of offering highquality, lowcost care and would offer insurance and health care as a single product. 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. Accumulation reinvesting income generated by a fund back into the fund. Actual cash value is the fair market value of your vehicle. The tendency of those exposed to a higher risk to seek more insurance coverage than those at a lower risk. Such terms and availability may vary by state and exclusions may apply. 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.
Download glossary of insurance and risk management terms pdf. New hampshire edi implementation guide appendix b january, 2012 appb2 introduction to the glossary this glossary defines terms that are not all insurance related, but are commonly used in the business and data reporting environment. 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. Term insurance that provides coverage for one year and allows the policy owner to renew his or her coverage each year. Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which are controlling. Bold text indicates a term defined in this glossary.
Glossary of risk management terms this is a comprehensive. The cost of repairing or replacing damaged property with property of the same kind and quality, less depreciation i. Reinsurance glossary reinsurance glossary compiled by the american council of life insurers reinsurance committee and provided by central security life insurance company cslic. Noun n the codes c and u show whether a noun, or a particular sense of a noun, is countable an agenda, two agendas or uncountable. 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. An event or occurrence which is unforeseen and unintended.
The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Glossary of insurance terms pdf,, download ebookee alternative successful tips for a best ebook reading. Nov 01, 2017 when it comes to choosing the best automobile insurance, knowing industry terms and language gives you a good head start. Complete glossary of insurance coverage insurance coverage terms. Accelerated death benefits a life insurance policy option that provides policy proceeds to insured individuals over their lifetimes, in the event of a terminal illness. Pays for damage to an insured vehicle when it hits or is hit by another car or object, or if the car overturns. The guide is an important resource that will help to create a much greater understanding of. Acknowledgement admitting that someone has a claim or admitting that a debt exists. Complete glossary of insurance coverage insurance coverage terms acli. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of.
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. 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. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. A glossary of life insurance and financial terms a glossary of life insurance and financial terms a to b. The oecd glossary of statistical terms may be downloaded directly to your computer as either a pdf or word file. F riends, with this post we are giving you the pdf file of the terms commonly associated with insurance especially life insurance. 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. Download glossary of insurance and risk management terms.
So that you will get a good idea and understanding of the basic lic terms. The insurance business encompasses a daunting array of industry jargon. 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. 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.
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