Iec, developed the general insurance code of practice the code. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. Glossary of health insurance terms december 12, 2008 experimental or investigational services. This page provides a glossary of insurance terms and definitions that are commonly used in. An independent agent represents more than one company. We have covered you for all the az insurance words and their meanings. Calendar year deductible in health insurance, the amount that must be paid by the insured. Affiliate a person or entity that directly, or indirectly, through one or more other persons or entities, controls, is controlled by or is under common control with the insurer. It applies across the insurance industry to insurance companies. These general definitions are provided for educational purposes. Insurer is the company which accepts risks after receiving premiums and pays claims. 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.
Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. Insurance holding company system consists of two or more affiliated persons, one or more of which is an insurer. Property and casualty insurance glossary the bottom line. Accidental death coverage accidental death coverage is sometimes a part of your auto insurance policys personal injury protection pip or may be offered as a separate accidental death and dismemberment program.
Bold blue text indicates a term defined in this glossary. We hope this article on property and casualty insurance glossary was informative. 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. With reference to estate tax, it refers to the the sum total value of the decedents assets plus additions, less the total. It is the application form for applying for an insurance cover insurance agent. Insurance to protect an owner or operator of a business from a wide range of liability exposures. The overall aim of the code is to raise service standards across the general insurance industry. The terminology used is peculiar to insurance but the declarations, insuring agreement, definitions, exclusions, and conditions are the essential parts of all insurance policies.
Type of packing, mode of carriage, name of carrier, nature of goods, the route. Below are definitions for some of the more commonly used terms and how. 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. Agent the insurance company representative who sells policies on behalf of the insurer. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. No insurance resource would be complete without a comprehensive glossary of terms and their respective explanations. Terminologies used in insurance and their meanings terms.
Propertycasualty insurance, which includes auto, homeowners and commercial insurance, is one segment of the insurance industry. An amount which a policyholder agrees to pay, per claim or per accident, toward the total amount of an insured loss. The different forms of general insurance are fire, marine, motor, accident and other miscellaneous nonlife insurance. Insurance terminology north american training group, inc. The tangible assets are susceptible to damages and a need to protect the economic value of. Get a free online adult life insurance quote or call us at 18007042180 to get started.
The general offers auto insurance for drivers that have less than perfect credit or driving history. This coverage pays for damage to the policyholders car resulting from a col. General insurance common general insurance terms you should be aware of here are some of the terms commonly used in case of general insurance. General insurance definitions clark county, washington.
Consumer glossary national association of insurance. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Protection for the insured against financial loss because of legal liability for carrelated injuries to. All are extremely important but on this first page, we have tried to explain in plain english what the most important and. The agreement is a contract also known as an insurance 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.
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. Insurance insurance is a contract in which an insurance company promises to compensate an insured. Health insurance terms and definitions a comprehensive. 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 conversion mortgage reverse mortgage. The amount covered by the terms of an insurance contract. It applies across the insurance industry to insurance companies, their employees, agents, investigators, assessors, loss adjusters and collection agents. These definitions represent a common or general use of the term. Insurance contracts that do not come under the ambit of life insurance are called general insurance. Here are some of the terms commonly used in case of general insurance insurance.
Insurer the party who pays for losses in an insurance arrangement. 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 time. Common general insurance terms you should be aware of securenow. Premium the amount you or your employer pays each month in exchange for insurance coverage. The insurers refusal to insure an individual after careful evaluation of the application for insurance and any other pertinent factors.
We intend to add more definitions as we find more terms that might useful to our users and insurance consumers. 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. Rider coverage options that enable you to expand your basic insurance plan for an additional premium. Insureris the company which accepts risks after receiving premiums and pays claims. Learn insurance terminology with free interactive flashcards. Gatekeeper under some health insurance arrangements, a gatekeeper is responsible for the administration of the patients treatment.
Insurance economic device whereby the individual or business pays a cost premium in exchange for protection against financial loss. The code is a selfregulatory form of regulation, that is, the insurance industry, not the government, is. The patient protection and affordable care act was signed into law on march 23, 2010 and was amended by the health care and education reconciliation act on march 30, 2010. 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. Health insurance, car insurance, and life insurance are a part of everyday life. Jul 09, 2019 life insurance, home insurance, or travel insurance each policy has its own set of unique terminology. Principles of general insurance principles of insurance 58 b in motor insurance. Print and pdf formats, and quantity discounts are available. Insurance terminology north american training group. General liability insurance insurance designed to protect business owners and operators from a wide variety of liability exposures. Insuredthe term insured refers to the person who has taken insurance against various risks and who pays a premium.
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. All members of the insurance council of australia must adhere to the code. 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 insurance terms california department of insurance. Insurance handbook insurance information institute. Making a list of all your insurance policies makes sense to help you keep track and for your loved ones if the day comes that your life insurance policy is activated. Insuranceinsurance is a contract in which an insurance company promises to compensate an insured. Insurance definitions, dictionary, glossary and terms.
Oct 14, 2014 for example, gerber life customer service representatives can help you to understand basic insurance terminology, decide how much life insurance you need and can afford, find out how to choose the best kind of policy for you, and assist you in other ways. Policies are often confusing, full of legal ease, industry jargon and terms that most people do not understand. 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. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. In a wider context casualty insurance may cover all nonlife insurances. Outside the united states, propertycasualty insurance is referred to as nonlife or general insurance. Insurance glossary india a to z terms of insurance. Choose from 500 different sets of insurance terminology flashcards on quizlet. Event which causes a loss of extraordinary magnitude, such as a hurricane or tornado.
Read on to understand what terms like copayment, coverage and deductible mean. Glossary of commercial insurance terms commercial insurance is divided into two main categories. 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. See page 4 for an example showing how deductibles, coinsurance and outofpocket limits work. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Insurance glossary understanding common insurance terms. Agent a person or a group of people selling insurance on behalf of an insurance company. Insurance regulatory information system iris a baseline solvency screening system for the national association of insurance commissioners naic and state insurance regulators established in. Insured the policyholder protected in case of a loss or claim. 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. Learn common terminologies used in insurance and their meanings to better understand the definitions of policies you may own or need. This specialty coverage is designed primarily for contractor risks whereby the general liability definition is enhanced to include. The following are general terms that may apply to this insurance and we hope will.
The code is a selfregulatory form of regulation, that is, the insurance industry, not the. Reimburses you for damage to your automobile sustained in a collision with another car or with any other object, movable or fixed, for example, you accidentally. Generalinsurancedefinitions institute and faculty of. 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.
Start an online anonymous quote, and receive your nocommitment car insurance estimate in two minutes or less. A laymans guide to insurance terms and definitions. The term property insurance includes many lines of available insurance. 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. Agent an individual who sells, services, or negotiates insurance policies either on behalf of a company or independently. Coinsurance a form of medical cost sharing in a health insurance plan that requires an insured person to pay a.
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