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. Insurance definitions, dictionary, glossary and terms. A term, mostly used in automobile insurance, meaning physical injury as a result of a car collision. 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. These general definitions are provided for educational. Thank you for choosing to learn more about residential title insurance. The guide provides concise explanations of auto, home, life, disability and business insurance, as well as issues papers, a glossary and directories. Glossary ibc public assets insurance bureau of canada. Pdf this chapter examines the characteristics of insurance contracts. Consumer glossary national association of insurance. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Learning objectives 128 introduction 128 term insurance 128 whole life insurance 2 flexible policies 7 industrial life insurance 143 credit life insurance.
Coverage on property left in the care of the insured for storage, repair or servicing. Insurance terminology north american training group, inc. This page provides a glossary of insurance terms and definitions that are. A material circumstance in this context is the full detailed response to questions which might influence the. Coinsurance a form of medical cost sharing in a health insurance plan that requires an insured person to pay a. Agent the insurance company representative who sells policies on behalf of the insurer. Yellow book the annual reporting form for property and casualty insurers in the united states. A glossary section contains over 500 entries, including over 100 life insurance definitions provided by. Dictionary of insurance terms a absolute liability. The book begins with basic information on the various types of insurance, including auto. Learn insurance industry vocabulary that will help you better understand your. Insurance fact book, the financial services fact book and a firm. Glossary of insurance terms npbagus00348 expiry january 2022 coinsurance. The dwelling policy 112 basic form dp1 1 broad form dp2 and special form dp3 122 dwelling forms comparison 128 dwelling policy endorsements unit test.
This insurance covers both property damage and medical costs. Insurance terms used in the area of residential title insurance. The insurance handbook reflects this diversity of subjects and issues. Also known as yellow peril, for its size and complexity, although with the advent of computerized work. An independent agent represents more than one company. When making decisions about health coverage, consumers. These glossary terms and definitionsare intended to be educational and may be. Property insurance provides coverage for property that is. Purchase of insurance policies constitutes a major lifetime expenditure for the average consumer, and an important function of this book is to help nonexperts understand what they need and exactly what. Insurance glossary understanding common insurance terms.
This is the english version of the original publication, which was published originally in hungarian. In marine insurance, a term used to define the act of an insured giving up the proprietary rights in insured. Gains loss excess deficiency of the sales price of an asset over its book value. 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 handbook for reporters and the insurance handbook for policymakers. When making decisions about health coverage, consumers should know the specific meanings of terms used to discuss health insurance. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Insurance handbook insurance information institute. The percentage of costs of a covered health care service you pay after youve paid your deductible. Most people buy more than the minimum levels to protect their personal wealth. Title insurance provides coverage for losses that occur when a land.
Documents, manuscripts, business books computer systems records. Liability for damages even though fault or negligence cannot be proven. Use this glossary of insurance definitions to better understand insurance. Although various definitions have been offered, one of the most helpful is to. Complete glossary of insurance coverage insurance coverage terms. 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 life insurance policy whereby the policyholder has the right to change any of the following parameters premium amount, premium frequency, policy term, death benefit. The insurance contracts act allows an insurer to avoid a policy ab initio in. Glossary of insurance and risk management terms pdf. 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. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. The ability of the reinsurer to accessinspect the books of.
In addition to defining more than 3,200 terms, the irmi glossary crossreferences to specific sections in other irmi resources, provides a directory of important organizations and. All of the terms printed in green in this book are defined there. A book published by an insurance or bond ing company or a rating. Health insurance is a contract between you and your health. Glossary of health insurance terms december 12, 2008 experimental or investigational services. An event or occurrence which is unforeseen and unintended. These glossary terms and definitionsare intended to be educational and may.
Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. If youre looking for a free download links of glossary of insurance terms pdf, epub, docx and torrent then this site is not for you. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. If you have any questions about the use or meaning of. Below are definitions for some of the more commonly used terms and how. Use this informative property and casualty insurance glossary to better understand basic insurance terms and definitions. 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. 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. Insurers typically use this book to establish the amount of loss in automobile physical damage claims. Conventional indemnity plan an indemnity that allows the. 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. Represents the interests of the insured in searching for insurance coverage at the lowest cost and. Manual a book published by an insurance or bonding company or a rating association or bureau that gives rates, classifications, and underwriting rules.
The book begins with basic information on the various types of insurance, including auto, home, life, annuities and longterm care. Learn insurance industry words and phrases that can help you better understand the language used in insurance policies. 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. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. Dictionary of insurance terms barrons business guides.
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