The table of contents lists the main insurance terms defined by this glossary and which are shown in boldfaced type. Browse the list of 7 574 insurance abbreviations with their meanings and definitions. Reinsurance glossary reinsurance glossary compiled by the american council of life insurers reinsurance committee and provided by central security life insurance company cslic. These general definitions are provided for educational purposes. 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. Series of equal periodic payments at uniform intervals combining principal and. A period of time in which you pay higher cost sharing for prescription drugs until you. The insurance and risk management terms link will access the international risk management institute irmi website. Terms are given their most common definition, with variations provided. The language of insurance can be quite complex and confusing. Liability arising from extremely dangerous operations. Glossary of insurance terms national insurance brokers association. Glossary of commercial insurance terms commercial insurance is divided into two main categories.
Insurance policy legal document issued to the insured setting out the terms of the contract of insurance. Under that policy, the insurer must compensate the policyholder in accordance with the policys terms and conditions if the asset is damaged or destroyed and the policyholder makes a claim. 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. Insurance terminology north american training group. Risk andor benefits pool a a cooperative group of governmental entities joining together to. Replacement cost of damaged or lost property less depreciation. 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. Acquisition costs all expenses directly related to acquiring insurance or reinsurance. Two such glossaries are of particular use to visitors and customers of insurancecanada. Below are some commonly used insurance terms and their meanings. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you.
A company owned solely or in large part by one or more non insurance entities. The contract usually includes your application, the policy, and any changes made later to. This should be equivalent to paid premiums, in most instances. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Pos plans combine elements of both hmo and ppo plans. Glossary of healthcare terms health insurance and reform. Term policies provide life insurance protection without any cash value features which can increase the cost of the coverage. Glossary of group insurance terms benefits division. The term property insurance includes many lines of available insurance. 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. Insurance a formal social device for reducing risk by transferring the risks of several individual entities to an insurer. 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.
An insurance contract is the legal agreement with your insurance company that sets out the terms of your coverage. Psychiatric association in their diagnostic and statistical manual dsm. 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. 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. Provision in a life insurance policy authorizing the. Below are some standard terms and definitions used when describing business and personal. The terms in this glossary have been carefully selected from the myriad of terms one can encounter in the shipping business. A group of health care providers who give coordinated care, chronic disease management, and thereby improve the quality of patient care. Most of the definitions below are provided courtesy of the insurance institute of canada. Form of life insurance that provides a death benefit which. Premium which is returned to the insured in accordance with the terms set out in the. Texas department of insurance glossary of common insurance terms. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you should raise.
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. A request for payment under the terms of an insurance policy. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london. When making decisions about health coverage, consumers should know the specific meanings of terms used to. Glossary of insurance policy terms iso translations. A form of insurance that pays damages equal to the replacement value of damaged property minus depreciation. Additional terms are defined within the discussions of the main terms and appear in boldfaced, italicised type. When you have two or more policies providing the same coverage at the same time. You can find more terms in the the insurance bureau of canadas glossary actual cash value acv. These are not typically mailed out anymore, but are available in pdf format on your carriers website or by request from the insurance carrier. Microsoft word glossary of terms a free document from.
Disclaimer this information is disseminated under the sponsorship of the u. Aipso has prepared this area to provide customers with access to common aipso terms and insurance terms. Evaluates insurance firms reserves, determines rates and rating methods, and determines other business and financial risks. Intrastate operating authority and insurance filing by state in commercial auto insurance april 2020 business income loss from the coronavirus in the risk report april 2020 intellectual property and media liability insurance market survey2020 in the betterley report april 2020. The difference reflects the insurers expenses for operating the plan. A fixed amount you pay for a covered health care service after youve paid your deductible. Not all concepts or coverages identified in this list are found at chapman university.
The essential glossary of group benefits words and terms. The glossary of aipso terms contains over 200 terms and acronyms specific to aipso and the residual market. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. Life insurance designed to cover the insured for a specified period of time or term. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. The essential glossary of group benefits terminology.
The terms of this act require an insurance company to obtain prior written consent from an individual before approaching any medical practitioner for a medical report pertaining to them. 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. Accelerated death benefits adb when the holder of a life insurance policy is terminally ill and needs the money for medical and living costs, they may request an accelerated death benefit. There is also a comprehensive glossary of insurance and risk management terms available from the international risk management institute. Glossary of terms fund accounting because of the legal limitations establishing each fund as a separate accounting entity the attached report does not merge all funds into one report. Nicb insurance acronym, organization and term list index.
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. Consumer glossary national association of insurance. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. 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. Complete glossary of insurance coverage insurance coverage terms acli. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company.
Those can be found in your insurance policy or certificate. Glossary of risk management terms this is a comprehensive list of insurance terms. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Glossary of insurance terms npbagus00348 expiry january 2022 coinsurance. Department of transportation in the interest of information exchange. The insurer agrees, for a consideration, to assume, to a specified extent, the losses suffered by the insured. Definitions provided by insurance bureau of canada are indicated with an asterisk. Glossary of health insurance and medical terms page 1 of 4 glossary of health insurance and medical terms this glossary has many commonly used terms, but it isnt a full list.
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. We intend to add more definitions as we find more terms that might useful to our users and insurance consumers. Term insurance generally offers the most protection for your premium dollars. Some of these terms also might not have exactly the same meaning. 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. List of all most popular abbreviated insurance terms defined. The percentage of costs of a covered health care service you pay after youve paid your deductible. Policy combining the features of variable life insurance and universal life. Act of god a sudden and violent act of nature which could not have been foreseen or prevented. 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. This document is for informational purposes only and is not intended to alter or replace the insurance policy. This is a short list of key insurance terms, listed in alphabetical order. A glossary of life insurance and financial terms a glossary of life insurance and financial terms a to b.
A professional trained in the mathematics of insurance and risk management, including the calculations of premiums. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Generalinsurancedefinitions institute and faculty of. An independent agent represents more than one company.
Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Insurance glossary understanding common insurance terms. 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. To do so would present an inaccurate picture of the resource management options available to local districts. Glossary of healthcare terms health insurance and reform accountable care organization aco.