Basis of a claim for indemnity under provisions of an insurance policy. 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. Catalogue of credit insurance terminology chief trade credit. Hmos are comprised of hospitals, doctors and other medical personnel who have joined to provide health care to members in return for a prepaid monthly charge. An independent agent represents more than one company. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Glossary of insurance policy terms iso translations. Your health care provider sends a clam to your insurer to be reimbursed. Glossary of important insurance terms download pdf oliveboard. Reinsurance glossary reinsurance glossary compiled by the american council of life insurers reinsurance committee and provided by central security life insurance company cslic. Use our online glossary to help you look up any terms you may not understand when using our website. Liability arising from extremely dangerous operations. Definitions apply to life, health, property, and casualty insurance, as well as to home owners and tenants insurance, professional liability insurance.
These general definitions are provided for educational purposes. A motor vehicle as defined in section 125 of the vehicle and traffic law and also includes trailers, semitrailers, motorcycles, tractors and snowmobiles as defined in subdivision 3 of section 21. A fixed amount you pay for a covered health care service after youve paid your deductible. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Where more than a single term may be frequently used for the definition, the other terms are noted. Nicb insurance acronym, organization and term list index. Used in predicting losses upon which premiums are based. 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. Best company was founded in 1899 and is a credit rating organization that serves the insurance industry. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. 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. Pdf this chapter examines the characteristics of insurance contracts. A glossary of life insurance and financial terms a glossary of life insurance and financial terms a to b.
Additional terms are defined within the discussions of the main terms and appear in boldfaced, italicised type. Glossary of terms our tulsa insurance agents specialize in health, life and retirement solutions. A loss is measured in terms of the reduced value of the property, the amount of medical and other related expenses, or the amount of the claim made against an insured. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. The replacement cost of the item minus depreciation. Bodily injury bodily harm, sickness, or disease, including resulting death. Insurance glossary insurance terms and definitions from nse insurance agencies, inc. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london. We have covered you for all the az insurance words and their meanings.
Insuranceinsurance is a contract in which an insurance company promises to compensate an insured. 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 or insurers, and who is considered to be an agent of. The term property insurance includes many lines of available insurance. The insurance business encompasses a daunting array of industry jargon. 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 is the risk that an investment or savings plan will decrease in value either in actual terms or compared to inflation. Procedure in which an insurance company and the insured or a vendor agree to settle a. Your health care provider sends a clam to your insurer to. You are currently within homepage glossary of terms.
Contact isu northwest insurance services today to learn more. Complete glossary of insurance coverage insurance coverage terms. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. You pay the deductible when you get the car repaired or replaced. Personal insurance protects individuals and families from risk of loss to their assets. Dictionary of insurance terms a absolute liability. Coverages and benefits listed below may not be available in your state.
The individual has certain other rights including the right subject to some restrictions to see. 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 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. Renters insurance insurance for renters to protect their personal belongings, which are not covered under a landlord or apartment complexs insurance policy. A valuable quickreference factfinder for agents, brokers, actuaries, underwriters, and ordinary consumers, this handbook defines approximately 4,500 key terms used in the insurance industry. Bests ratings to assess the financial strength of insurance companies. The terminology used is peculiar to insurance but the declarations, insuring.
The percentage of costs of a covered health care service you pay 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. Comprehensive coverage pays for damage caused by hazards other than collision, such as fire, theft, explosion, windstorm, hail, water or contact with an animal. Claims made a method of providing liability insurance in which the insurer agrees to cover all claims asserted against the insured during a specified date period regardless of when the claim occurred. A group of health care providers who give coordinated care, chronic disease management, and thereby improve the quality of patient care. Glossary of insurance terms npbagus00348 expiry january 2022 coinsurance. Many of the times, it has been believed that the readers, who are using the ebooks for first time, happen to truly have a difficult time before becoming used to them. Weve curated a list of advanced and basic insurance terms and their definitions to better help you understand the often confusing world of insurance. Your health coverage will start on january 1, 2016. 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. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world. An event or occurrence which is unforeseen and unintended.
Download the free pdf for glossary of important insurance terms here. A statistician who computes insurance risks and premiums. No insurance website could be complete without offering and index of insurance terms and definitions. Health care cost sharing between you and your health insurance company. All terms are indexed at the end of the glossary, enabling. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Agent the insurance company representative who sells policies on behalf of the insurer.
Glossary of healthcare terms health insurance and reform accountable care organization aco. Words associated with surety and bonds and title insurance are listed separately at the end of this list. Terms are given their most common definition, with variations provided. Agent a person or a group of people selling insurance on behalf of an insurance company. Insurance glossary a isu northwest insurance services. 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. Report general insurance glossary please fill this form, we will try to respond as soon as possible. The insurance contracts act allows an insurer to avoid. Glossary of risk management terms this is a comprehensive list of insurance terms.
Home insurance and renters insurance glossary terms. Thankfully, there are resources to help consumers navigate the maze of unfamiliar terms. A person appointed to assess and settle any claim made under an insurance policy. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Terms claim a claim is a bill from your health care provider doctor or hospital. All risk coverage insurance that protects against all risk of loss except those specifically. An insurance policy with a higherthanstandard premium for property rated at a higher risk. 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.
Those can be found in your insurance policy or certificate. For example, if your coinsurance is 8020, that means that, after the deductible if any is paid, your insurance company pays 80% of the covered. Insureris the company which accepts risks after receiving premiums and pays claims. Term insurance definition of term insurance by merriam. This content was uploaded by our users and we assume good faith they have the permission to share this book. 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. 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. Complete glossary of insurance coverage insurance coverage terms acli. An unexpected, unforeseen event not under the control of an insured and resulting in a loss. Plans formed with the idea of controlling cost and providing preventative health care before members get sick. With accident forgiveness not available in ca, ct, and ma on your geico auto insurance policy, your insurance rate wont go up as a result of your first atfault accident actual cash value. Contact nse insurance agencies, inc today to learn more.
A period of time in which you pay higher cost sharing for prescription drugs until you. Insuredthe term insured refers to the person who has taken insurance against various risks and who pays a premium. 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. Dictionary of insurance terms pdf free download epdf. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Dictionary of insurance terms barrons business guides. Insurance terms glossary understanding common insurance terms. 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. Bold blue text indicates a term defined in this glossary.
See page 4 for an example showing how deductibles, coinsurance and outofpocket limits work. Liability for damages even though fault or negligence cannot be proven. A survey to determine a propertys insurable value, or the amount of a loss. Glossary of healthcare terms health insurance and reform. 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. The formal request by a policy holder or claimant to be paid under the terms of the insurance policy. Insurance glossary i isu northwest insurance services.
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