Insurance glossary the following list contains words you may see used on the federal benefits programs website. Need help with insurance terms and insurance definitions, see the insurance dictionary and glossary. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. 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. A group of health care providers who give coordinated care, chronic disease management, and thereby improve the quality of patient care. This document is for informational purposes only and is not intended to alter or replace the insurance policy. Agent the insurance company representative who sells policies on behalf of the insurer. Nicbs vehicle identification inspection guide pdf file glossary of insurance terms pdf file iso claimsearch access form pdf file metal theft overview pdf file scene indicators for law enforcement pdf file suspicious hit while parked pdf file. Insurance glossary understanding common insurance terms. 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. Some of these terms also might not have exactly the same meaning. Nicbs vehicle identification inspection guide pdf file glossary of insurance terms pdf file iso claimsearch access form pdf file metal theft overview pdf file. 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.
The definitions appearing in this glossary are provided solely for general informational purposes. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. Glossary of terms and definitions nacora international insurance. In collision liability insurance, the term does not include contact of the insured vessel with anything other than a ship or vessel. 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. They are not intended to be complete descriptions of all terms, conditions and exclusions applicable to the products and services defined. These general definitions are provided for educational purposes.
Glossary insurance core principles and comframe icp online tool insurance capital standard. A person licensed by the state insurance authority to sell insurance products. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Indemnity basis or reinstatement basis see definitions in glossary. Glossary of healthcare terms health insurance and reform accountable care organization aco. Not all concepts or coverages identified in this list are found at chapman university. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells. Download glossary as pdf file the glossary provides definitions of the main terms used by iais working parties in their work.
Glossary of health insurance terms blue cross and blue. 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. 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 blue text indicates a term defined in this glossary. Below are some commonly used insurance terms and their meanings. 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. Glossary of risk management terms this is a comprehensive list of insurance terms. The document sent by a broker to an insurer confirming and finalising an insurance cover arranged by. 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. An agent can be independent agent who represents at least two insurance companies or a direct writer who represents and sells policies. The agent represents the insurance company in all transactions. Claimant a claimant is a person making a claim for unemployment insurance benefits under any state or federal unemployment compensation program. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references.
Glossary centers for medicare and medicaid services. When making decisions about health coverage, consumers should know the specific meanings of terms used to. 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. Glossary of healthcare terms health insurance and reform. Such terms and availability may vary by state and exclusions may apply. 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. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Bia management liability glossary of terms page 1 management liability glossary of terms the below table provides a list of terms used within berkley insurance australias management liability insurance policy and a general summary of their meaning. See if you qualify for a special enrollment period. A federal government website managed and paid for by the u. 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. 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. Texas department of insurance glossary of common insurance terms.
To help you better understand health insurance, heres a list of the most commonly used health care terms and definitions. The language of insurance can be quite complex and confusing. Use this glossary of insurance definitions to better understand what each term means. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company.
Glossary of life insurance terms department of financial. Ltc insurance glossary glossary comfort long term care. With just a few clicks you can access the geico insurance agency partner your boat insurance policy is with to find your policy service options and contact information. On a motor insurance policy comprehensive cover insures against accidental damage fire and. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. This glossary can assist you in understanding some of the terms you may encounter when researching online life insurance quotes and life insurance rates. 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 provided by insurance bureau of canada are indicated with an asterisk. You can browse through the entire glossary or select a specific range of terms alphabetically from the links below. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. 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. 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. The federal poverty level fpl is the set minimum amount of. The term property insurance includes many lines of available insurance.
Coverage that covers loss caused by all perils except those specifically excluded in a coverage document or agreement. The oecd glossary of statistical terms may be downloaded directly to your computer as either a pdf or word file. Life insurance resource center glossary of life insurance terms agent an insurance company representative licensed by the state who solicits and negotiates contracts of insurance, and provides service to the policyholder for the insurer. The following terms are commonly used in the insurance market and may well appear in. 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. These glossary terms and definitions are intended to be educational and may be different from the terms and definitions in your plan. 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. There are many insurance terms, words and phrases you should know. Browse our life insurance glossary of common terms intelliquote.
Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. It can also be used as a training and educational tool for regulators. States where insurance companies must file proposed rate. Glossary of risk management terms this is a comprehensive. Browse our life insurance glossary of common terms. 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. Tax dictionary a glossary of useful tax terms and definitions to help you understand taxes and tax concepts. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Documents, manuscripts, business books computer systems records patterns. 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. Liability arising from extremely dangerous operations. Insurance terminology north american training group. See page 4 for an example showing how deductibles, coinsurance and outofpocket. Most of the definitions below are provided courtesy of the insurance institute of canada.
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. Glossary of commercial insurance terms commercial insurance is divided into two main categories. An independent agent represents more than one company. Glossary of common auto insurance terms glossary of common. The ratio of the cost of claims to earned premiums. Read more call us at 888 5325433 to make changes to your life insurance policy. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. 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.
Acquisition costs all expenses directly related to acquiring insurance or reinsurance. Health insurance is full of terms you may not know. We intend to add more definitions as we find more terms that might useful to our users and insurance consumers. Auto insurance, what follows are terms specific to au. Agent an insurance company representative licensed by the state who solicits and negotiates contracts of insurance, and provides service to the policyholder for the insurer. Insurance agent an insurance agent is responsible for providing insurance consultation services and is required to be licensed in the states they are selling insurance in. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. File and use residential property rates utilize a sys. Glossary of insurance terms national insurance brokers association. Consumer glossary national association of insurance.
Use these insurance terms and definitions to help you understand your policy. To help you better understand health insurance, heres a list of the. Insurance definitions, dictionary, glossary and terms. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. Insuring clause extension coverage might also be called. Words associated with surety and bonds and title insurance are listed separately at the end of this list. Term insurance that provides coverage for one year. Homeowners insurance is an insurance policy that protects a homeowner against losses that occur to their home. About i am committed to helping people discover the value when working with an insurance broker a professional that works for the insured person and their property, not the insurance company. In the united states, this level is determined by the department of health and human services. Notification to the insurance company that a loss has occurred and a demand of payment for the loss, as provided by the terms of the insurance policy. The insurance contracts act allows an insurer to avoid. It also typically includes liability and medical payments coverage. A sudden, unforeseen event that causes trauma to the body.
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