Glossary of insurance terms actuarial value the percentage of an average enrollees medical costs that an insurance provider is expected to cover. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. Declaration part of the insurance policy that identifies the named insured, policy period and limit of insurance. Glossary of health insurance terms december 12, 2008 experimental or investigational services.
Bold blue text indicates a term defined in this glossary. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Annual deductible is the amount you must pay each year for medical and mental health expenses. Some insurance only pays the actual cash or market value of the item at the time of the loss, not what it would cost to fix or replace it. 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. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. An asset in insurance terms is something with monetary value that is covered by an insurance policy, such as a car or a property. Disability insurance covers wage loss for the disabled person. Insurance glossary understanding common insurance terms this glossary provides insurance terms definition and explanation commonly used in insurance business world.
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. Nicb insurance acronym, organization and term list index. Health care services that help a person keep, learn or. The term property insurance includes many lines of available insurance. It is not meant to be all inclusive or provide legally binding definitions. 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. A claimant must be physically and mentally able to work at the time an unemployment claim is filed. Insurance terms and glossary learn some most used terms.
Glossary of medical insurance terminology pdf uc merced. As used in property insurance, prohibits the insured from. Not all concepts or coverages identified in this list are found at chapman university. Health care services that your health insurance or plan doesnt pay for or cover.
Two such glossaries are of particular use to visitors and customers of insurancecanada. 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. The center for consumer information insurance oversight. Understanding your insurance policy can be overwhelming. As a prospective insurance customer, some terms used by the insurance industry can be confusing.
Some of these terms also might not have exactly the same meaning. Coop plan a health insurance plan that will be sold by memberowned and operated nonprofit organizations through. Insurance terms and glossary learn some most used terms here. Additional living expenses if you cant live in your home because of a covered loss, your insurance company may pay the necessary increase in living expenses while damage is. 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 pdf types of insurance, scope of insurance. Insurance is a very important topic mba, bcom,mcom and other finance related degrees. Glossary of common insurance terms state of alabama. Costsharing all costs to the consumer beyond premiums, includes deductible, copays, and co insurance. An insurance purchased by a company or organization on key employees and naming the company as beneficiary. Direct loss a loss which is a direct consequence of a peril. Insurance an economic device transferring risk from an individual to a company and reducing the uncertainty of risk via pooling.
Insurance policies designed to pay ransoms demanded by kidnappers. Glossary of health insurance terms national health policy forum. Glossary of insurance terms replacement cost a property insurance term that refers to one of the two primary valuation methods for establishing the value of insured property for purposes of determining the amount the insurer will pay in the event of loss. Those can be found in your insurance policy or certificate. 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. Thank you for choosing to learn more about residential title insurance. This page provides a glossary of insurance terms and definitions that are. Bodily injury bodily harm, sickness, or disease, including resulting death. 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.
This fact sheet defines various insurancerelated terms. Vermont health benefit exchange august 21, 2012 glossary of insurance terms actuarial value the percentage of an average enrollees medical costs that an insurance provider is expected to cover. Term insurance definition of term insurance by merriam. Childrens health insurance program chip an insurance program jointly funded by a state and the federal government that provides health insurance to lowincome children and, in some states, pregnant women in families who earn too much income to qualify for medicaid but who cannot afford to purchase private health insurance coverage. Insurance glossary definitions of common insurance related terms. Physical harm or disability which is the result of a specific unexpected incident caused by an outside force. Insurance glossary understanding common insurance terms. A material circumstance in this context is the full detailed response to questions which might influence the insurers decision on whether to underwrite the risk at all, or the terms. The percentage of costs of a covered health care service you pay after youve paid your deductible. Injury to the body of a person as defined in coverage documents. Fee for service a health plan that allows you to go to any physician or provider you choose, but requires that you pay for the services yourself and file claims for. The maximum dollar amount a benefits plan will pay for a procedure.
On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into. In order to make a well informed decision regarding your insurance needs, we have included this list of basic insurance terms. Insurance originally evolved as a commercial instrument, and it was not until after 1666, as a result of the great fire of london, that insurance for households, aptly named fire insurance, emerged. 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. Term insurance that provides coverage for one year and. The defined terms and coverage provisions in your policy or certificate of insurance, such as reasonable and customary, may be different from the general information provided below, and the policy or certificate language will prevail. Glossary of insurance terms cdr insurance group, inc. 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. 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. Term insurance definition is insurance for a specified period that provides for no payment to the insured except on losses during the period and that becomes void upon its expiration. Glossary of insurance terms npbagus00348 expiry january 2022 coinsurance. 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.
The aftermath of the great fire saw the creation by dr. Glossary of insurance terms university health services. Term used in universal life policies to describe the total of all premiums and earnings credited to the account before deductions for any expenses, loans, and surrenders. Term insurance definition of term insurance by merriamwebster. Glossary of insurance terms vermont health connect. The formal request by a policy holder or claimant to be paid under the terms of the insurance policy. A fixed amount you pay for a covered health care service after youve paid your deductible. 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. A period of time in which you pay higher cost sharing for. On a motor insurance policy comprehensive cover insures against accidental damage fire and. Homeowners insurance is an insurance policy that protects a homeowner against losses that occur to their home. Deductible the amount of money the policyholder must pay on a loss. See page 4 for an example showing how deductibles, coinsurance and outofpocket limits work. Title insurance provides coverage for losses that occur when a land title is not free and clear of defects e.
Insurance a formal social device for reducing risk by transferring the risks of several individual entities to an insurer. Agent the insurance company representative who sells policies on behalf of the insurer. Glossary of insurance terms navigating the insurance world can be confusing, so here are some definitions of terms and types of insurance products to help make sense of it all. Terms claim a claim is a bill from your health care provider doctor or hospital. In order to make a well informed decision regarding your insurance needs, we have included this list of basic insurance terms and definitions for your convenience. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. Insurance holding company system consists of two or more affiliated persons, one or more of which is an insurer. Available and physically able to seek and accept work as outlined under the extended benefits program. There is also a comprehensive glossary of insurance and risk management terms available from the international risk management institute. Consumer glossary national association of insurance. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan.
Ex gratia payment any payment made by an insurance company which is not strictly necessary, under the terms of the policy. Glossary of risk management terms this is a comprehensive. Glossary of commercial insurance terms commercial insurance is divided into two main categories. We intend to add more definitions as we find more terms that might useful to our users and insurance consumers. Insurance terms used in the area of residential title insurance.
Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. Insurance terminology north american training group. A statistician who computes insurance risks and premiums. 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. Community rating a way of pricing insurance, where every policyholder pays the same premium, regardless of health status, age or other factors. Two such glossaries are of particular use to visitors and customers of insurance canada. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. It also typically includes liability and medical payments coverage. 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. Glossary of insurance terms pennsylvania dental association. Webmd provides definitions of terms related to health insurance, the affordable care act and medicare. The insurer agrees, for a consideration, to assume, to a specified extent, the losses suffered by the insured.
You can find some most used terms here at our insurance terms and glossary. Its better to know some insurance terms before asking for a quotes. Excess an amount of money that the policyholder has to pay towards the cost of a claim, for example, the first. If you have personal property replacement cost coverage, your insurance will pay the full cost to repair an item or buy a new one. 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. 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. Glossary of risk management terms this is a comprehensive list of insurance terms. Insurance policy legal document issued to the insured setting out the terms of the contract of insurance.
Accidental injury does not include illness or infection, except infection of a cut or wound. 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. Glossary of title insurance terms abstract of title the condensed history of the title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete. The insurance contracts act allows an insurer to avoid. A complaint that you communicate to your health insurer or plan. 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. Life insurance contracts include qualified accelerated death benefit riders, other than riders that are longterm care insurance contracts under section 7702b, under section 818g. 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. Accident enforceable and unexpected unfortunate event that may cause destruction of property, bodily injury, or death.
Costsharing all costs to the consumer beyond premiums, includes deductible, copays, and coinsurance. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Liability arising from extremely dangerous operations. Insurance pdf types of insurance, scope of insurance,classification hello friends welcome to.