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. 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. Generalinsurancedefinitions institute and faculty of. Aggregate stoploss coverage a type of stoploss insurance that provides benefits when a groups total claims during a specified period exceed a stated amount. These glossary terms and definitions are intended to be educational and may be different from the terms and definitions in your plan.
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. To help you make sense of the jargon thats often used to describe insurance, here is our handy guide to the most commonly used key words and phrases. Health insurance terms and definitions valuepenguin. Insurance terms and definitions have you come across a term used in your insurance policy that youve misunderstood or dont understand. Bodily injury bodily harm, sickness, or disease, including resulting death. The insurance premium is the amount you pay for your insurance, normally on an annual basis or by instalments. Glossary of health coverage and medical terms omb control numbers 15452229, 12100147, and 09381146 page 1 of 6 glossary of health coverage and medical terms this glossary defines many commonly used terms, but isnt a full list. After the out of pocket maximum has been met, the insurance company and policy will pick up 100% of all medical costs. This page provides a glossary of insurance terms and definitions that are. Comprehensive loss underwriting exchange clue report. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you.
Direct loss a loss which is a direct consequence of a peril. These glossary terms and definitions are intended to be educational and may be different from the terms and definitions in your plan or health insurance. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. An unexpected event which causes damage or destruction to your possessions. 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. Common health insurance terms explained health insurance. The right of an underwriter, in the event of a breach of good faith or delay in the commencement of an insured voyage to step aside from the insurance contract and treat it as though he had never accepted the risk. Thank you for choosing to learn more about residential title insurance. Disability insurance covers wage loss for the disabled person. Webmd provides definitions of terms related to health insurance, the affordable care act and medicare. The official information about a car accident, which your insurance company will need before it agrees to pay out.
These general definitions are provided for educational purposes. Definitions of health insurance terms pdf book manual free. Warwick, rhode island the company named in the declarations general definitions insurance agreement and declarations the exact terms and conditions are explained in the following pages. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Injury to the body of a person as defined in coverage documents.
The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. The basis of accounting under which revenues are recorded when earned and expenditures are recorded as soon as they result in liabilities for benefits received. These often take the form of glossaries, or lists of specialized terms relating to a special subject in this case, insurance with accompanying definitions. A form of corporation, allowed by the irs for most companies with 35 or fewer shareholders, which enables the company to enjoy the benefits of incorporation but be taxed as if it were a partnership. Insurance is a very important topic mba, bcom,mcom and other finance related degrees. The code is a selfregulatory form of regulation, that is, the insurance industry, not the government, is. Title insurance provides coverage for losses that occur when a land title is not free and clear of defects e. Gatekeeper under some health insurance arrangements, a gatekeeper is responsible for the administration of the patients treatment. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. Whether you need to update your policy, increase your insurance protection or file a claim, personal express is here to serve you. Health care services that your health insurance or plan doesnt pay for or cover. Medicaid and childrens health insurance program, chip. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non disclosed or fraudulently misrepresented information when applying for insurance. Agent the insurance company representative who sells policies on behalf of the insurer.
These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. Initial claims include new claims, additional claims and workshare equivalent initial. Ambulatory care facility acf a medical care center that provides a wide range of healthcare. Dictionary of insurance terms a absolute liability. Refers to portable property that is owned by an insured business entity, including. The definitions are based on various insurance references. Glossary of risk management terms this is a comprehensive. An independent agent represents more than one company. Homeowners insurance is an insurance policy that protects a homeowner against losses that occur to their home. Insurance glossary understanding common insurance terms. Iec, developed the general insurance code of practice the code. A copay is in addition to the amount your insurance pays for the service. Pays for damage to an insured vehicle when it hits or is hit by another car or object, or if the car overturns.
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. Community rating a way of pricing insurance, where every policyholder pays the same premium, regardless of health status, age or other factors. An event or occurrence which is unforeseen and unintended. These definitions represent a common or general use of the term.
Coop plan a health insurance plan that will be sold by memberowned and operated nonprofit organizations through. 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 and accurate. Not all concepts or coverages identified in this list are found at chapman university. In a wider context casualty insurance may cover all nonlife insurances. Insurance terms glossary understanding common insurance 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. Insert the title of the chief insurance regulatory official whenever the term commissioner appears. The term property insurance includes many lines of available insurance. Liability for damages even though fault or negligence cannot be proven. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. Read online definitions of health insurance terms book pdf free download link book now. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list.
Glossary of health coverage and medical terms this glossary defines many commonly used terms, but isnt a full list. 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. The insurance business encompasses a daunting array of industry jargon. File a claim with his or her own insurance company whether a general health insurance or car. Allied lines property insurance that is usually bought in conjunction with fire insurance. These figures represent the iowa portion of the national ui weekly claims report update issued by the united states department of labor each week. This coverage is subject to the terms, limits and conditions. 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. Insurance terms and definitions provides a common and general used glossary of definitions used by the insurance industry. Thankfully, there are resources to help consumers navigate the maze of unfamiliar terms.
Adequacy the extent to which a network offers the appropriate types and numbers of providers in the. Agent a person who is authorized by an mco or an insurer to act on its behalf to negotiate, sell, and service managed care contracts. Insurance definitions, dictionary, glossary and terms. Life insurance illustrations model regulation table of contents. Get more definitions to common health insurance terms this is an example only. Glossary of insurance and medical billing terms a accept assignment provider has agreed to accept the insurance company allowed amount as full payment for the covered services. Out of pocket maximums generally do not include the monthly premiums paid for insurance. The original glossary of insurance terms was compiled by john s. Other medical insurance terms copay this is a predetermined flat fee that you pay for a specific health care service.
For example, if a plan has an actuarial value of 70%, on average, you would be responsible for 30% of the costs of all covered benefits. Liability arising from extremely dangerous operations. 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. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. Insurance pdf types of insurance, scope of insurance,classification hello friends welcome to. Generalinsurancedefinitions institute and faculty of actuaries. 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. Health care services that help a person keep, learn or. 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 commercial property forms that define the covered causes of loss for which coverage is. Both men served on operating commit tees of the commission on insurance terminology cit, which worked to develop more precise insurance definitions during 19581971, and both sought to continue the efforts of the commission. Some of these terms also might not have exactly the same meaning when used in your policy or plan, and in any such case, the policy or plan governs.
The insurance council of australia, as a response to the needs of the insurance industry and with the assistance of the insurance enquiries and complaints ltd. Life insurance provides for your family or some other named beneficiaries on your death. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. An asset in insurance terms is something with monetary value that is covered by an insurance policy, such as a car or a property. Adjudication the final determination of the issues involving settlement of an insurance claim.
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. Ab initio a term used to describe avoidance of a contract from its inception or its beginning. A person responsible for investigating and settling a claim. Insurance pdf types of insurance, scope of insurance. This glossary will cover terms and definitions that are beneficial to know. This coverage can protect a business owner if he or she is unable to collect outstanding balances as a result of lost or damaged account records.
Download definitions of health insurance terms book pdf free download link or read online here in pdf. Declaration part of the insurance policy that identifies the named insured, policy period and limit of insurance. Some words and phrases may be defined differently by other individuals or organizations. A complaint that you communicate to your health insurer or plan. List of insurance terms and definitions for uniform translation term definition actuarial value the percentage of total average costs for covered benefits that a plan will cover. Applicability and scope this regulation applies to all group and individual life insurance policies and certificates except. Consumer glossary national association of insurance. 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. Glossary of risk management terms this is a comprehensive list of insurance terms. The insurance contracts act allows an insurer to avoid a policy ab initio in situations where an insured fraudulently non. The individual has certain other rights including the right subject to some restrictions to see.
Actuaries the insurance professionals who perform the mathematical analysis necessary for setting insurance premium rates. Alien insurance company an insurance company incorporated under the laws of a foreign country, as opposed to a foreign insurance company that does business in states outside its own. A term referring to the refund of previously paid prop erty taxes due to the overvaluation of property. Sep 17, 2019 out of pocket maximums generally do not include the monthly premiums paid for insurance. Although various definitions have been offered, one of the most helpful is to. Ad hoc committees committees that are convened to address specific management concerns. An insurance contract is based on utmost good faith, which means you are duty bound to answer all questions correctly to the best of your knowledge. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention.
Insurance terminology north american training group. These definitions represent a common or general insurance andor legal use of the term. Car insurance terms and definitions accident report form, or a police report. They also may be used in a different context where the definition shown may not be applicable to insurance. Definitions of health insurance terms pdf book manual. 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. Insurance terms used in the area of residential title insurance.
It also typically includes liability and medical payments coverage. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Please further note that definitions and plan options may vary by state and plan. A accelerated death benefit an optional provision in a life insurance policy that allows a specified percentage of the death benefit to be paid prior to the insureds death, if a doctor certifies that the insureds life. Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. 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. These glossary terms and definitions are intended to be educational and may be different from the terms and definitions in your plan or health insurance policy.
There is a large range of specific auto insurance terms. 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. Deductible the amount of money the policyholder must pay on a loss. This insurance policy is a legal contract between you the policyholder and us the company named in the. All books are in clear copy here, and all files are secure so dont worry about it.
Term insurance definition of term insurance by merriam. The employer handbook is a living document and will include changes from the us congress and the indiana general assembly as they are finalized. Glossary ibc public assets insurance bureau of canada. 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.