A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Called pe for short, this ratio reflects investors assessments of those future earnings. An actual cash value policy would give you what a fiveyearold tv is worth today. The definitions in this glossary are strictly informational. Keeping this in mind we offer a large range of life insurance plans such as term insurance plan, womens plan, health insurance plans, pension plans for retirement planning, child education plans, ulips, saving and investment plans. Insurance information institute 110 william street new york, ny 10038 tel. Basic insurance accounting selected topics page 2 of 24 bulk reserve this reserve represents the estimated deficiency in the aggregate of case reserves for known claims. Insurance terms and coverages can be quite confusing.
Learn insurance industry vocabulary that will help you better understand your insurance policies. Oct 29, 2019 getting basic car insurance coverage is easy, but first, you have to know what basic coverage consists of. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. Life insurance should not be judged in terms of return on value of investment but as a shock absorber that would help your family absorb the impact should a financially dire situation ensue in case of your death. Learn all the insurance terms with our insurance terms and terminology resources. When it comes to understanding insurance, it helps to start with the basics. Here are some terms, as defined by the international risk management institute, to help you understand the technical concepts outlined in your personal policy. If a claim or lawsuit is filed against the insureds, the insurance company has the right to settle and a duty to defend the insureds against the claim or suit. Liability for damages even though fault or negligence cannot be proven. Alta is made up of title firms that conduct your closing and issue you an owners or lenders policy of title insurance. This page provides an index of insurance terms 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. American land title association, the national trade association for the title insurance industry.
Take a look at our list of common insurance terms and definitions and gain more. 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. On march 23, 2010, president obama signed the patient protection and affordable care act ppaca into law. Glossary of basic insurance terms american family insurance. Glossary of health coverage and medical terms this glossary defines many commonly used terms, butisnt a full list. The type of vehicle, the purpose of its use, its age model, cubic capacity and the fact that the driver has a consistently bad driving record. The chronological order of conveyance of a parcel of land, from the original owner to the present owner. Premium the amount you pay monthly for your health insurance plan.
The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Aggregate a limit in an insurance policy stating the most the provider will pay for all covered losses sustained during a specified period of time. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Glossary of health insurance terms december 12, 2008 experimental or investigational services. Oct 14, 2014 for example, gerber life customer service representatives can help you to understand basic insurance terminology, decide how much life insurance you need and can afford, find out how to choose the best kind of policy for you, and assist you in other ways. Jul 31, 2014 below are some of the basic health insurance terms and dont miss the handy dandy chart showing how theyre used. The insurance contract and all attached endorsements, including type of insurance coverage, the limits paid for particular loss and the amount the insured.
Basic insurance policy terms healthcare information guide. If youre familiar with the common industry insurance terms youll be better equipped to negotiate for the best renters insurance coverage actual cash value acv present property cash value. Basic insurance terms and definitions flashcards quizlet. Important insurance terms finding an affordable student health insurance plan can be difficult, especially if there are insurance terms you dont understand. If forced to assign it to either case reserves or ibnr reserves, some will assign it to. The terms listed below introduce our members to basic insurance terminology used throughout the industry. Below are some of the basic health insurance terms and dont miss the handy dandy chart showing how theyre used. This means your health plan may only cover a portion of what your doctor charges you. Alert auto insurance coverage, well being insurance coverage not permitting precurrent situations 20180720. How to manage rising home insurance costs on a single income 20190925. Basic insurance accounting selected topics page 3 of 24 example 1 where reserving is based at inception on actual claim activity assume all claims are reported within 4 months of the loss event.
Type of packing, mode of carriage, name of carrier, nature of goods, the route. Life insurance types of different life insurance 21st. Getting basic car insurance coverage is easy, but first, you have to know what basic coverage consists of. 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. Actual charge the amount a doctor or other health care provider actually bills a patient. Damage caused by most disasters is covered but there are exceptions. 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. Claim a formal, written request to an insurance provider asking for paymentreimbursement after a sustained loss based on the terms of. This page provides a glossary of insurance terms and definitions that are.
Nicb insurance acronym, organization and term list index. Say your fiveyearold tv is stolen from your apartment. Dictionary of insurance terms a absolute liability. The agent represents the insurance company in all transactions. If you run an insurance brokerage, you will need to know about a wide variety of policy types that are available to both business and the general public. We invite you to use the link as a quick reference guide to help you define any of the terms listed in your policy. The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. Represents the interests of the insured in searching for insurance coverage at the lowest cost and highest benefit to the insured. Because of updates in our ability to understand flood risk, locations are. New private insurance plans must cover a core group of benefits, called essential health benefits. Consequential loss a loss that happens as a consequence of or as a result of another. It thus helps your family rely on an alternative source of funds left by you. You buy an insurance policy on the name of your wife for an insurance cover of rs. The book begins with basic information on the various types of insurance, including auto, home, life, annuities and longterm care.
Insurance auto insurance coverage travel insurance home insurance liability insurance how to choose an insurance company that wont go out of business. May 14, 2020 called pe for short, this ratio reflects investors assessments of those future earnings. Before you go through the below terms lets take an example of an insurance policy which will help you to better understand the below terms. Confidence in understanding these terms is much higher among those in the marketplace target population who are currently purchasing nongroup coverage 53. This means that it covers both damage to property and liability or legal responsibility for any injuries and property damage policyholders or their families cause to other people. Most likely, you want a cheap car insurance policy and to get the pain of dealing with it over with as quickly as possible.
For that reason, it is important to us to provide you with a complete glossary of insurance terms. Below are definitions for some of the more commonly used terms and how. Mar 24, 2017 10 basic insurance online training courses whether you are looking to get an insurance license or simply want to know more about the products available on the market, the internet is a great place to get an education. Notification to an insurance company that you believe a payment is due to you or your company under the terms of the policy. Basic rate the standard charge for a given type of risk. Most people wrongly believe they dont live or work within a flood zone. Continuous insurance policyholder has been insured by one or more insurance companies, without any lapse in coverage, for a specified period of time. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. 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. In the latter, it is the portion of a premium that is loaded to reflect an insureds expectation of loss, administrative expenses associated with putting the policy on the companys books, and the agents commission. You often see the phrase, the actual charge may be different from the allowable charge.
We intend to add more definitions as we find more terms that might useful to our users and insurance consumers. A person licensed by the state insurance authority to sell insurance products. No insurance website could be complete without offering and index of insurance terms and definitions. Insurance handbook insurance information institute. The terms of an insurance contract are embodied in a w ritten document called the insurance policy. Understanding life insurance terms preferred insurance services. 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. Simply having the basic understanding of insurance definitions can make the difference between having a plan that will cover you for the majority of your medical expenses and one that. An attachment to an insurance policy that alters the policys coverage or terms. Abbreviations are commonly asked in ibps and other banking exams.
For example, gerber life customer service representatives can help you to understand basic insurance terminology, decide how much life insurance you need and can afford, find out how to choose the best kind of policy for you, and assist you in other ways. Overall, the gap in understanding health insurance concepts between nonwhite and hispanic adults and those who are nonhispanic white is almost 20 percentage points, with just 27. In technical terms, sum assured is the term used for an amount that the insurer agrees to pay on death of the insured person or occurrence of any other insured. You may have heard many of the insurance policy terms but may not know how they apply to you. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan.
We provided some important abbreviation related to insurance. A limit in an insurance policy stating the most the provider will pay for all covered losses sustained during a specified period of time. Most of these life insurance policies are available online, so buy one today and sar utha ke jiyo. It is not meant to be all inclusive or provide legally binding definitions. Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. Property and casualty insurance glossary the bottom line we hope this article on property and casualty insurance glossary was informative. 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. This is the person or entity who will be compensated for loss by an insurer under the terms of the insurance contract. Page provided by your insurance company and lists types of coverage youve elected, limit for each coverage, cost for each coverage, specified vehicles covered by the policy, types of coverage for each vehicle, other info. Every industry has its own jargon, and the property and casualty insurance business is. A fee or percentage of the premium paid to an insurance broker or agent. Public understanding of basic health insurance concepts on. Weve put together a handy glossary of common insurance terms.
A uide to insurance asics for college students when you are deciding how much coverage to buy, there are a couple of terms you should knowactual cash value acv and replacement cost. There may be certain risks regarding the basic honesty and integrity. To learn more, read let life insurance riders drive your coverage. Life insurance terminology gerber life insurance parenting blog. Principles of general insurance principles of insurance 58 b in motor insurance. Need help understanding some of the words in your policy or deciphering insurance terms in general.
You determine the share price of the companys stock and divide it by eps to obtain the pe ratio. Weve curated a list of advanced and basic insurance terms and their definitions to better help you understand the often confusing world of insurance. Heres a list of the most common auto and home insurance terms that may help clarify things. An event or occurrence which is unforeseen and unintended. These services are similar to those in a typical employer plan and in some cases better. The amount of outofpocket expenses that you or your business must pay before the payment is made by an insurer. Agent the insurance company representative who sells policies on behalf of the insurer. This list is in no way comprehensive, but serves as an informational tool for our members. Title insurance terms and concepts alta is made up of title firms that conduct your closing and issue you an owners or lenders policy of title insurance. A take my money, give me proof of insurance and leave me alone, mentality when it comes to car insurance is typical.
An independent agent represents more than one company. Use this informative property and casualty insurance glossary to better understand basic insurance terms and definitions. Basic insurance information risk management foundation. Policy forms vary i n complexity depending upon the type of. Insurance policy over and above a basic liability policy. Life insurance types of different life insurance 21st feb.
Guide to understanding insurance terminology 101 defining. This coverage does not provide or replace anyones personal automobile insurance. Some, such as deductible or copay, may sound only too familiar while others such as outofpocket, may sound a bit foreign. Flood insurance is another type of coverage that many dismiss without careful consideration. Premium applied in workers compensation insurance and in life insurance.
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