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. Liability for damages even though fault or negligence cannot be proven. Quarterly general insurance institutionlevel statistics glossary pdf. Agent the insurance company representative who sells policies on behalf of the insurer. Call us at 888 5325433 to make changes to your life insurance policy helpful life insurance agents, who can assist you in servicing your policy, are just a phone call away. Free look period a period of up to one month during which the purchaser of an annuity can cancel the contract with no penalty. This fact sheet defines various insurance related terms.
An event or occurrence which is unforeseen and unintended. Title insurance provides coverage for losses that occur when a land title is not free and clear of defects e. You must choose your life insurance policy depending on which lifestage you are in and your aspirations for the future. Annuities are contracts sold by life insurance companies the seller must be a licensed insurance entity in your state. The insurance handbook reflects this diversity of subjects and issues. 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. At national general insurance, we arm you with the terms you need to know to make an informed insurance. This glossary was originally published in coverage, claims and consequences. Common general insurance terms you should be aware of securenow.
They do not override or qualify any definition that appears in any lloyds byelaw or regulation, in any contract or in any other document. General liability protects businesses aginst risks such as personal injury, property damage, and other types of bodily harm that result from the business operations. Individual and family medical and dental insurance plans are insured by cigna health and life insurance company chlic, cigna healthcare of arizona, inc. This is an external dispute resolution service that is not for profit and provides free. Glossary on general insurance terms a to z a policy coverage payment reimbursement of the following expenses visit to the doctor, medical surgeries, medicines and so on. Sep 02, 2020 insurance program that provides free or lowcost health coverage to some lowincome people, families and children, pregnant women, the elderly, and people with disabilities. The tangible assets are susceptible to damages and a need to protect the economic value of. Form of life insurance allowing the owner to change the face amount, premium amount. Glossary of terms general insurance prepared by david forfar, ma, ffa with the assistance of david raymont, librarian of institute of actuaries, london. Glossary of commercial insurance terms commercial insurance is divided into two main categories.
Insuring anything other than human life is called general insurance. Insurance terminology north american training group, inc. Insurer is the company which accepts risks after receiving premiums and pays claims. General insurance reinsurance risk mgt glossary pdf. In their simplest form, you pay a sum of money either a lump sum or a series of payments and the insurance company makes periodic payments to you, beginning on the date in your contract and continuing for the rest of your life. Coverages and benefits listed below may not be available in your state. Part one of the policy covers the employers statutory liabilities under workers compensation laws, and part two of the policy covers liability arising out of employees workrelated injuries that do not fall under the workers compensation statute. Thank you for choosing to learn more about residential title insurance. The national alliance will be the indispensable, transformative learning resource for risk and insurance professionals through adaptive technology and practical instruction. Glossary of risk management and insurance terms nonprofit. The health care items or services covered by an insurance plan. General insurance introduction to general insurance august 2014 1 important exam information.
Vhi in terms of contribution to total spending on health are in eu and. The term property insurance includes many lines of available insurance. Evidence of insurability a statement or proof of your health, finances or job, which helps the insurer. By spreading the risk, we are reducing the financial impact of an individual loss. Trial period required in most states where policy owners have up to.
Order study notes there is no study note package for this examination. A company owned solely or in large part by one or more non insurance entities for the primary purpose of providing insurance. Auto insurance can cover more than just the repairs on your vehicle. Health insurance is full of terms you may not know. 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. Personal auto for most of us, our cars are one of the biggest investments we make and to experience a loss could be financially devastating. The different forms of general insurance are fire, marine, motor, accident and other miscellaneous nonlife insurance.
Terms claim a claim is a bill from your health care provider doctor or hospital. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. If you have any questions about the use or meaning of a term or expression in any particular product or literature, you. When reading the definitions, please keep in mind that this glossary is provided as a guide only curated from various sources. Free look provision a certain amount of time provided usually between 1030 days to an i. Introductory study note the introductory study note has a complete listing of all readings as well.
The book begins with basic information on the various types of insurance, including auto, home, life, annuities and longterm care. These general definitions are provided for educational purposes. General liability class codes list of class codes users guide. Dictionary of insurance terms a absolute liability. Glossary of health insurance terminology explained in. General insurance terminologies starting with b we have covered you for all the insurance words such as balance agents, balances aeging of, balances coinsurance etc. A statistician who computes insurance risks and premiums. Understanding your insurance policy can be overwhelming. Technical terms that appear elsewhere in this glossary are marked in green. Some words andor phrases may be defined differently by other entities, or used in a context such that the definition shown may not be applicable. General insurance introduction to general insurance august 2014.
Insurance definitions, dictionary, glossary and terms. Auto insurance glossarya supplement to the automobile. Over 2, 500 definitions of the most commonly used words in the industry. How commercial general liability insurance protects your business. Glossary of health insurance terminology explained in simple. Propertycasualty insurance, which includes auto, homeowners and commercial insurance, is one segment of the insurance industry. Aasb 1023 general insurance contracts referred to as aasb 1023 is. Free look period fund management charges fund value grace period gross premium group gratuity scheme group life insurance growth fund and growth pension fund guaranteed addition loyalty addition toll free. General liability is the broadest, most common form of insurance purchased by businesses, protecting them from a variety of claims. Official website of the commonwealth of massachusetts. Over 2, 500 definitions of the most commonly used words in the industry green, thomas e. Insurance terms used in the area of residential title insurance. Glossary of insurance related terms used by lloyds and market participants. Pregister for covid19 vaccine learn more about a new signup tool for mass vaccination locations.
Glossary of health coverage and medical terms page 1 of 4 this glossary has many commonly used terms, but isnt a full list. General insurance cambridge dictionary english dictionary. Insurance insurance is a contract in which an insurance company promises to compensate an. Insurance is a method for spreading the risk of a financial loss among a large number of people. Glossary archive the national alliance for insurance. Many states have expanded their medicaid programs to cover all people below certain income levels.
Common general insurance terms you should be aware of. These glossary terms and definitionsare intended to be educational and may be different from the terms and definitions in your plan. From deductibles to premiums to copays, goodrxs health insurance glossary of terminology aims to define and explain these common health insurance terms and phrases in simple and easytounderstand ways. Exam registration candidates may register online or with an application. The insurance policy that you buy must meet your requirements. Outside the united states, propertycasualty insurance is referred to as nonlife or general insurance. Insurance glossary understanding common insurance terms. All the existing companies carrying on general insurance business in india were merged under section 16 of the nationalization act, and notified by the government on 31. If available, some optional coverages and benefits might be offered at an additional charge. A flood, earthquake or other non preventable accident resulting from natural causes that occur without any human intervention. Insurance contracts that do not come under the ambit of life insurance are called general insurance. Glossary of terms department of financial services.
Group health insurance and health benefit plans are insured or administered by chlic, connecticut general life insurance company cglic, or their affiliates. Please refer to your policy or certificate of insurance for exact definitions of terms and coverage provisions. The following definitions are intended for general guidance. You have a minimum 14day coolingoff period for most general in. As used in property insurance, prohibits the insured from abandoning. It is a contract between two people or companies wherein one of the persons agrees to. 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. Our glossary was designed to demystify the jargon so consumers can understand their plans, its benefits, limitations, costs and coverage options. Use this glossary of insurance definitions to better understand insurance. This means you must first identify what your needs are.
General insurance introduction to general insurance august. 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. Accident medical reimbursement insurance covers medical expenses for injuries arising out of accidents, regardless of liability. Depending on the coverage you choose, your insurance can. The health insurance or plan pays the rest of the allowed amount. 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. Insurance handbook insurance information institute. A glossary section contains over 500 entries, including over 100 life insurance definitions provided by. This term is frequently defined in older commercial general liability cgl policies. Insured the term insured refers to the person who has.
Terms and conditions for reliance general insurance company. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. An insurance policy that provides coverage for an employers two key exposures arising out of injuries sustained by employees. 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. These definitions represent a common or general use of the term. Insurance glossary insurance terms and definitions from general insurance.
The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company. General liability insurance is defined as insurance protection for thirdparty property damage or personal advertising injuries allegedly caused by you or an employee. If you injure someone in a car accident, this coverage pays damages for which you are liable, such as medical and rehabilitation expenses. Personal insurance glossary of terms the richards group. Insurance basics lets start by discussing some important insurance terms and concepts. An independent agent represents more than one company. Glossary of health coveragend medical terms a page 1 of 6 allowed amount this is the maximum payment the plan will pay for a. Insurance glossary national insurance underwriters. Examples are insuring property like house and belongings against fire and theft or vehicles against accidental damage or theft. Glossary of health insurance terms blue cross and blue shield of.
1408 770 1879 1758 33 1054 1663 506 1359 260 745 1728 356 477 215 1307 845 1495 1393 1836